How is information technology changing global economics?
Let me count the ways. At the most fundamental level, we are now at a bifurcation point. For hundreds of years, we have used money-based exchange. This system was an evolution from the earlier days when we bartered. It doesn’t matter what we call money — coins or paper or blips on a computer screen — the idea is still that we have this substance called money that embodies value and keeps track of transactions. But now we’re moving back to barter. And what’s really fascinating is that we are going to a direct, information-based exchange and trading system where money isn’t necessary. Computers and computer networks give us the capability for sophisticated barter without currencies. It isn’t just a matter of bartering a pig for a load of hay. Now we can accomplish multiple-party barter deals, and we have the technological system to keep track of the exchanges. When do you expect that this return to barter will start affecting our everyday lives?It’s going to be a very gradual thing. To
Related Questions
- All countries have been buffeted by the forces of changing technology and stronger global competition. So why should wage differentials in most of continental Europe have changed by much less?
- Why is the Corps changing its information technology (IT) systems for human resources?
- How is global communication changing the size of the world?
