Paraphrasing (4th paragraph)
Text
In contrast, the short term isn’t so pretty. Those who thought the New Economy meant good times forever have been mugged by reality. Along with being faster-growing, the New Economy is more exposed to the forces of volatility. The tech investment cycle has extreme ups and downs. Innovations, once funded by fairly stable corporate research-and-development budgets and government grants, are whipsawed by fluctuations in financing from venture capitalists and initial public offerings. And deregulation exposes once-insulated businesses like phone and electric companies to the unpredictable forces of competition. Even globalization may add to volatility, if it means tech investment goes cold all over the world instead of in different countries at different times, as before.
The main idea of the paragraph
The new economy tends to grow faster, but it is also likely to be more volatile, with the economy becoming more globalized and deregulated, and the tech investment cycles experiencing more ups and downs.
新经济可能发展得更快，然而，伴随着经济的全球化、政府减少干预，以及新技术投资周期变得出现波动，新经济也可能更为动荡。
句子分析
Innovation, once funded by fairly stable corporate research-and-development budgets and government grants, is whipsawed by fluctuations in financing from venture capitalists and initial public offerings.
在这个句子中，
1）“Innovation is whipsawed by fluctuations in financing from venture capitalists and initial public offerings.”是主句，谓语采用的是被动语态 “is whipsawed by”。
2）“once funded by fairly stable corporate research-and-development budgets and government grants”是过去分词短语，作定语，修饰“innovation”，相当于非限定性定语从句 “which was once funded by fairly stable corporate research-and-development budgets and government grants”。
词语解释
initial public offering - IPO （股票）首次公开发行
The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded.
In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue （common or preferred）, best offering price and time to bring it to market.
IPOs can be a risky investment. For the individual investor, it is tough to predict what the stock will do on its initial day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore subject to additional uncertainty regarding their future value. At the same time, IPO's are almost invariably an opportunity for the existing investors and participating venture capitalists to make big profits, since for the first time their shares will be given a market value reflecting expectations for the company's future growth.
