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Internet Economics |
| Section: CURRENT ISSUES / SPECIAL REPORT--BRAVE NEW CYBERWORLD |
| Author: Cynthia Beltz |
| Publication: The world & I online |
| Issue Date: 1/1/1998 |
| Size: 2,719 Words, 17,530 Characters |
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Internet commerce is still in its infancy, but its potential to fundamentally change the global trading arena and the way market transactions take place is already clear. Without legislation, a multilateral trade agreement, or fast-track authorization from the U.S. Congress, the Internet has emerged as the closest example yet of a single global marketplace.
Over the Internet, commerce is released from the restrictions of distance, time, and geography. Trade in digitized goods and services can slip across national borders at the speed of light without much fanfare. Consumers can shop around the world 24 hours a day, seven days a week, without leaving their homes.
Although the social implications of this development are unclear and a valid concern, the business implications are strikin...
. . .
...nd there is no turning back.
Either way the world turns, the Internet is already demonstrating that rules and regulations are not the only way to open markets. And, given the speed at which the Internet is changing the trading arena from the bottom up, they also don't seem to be the fastest. Herein lies perhaps the biggest challenge presented by Internet commerce: Can governments keep pace?
(812 of 17,530 characters)
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