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The broad economic downturn in US has turned what might have been the greatest creation of wealth in history into what may be the "greatest destruction of wealth," Intel Corp. Chairman Andrew Grove said Monday at Palo Alto of US Calif.
Speaking at a gathering of the New Democrat Network, Grove said the country's "confidence in business has been damaged and arguably lost" from the fallout of the dot-com boom and a wave of corporate scandals.
Networks were over built during the boom as enthusiasm ran high and "we got ahead of ourselves," Grove said Monday. The present environment has gone to the opposite extreme where no investment looks good, Grove said.
Grove called on politicians to pay more attention to developing a comprehensive strategy for relations with China and its growing economy. He also urged government not to constrain the development of Internet applications, such as the online distribution of music.
"Hobbling the development of applications hobbles the growth of the (technology) industry," Grove said. Applications drive the infrastructure, which in turn spurs the economy, he said. This was the case with PCs during the past decade, when the use of spreadsheets and word processing software sparked computer sales and economic growth.
( August 14, 2002)
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