The first stage in the cycle is that of factor-driven economies which focus on low-cost basic factor conditions, such as low-skilled labour, natural resources and geographic location.
What the marketer needs is reliable metrics and standards to measure cross-site funnel performance while consumers are driven from one stage of the cycle to the next.
In 2003, as then-Federal Reserve Chairman Alan Greenspan cut interest rates to an unprecedented 1%, Mr. Connolly described the U.S. economy as a debt-driven Ponzi scheme and predicted that interest rates would have to fall even further in the next cycle to keep the scheme going.