Development of the Digital Economy in the USA and China: Factors and Trends

Complex research of the “digital economy” in the U.S.A. and China –undisputable leaders of the phenomena – appears to be an important research task. This article is focused on identifying its` key factors and developmental trends (also important for understanding global processes). Growing economic...

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Main Author: I. V. Danilin
Format: Article
Language:English
Published: Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2019-12-01
Series:Контуры глобальных трансформаций: политика, экономика, право
Subjects:
Online Access:https://www.ogt-journal.com/jour/article/view/553
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spelling doaj-17053dab5ea9480693da0accc9c83c3f2021-08-31T06:10:29ZengАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)Контуры глобальных трансформаций: политика, экономика, право2542-02402587-93242019-12-0112624626710.23932/2542-0240-2019-12-6-12446Development of the Digital Economy in the USA and China: Factors and TrendsI. V. Danilin0Primakov National Research Institute of World Economy and International Relations of the Russian Academy of SciencesComplex research of the “digital economy” in the U.S.A. and China –undisputable leaders of the phenomena – appears to be an important research task. This article is focused on identifying its` key factors and developmental trends (also important for understanding global processes). Growing economic impact and dominance of the U.S.A. and China in the “digital economy”, especially on the Internet markets, is confirmed – with special attention to the extra-large platformic companies. Analyzing the history of the “digital economy” in both nations primacy of market success factors is stated – while stressing important role of technological specifics in shaping trends. For the U.S.A. the key drivers were meeting existing demand on the traditional markets with fundamentally new technological products, as well as formation of new markets to address existing latent demand. For China originally it was inability of the service sector to address growing internal demand, which supported strong growth of internet markets as a fast and cheap alternative (using localized western technologies and business models). Sizable market, governmental support, and later strong investments in technology and innovation determined China`s leadership in the digital economy– with overcoming the U.S.A. in some areas. In conclusion, it is noted that the importance of original digital economy drivers (U.S. technological superiority, China`s huge growing market, etc.) in both nations is expiring. This makes serious changes inevitable. The situation is complicated by growing challenges for the digital economy – from evolving regulatory framework to digitalization of the global economy.https://www.ogt-journal.com/jour/article/view/553digital economy, u.s.a., china, internet platforms, information and communication technologies
collection DOAJ
language English
format Article
sources DOAJ
author I. V. Danilin
spellingShingle I. V. Danilin
Development of the Digital Economy in the USA and China: Factors and Trends
Контуры глобальных трансформаций: политика, экономика, право
digital economy, u.s.a., china, internet platforms, information and communication technologies
author_facet I. V. Danilin
author_sort I. V. Danilin
title Development of the Digital Economy in the USA and China: Factors and Trends
title_short Development of the Digital Economy in the USA and China: Factors and Trends
title_full Development of the Digital Economy in the USA and China: Factors and Trends
title_fullStr Development of the Digital Economy in the USA and China: Factors and Trends
title_full_unstemmed Development of the Digital Economy in the USA and China: Factors and Trends
title_sort development of the digital economy in the usa and china: factors and trends
publisher Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
series Контуры глобальных трансформаций: политика, экономика, право
issn 2542-0240
2587-9324
publishDate 2019-12-01
description Complex research of the “digital economy” in the U.S.A. and China –undisputable leaders of the phenomena – appears to be an important research task. This article is focused on identifying its` key factors and developmental trends (also important for understanding global processes). Growing economic impact and dominance of the U.S.A. and China in the “digital economy”, especially on the Internet markets, is confirmed – with special attention to the extra-large platformic companies. Analyzing the history of the “digital economy” in both nations primacy of market success factors is stated – while stressing important role of technological specifics in shaping trends. For the U.S.A. the key drivers were meeting existing demand on the traditional markets with fundamentally new technological products, as well as formation of new markets to address existing latent demand. For China originally it was inability of the service sector to address growing internal demand, which supported strong growth of internet markets as a fast and cheap alternative (using localized western technologies and business models). Sizable market, governmental support, and later strong investments in technology and innovation determined China`s leadership in the digital economy– with overcoming the U.S.A. in some areas. In conclusion, it is noted that the importance of original digital economy drivers (U.S. technological superiority, China`s huge growing market, etc.) in both nations is expiring. This makes serious changes inevitable. The situation is complicated by growing challenges for the digital economy – from evolving regulatory framework to digitalization of the global economy.
topic digital economy, u.s.a., china, internet platforms, information and communication technologies
url https://www.ogt-journal.com/jour/article/view/553
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