The Internetization of the Age is a technological revolution through which economic management instruments within our synchronous world have been subjected to substantial change. Through the process of this webinar organization Prentice Institute, the University of Lethbridge, Canada, I am in charge of exploring what happens in the North-South Economic governance framework. My aim in this essay is to conduct a deep inquiry into the effects of Internetization on economic governance across different aspects, such as policy-making processes, regulatory frameworks, the working of markets, and societal frameworks. The internet is everywhere and cannot be ruled out in affecting the policy-making process; it involves the public, making them more eye-catching while still fertile to manage big datasets (Constantine Passaris – Internetization. n.d.). Regulatory policies are being created to deal with the problems that the online world has created, while the shape of the markets is changing due to digital platforms and cryptocurrencies. Parallel to this development, social norms adapt to digital governance theories, and the digital world is open to everyone, irrespective of age, sex, location, or other variables. In this case, the paper will bring the whole issue of global web space and economic governance to the limelight, demonstrating the multi-faceted influence it plays on modern economic systems.
A fundamental transformation in the traditional governance of markets and societies due to Internetization. This process sees the internet ushering in significant changes in our lives. – The implication of this development is primarily seen in the policy-making cycles, where the availability of information remains the most pronounced evolution. The phenomenon of the internet and technology has destroyed obstacles in information, leading to a population that is eager to learn and participate. This situation naturally leads the persons making policies to increased control, which implies that policies are implemented transparently and responsibly. In addition, the internet became a platform through which communication is seamless and private participation of different societal players is made possible, eventually consolidating or responsive government structures. The metamorphosis of politics in the digital age evinces the process of shifting the underlying dimensions of power and arrangement of decision-making authority from the old hierarchical patterns to the new decentralized approach, through which political regulations and rules of the game are formed and shaped.
The subsequent use of big data and analytics changed how policymakers gather and interpret important information, and paved the way for an entirely new level of policy-making. The sheer volume of data that stems out of online activities nowadays might, and it has become a data goldmine, kindling the fire of policymakers’ insights into consumers, the market, and overall economic trends and paving the way for a decision-making process with a deeper involvement of the data. At the same time, with this influx of data also comes a diversity of problems, such as privacy breach issues, cybersecurity threats, and the ethical limitations of this data used. Consequently, the regulators must build an array of norms that can be strong in handling the collection, storage, and processing of data in a manner that provides guarantees of privacy, security, and ethical soldiership. This entails an extremely sophisticated balancing act that requires policymakers to embrace the transformative influence of big data. On the other hand, they must couple it with the ability to minimize the corresponding drawbacks, hence charting the way toward a secure, transparent, and ethically oriented model of managing the economy in the age of Internetization.
As a result of its policy-making effect, Internetization is leading to a revolution in an international economic regulatory system with the advent of new actors and rules. The cross-boundary nature of the internet that supersedes traditional jurisdictional laws creates an unparalleled challenge to economic regulations of cyber activities, which remains a task for regulatory authorities. Technical problems like electronic commerce across the border, digital taxation issues, and the issue of the protection of intellectual property rights are getting complicated because of the development of the digital world. This situation has led to changes in our approaches to our regulation system. Succeeding with those calls for action implies a higher level of international cooperation and collaboration to concoct and cause the adoption of exhaustive and controversial regulatory mechanisms, which can easily gesture the complex relations in the digital world (Kolozaridi & Muravyov,2021). The field of regulatory frameworks should be able to transcend malleability and anticipation as regulative institutions steadily augment their peripheral views to meet the fast-paced transformation and novelty exhibited in the digital sphere, hence creating an economy that fosters economic welfare and global prosperity well equipped to adjust to this digital epoch.
In addition, the emergence of digital environments and online platforms and the changes in the growing market structure have led to new problems in economic governance in a contemporary context. The existence of dominant tech giants in the e-commerce, social media, and digital advertising sectors has changed market concentration and, in some cases, raised questions about the compliance of the antitrust laws. Regulatory agencies face the challenge of achieving fruitful results based on mutual understanding between innovation and competition, thus guaranteeing a level playing place for incumbents and newcomers (Pesando et al.,2021). Additionally, as cryptocurrency and blockchain technologies revolve, they might revolutionize governance. On the one hand, blockchain may provide greater transparency and efficiency in financial transactions. At the same time, it can cause environmental and social risks by facilitating money laundering, tax evasion, and regulatory arbitrage. To achieve that, as a policymaker, you have to facilitate the growth of blockchain-based innovation while simultaneously implementing legal, prudential, and oversight frameworks to mitigate the associated risks.
In connection to these regulatory issues, the Internet era has sparked discussions on the place of government in the digital era. Laissez-faire economics supporters endorse the absence of government interference; in contrast, market mechanisms should be the driving force of innovation and accelerate economic growth. However, proponents of interventionism point out the requirement for government regulation to cope with market failures such as monopolistic competition and to protect consumers from unhealthy products and services. Another important factor is the evolution of the digital governance realm, including e-governance and digital democracy, which are equipped to transform very old practices of economic governance (Passaris,2021). By adopting the technology to increase citizen involvement, speed up administrative processes, and create a transparent and accountable space for government services, administrations can develop societies with better transparency, efficiency, and performance. However, the digital divide, which includes internet accessibility and digital literacy, prevails, and the situation has become a more formidable obstacle for poor communities. Consequently, access to digital governance platforms further widens the divide. We must bear in mind that it is this digital divide we must work on to ensure that digital governance delivery is universal. Everybody enjoys the advantages of digital governance in the age where internet protocols are the order of the day.
Finally, the Internet Age brings problems and chances for effective economics. Along with the constantly developing and expanding internet, the more the digital economy interferes in our lives, the more the policymakers are equipped with the developing digital ecosystem. Technological advancements can create opportunities for the next level of globalization through international cooperation. Striking that balanced, innovative, and regulated market can help the next generation of business people to adapt to this kind of economic environment.
References
Constantine Passaris – Internetization. (n.d.). Www.youtube.com. Retrieved March 26, 2024, from https://www.youtube.com/watch?v=Ta45yEehKIA&ab_channel=PrenticeInstitute
Kolozaridi, P., & Muravyov, D. (2021). Contextualizing sovereignty: A critical review of competing explanations of the Internet governance in the (so-called) Russian case. First Monday.
Passaris, C. E. (2021). The moral dilemma and asymmetric economic impact of COVID-19. Real-world economics review, 95, 62-70.
Pesando, L. M., Rotondi, V., Stranges, M., Kashyap, R., & Billari, F. C. (2021). The internetization of international migration. Population and Development Review, 47(1), 79-111.
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