The old economy, with its bales of wool and slabs of steel, is being replaced by an economy in which services are much more important, and in which information goods or knowledge goods are far more important in consumers’ purchases, and are readily internationally traded.
2  BIS central bankers’ speeches  According to the World Bank statistics, in 1980, the Caribbean’s average per capita income was twice as high as the average for developing countries; today it is only a third higher.