1	The New Economy and Globalization in Real Estate John Tuccillo www.johntuccillo.com tumler@aol.com
2	Agenda What is the new economy? How did we get here? Implications for the U.S. Economy Implications for real estate Becoming a part of the global economy
3	The New Economy Time is the only scarce commodity Knowledge trumps machinery The consumer rules the market The global village is the marketplace
4	Time as a Commodity The expansion of possibilities The Internet and information transfer Communications improvements The contraction of distance Instantaneous transfers 24/7 business
5	Knowledge Trumps Machinery A short economic history of the United States Increasing levels of complexity The biases of education Finance and law beat science and engineering If Bill Gates had finished college
6	The Consumer Rules the Market The old paradigm Vendor control The new value proposition Time Stress Convenience Service Are we better off exporting jobs and importing goods?
7	The World is Flat The triumph of technology Cost differentials Educational interchange The growth of democratic systems
8	Globalization Capital Markets Integration Regional Economic Cooperation Investment Flows Political Change
9	The New Global Marketplace The transfer of services Care to have your home designed in Singapore? Public policy GATT and its children NAFTA, CAFTA and the EU China becomes a world player
10	The World Economy: The Short Term Oil Issues Politics Scarcity The emergence of China and India Resources and the environment Exporting inflation Reverse brain drain Japan’s problems Over-regulation Demographics Europe Expanding the EU Unemployment, social welfare and taxes
11	The World Economy: The Short Term Emerging economies: Asia and Latin America Middle East and South Asia Investment implications
12	Long Term Issues and Outlook The Lexus and the olive tree Deficits and debt Free trade backlash Environmental and health issues The forecast for real estate
13	The U.S. and the World The flow of goods and services Deficits and creditors Impacts on growth, inflation and interest rates Domestic policy constraints A long term forecast
14	Real Estate and the World “Non-traded” goods Cement and real estate Wealth shelters: Foreign money comes in U.S. tax laws The safety factor Boomers and second homes: U.S. money goes out Retirement Investment The size of the market What will the future bring?
15	Getting Into the Market Education and training CIPS Cultural and language proficiency Developing referral networks International association contacts Providing excellent consumer service What do consumers really want?