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I still think that a lot of the information is controlled by the news agencies. They put their spin on the stories to best fit their needs or ratings. The fact however that we can transmit information anywhere in the world right from our desk has helped the business world.
Because information and pictures can be transmitted instantaneously, there are few secrets in the world anymore--at least not for long. When there's a war, everyone hears the details and sees the visuals in real time (with the embedded reporters), and reaction is instantaneous. When a country's currency rises or falls dramatically, everyone knows the instant it happens. There are, of course, many positive things which can come of this immediacy. One huge negative is that important or significant decisions are often made as reactions rather than as reasoned responses to real problems. Comparatively small or unimportant things are quickly sensationalized (as in the recent Koran-burning issue in Florida) and the headline stories are designed to attract readers and viewers rather than relate the significant news of the day. That undoubtedly happened to some degree before the global explosion of information; however, with literally limitless access to everything, the negative and outrageous have become the norm.
World integration for one thing. Just the idea that we can almost instantly communicate with mass numbers of people, for free, and anywhere on the globe is a staggering advance in the last two decades. I wished my Montenegrin friend's sister a happy birthday yesterday. She lives in Podgorica. I keep in touch with exchange students from rural Pakistan and Colombia. This has fostered greater understanding between peoples, allowed us access to so much more information, both good and bad, and it has brought our economies closer together. In fact, it is an economy of its own.
The Information Revolution has made it possible for the world literally to be viewed on a laptop screen. One example of the impact of the Information Revolution has been on international commerce. Traders can now make instant orders to buy or sell in any market. Another example is the instant transfer of news and the fact that anyone with a cell phone camera can be a news reporter. CNN even capitalizes on this phenomenon with its "iReport" segments.
There should be a variety of ways to answer this question. To me, the biggest impact of the Information Revolution has been globalization of the economy.
With the Information Revolution has come the ability (especially through the internet) to move information from place to place very quickly and effectively. This has been a tremendous help to the process of globalization. Orders can be transmitted from place to place instantly. Perhaps even more importantly, so can any sort of information. This lets firms or branches of firms communicate instantly and easily across vast distances. That allows them to collaborate on projects, for example.
Because information can be transmitted so easily, firms in different countries can easily work together and economic globalization can increase rapidly.
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