Learning Theories: Classical Conditioning, Operant Conditioning and Learning by Observation
The concept of learning is quite comprehensive as it covers a broad range of activities. In many books, the theories of learning are also regarded as kinds of learning. The theories of learning are an organized set of principles that explain how individuals attain, retain or recall the learnt knowledge. Learning theories establish the conceptual […]
Scenario Analysis in Risk Management
Scenario analysis is the third pillar of the framework suggested by the Bank of International Settlements in their Basel norms. In the previous articles, we have already studied a collection of internal and external loss data as well as the self-assessment of risks. However, it is important to note that the loss data collection framework […]
Theories of Consumption & Consumer Behaviour: Social, Economic, and Cultural Perspectives
We live in a consumer society where the ownership of goods and consumption of services pervades every aspect of our existence. Ever since the global economy began to be integrated and tightly interconnected, consumption of goods and services has been taken to new heights with an accent on owning goods from economic, symbolic and consumer […]
How Green Bonds Work?
Stakeholders all over the world are concerned about the irreversible damage being caused to the ecosystem of the earth. There is a common belief amongst people that the natural habitat on planet Earth has been irreversibly damaged. It is true that climate change affects all of us. It is also true that very soon the […]
The Cost of Poorly Performing Processes – Need for Six Sigma
Prior to the introduction of Six Sigma philosophy, there was a debate as to whether Six Sigma is a goal worth pursuing. Many experts in the area of quality believed that wastage was a way of life. Trying to eliminate wastage would cause more wastage. They believed that it was possible to eliminate waste but […]
The famous cheerleader of globalization, Thomas Friedman, characterizes the global economy as a “flat world” where anyone can reap the benefits of the many opportunities that are provided by globalization because there are no “barriers” anymore with the advent of the internet.
The basic premise is that anyone from anywhere can use the internet to start online businesses or join companies that have similarly leveraged the power of the internet.
Further, the fact that anyone can start with a business without geographical considerations as the only requirement for an online business is that it must have expertise and a great business idea or a business model means that unlike in the past when export units had to setup, there were multiple factors like access to land, labor, and capital.
This brings us to the topic as to whether the invention and the rapid spread of the internet have made it possible for no barriers to entry for businesspersons.
Indeed, as the many examples of online businesses show, the internet is the reason for the success of these businesses.
In fact, if you are reading this article, it means that the internet has facilitated the exchange between you the reader and the creators of this site. There cannot be a more valid and relevant example than the fact that this site has been made possible because of the internet and that readers are benefiting from this exchange.
This goes on to show that innovative, hardworking, and driven entrepreneurs can leverage the power of the internet to build great businesses that are profitable and at the same time add value to society.
Hence, the internet is indeed a great leveler where anyone can start commercial exchanges provided the basic requirements of seed capital, great ideas, and broadband access are fulfilled.
However, before terming the internet as the game changer, which it is but, the fact that access to computers and the internet is, still a problem in many developing countries is a cause for concern.
Indeed, the digital divide or the term used to describe the divide between the haves and the have-nots in terms of access to the internet is a potent reminder that much needs to be done before one can safely say that we are living in a flat world. Of course, the policymakers across the world are cognizant of this divide and are doing their best to alleviate this problem.
It is important for all the stakeholders to understand that the internet is a valuable source of value to society and hence, all efforts must be done to protect it from any kind of disruption.
Given the connected nature of our world, we cannot afford even the slightest outages and for the entrepreneurs, in particular, it means loss of business.
Finally, attempts to regulate and control the internet must likewise consider these factors.
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What the Current Wave of Protectionism and Populism mean for the Future of Globalization and Free Trade
February 12, 2025
