What was "the new economy" of the 1990s, and how did it contribute to the globalization of business?

The new economy of the 1990s was birthed in the aftermath of the Soviet Union's decline, and in the early years of the dot-com boom. It represented a shift in the amount of income that was derived from manufacturing. As more income was made from service-based industries, and as economic forecasts improved in the wake of the Cold War ending, more and more money was invested in new technologies and emerging business models. Ultimately, many of these ended in failure, but equally many were successful.
The new economy contributed to globalization for two key reasons. In the first instance, political boundaries had been broken down by the fall of the USSR. Of equal importance, however, was the development of technology that enabled those in previously unreachable nations to trade and work with those in the West, namely the USA and the UK. While many of the investments made at the outset of the new economy were overly ambitious, plenty achieved success and went on to establish the Silicon Valley successes we now know.