Essay Sample on Effects of the Internet and WWW on World Economy

Although some people use the terms internet and WWW (World Wide Web) without distinction, the terms differ in their meaning. The internet refers to a global system of interconnected computer networks while WWW refers to a global collection of documents, information, and other resources, linked by hyperlinks and Unified Resource Identifiers (URIs). The globalization of the world economy has experienced commendable advancements since the invention of the internet and the World Wide Web. In today's world, the Internet plays a dominant role in businesses and the economy at large. This essay aims at exploring the various impacts of the Internet and the World Wide Web on the globalization of the world economy.

Is your time best spent reading someone else’s essay? Get a 100% original essay FROM A CERTIFIED WRITER!

Order now

The WWW and the internet have affected and will continue to affect various aspects of the economy because of advancements and an increase in the use of technology when conducting business. Globally, many countries in the world are swiftly shifting to E-business strategies to drive their economies. Looking back in the last few decades, it is easily notable how people have become reliant on the internet in doing their day-to-day activities. According to Paterson (1999), it is important to note that before the advent of the internet, small firms operated in their domestic economies. With the internet, however, small firms are now joining the global economy. Paterson (1999) noted that the internet and World Wide Web have enabled various firms to access international information easily, market and sell products globally, monitor market dynamics, and trade with other international firms.

In this era of the internet, most people and firms are taking advantage of technology to access information on all, or most of all their topics of interest. In the business world, firms are able to access information and communicate with business partners over the internet. The internet has hastened the rate of information exchange and communication between business entities and personnel in different countries thus contributing to the globalization of the world economy (Paterson, 1999). Through the internet, business entities can monitor the dynamics of the global markets at very low costs. Business entities can also reach global markets through the E-commerce that entails selling and buying of products via the internet. Some companies such as Amazon and E-bay are now trading globally all because of the internet and the World Wide Web. Through the internet, companies are also able to negotiate, order, and pay for materials online which reduce on the costs, which would be involved in travelling for the face-to-face purchase of the raw materials overseas (Paterson, 1999). Thus, the internet and the World Wide Web have positively contributed to the globalization of the world economy.

Despite the positive impacts, on the negative side the underdeveloped countries and economies, which have limited internet access, are lagging behind in the globalization the economy, as they are unable to take advantage of the internet like the developed countries. Also through the internet, the economy has lost huge sums of money to cybercriminals, which negatively affects the world economy.

In conclusion, globalization is reaping big on the invention of the World Wide Web and the internet. Despite the few negative effects of the internet, the World Wide Web, the internet, and technology have the highest contribution and are the pillars of world economy globalization. With more and more inventions on the internet and technology, international trade is bound to flourish.

References

Paterson, A. N. M. (1999). Impact of the Internet/World-Wide Web on today's society with reference to business. SA Journal of Information Management, 1(4).