The Future of Services in a Globalized Economy

In recent decades, the New Economy approach has been developed. This approach tries to analyse the new relationships among countries through the globalization process and has changed the views of several economists about the behaviour of economic activity. In this approach, services play a relevant role. The main goal of this paper is to explore the important role of services in the new economy. Through an extensive literature review, a variety of topics that connect economic growth and development to the presence of services is analysed. It also, by providing recent trends in services when compared with manufacturing, shows that the role of services, especially financial, has been on the increase in recent years