The Internet is among the most impactful innovations, if not the most powerful, that have revolutionized life. It has been four decades since its inception, and since then it has been growing and expanding overlapping almost all aspects of our life. The magnitude of its impact is yet underestimated as today it is amalgamated with other advancements to make lasting impacts across all technological landscapes in the world. 

The Internet has been exceptionally impacting the economy. In mature economies, it contributes to more than 10% of GDP which is massive. In the US alone, it contributed $2.45 trillion of $21.18 trillion in GDP. It can, therefore, be estimated that the Internet has the potential to uplift economies exponentially. 

Economic Globalization

You might have heard about cultural globalization and political globalization, but economic globalization is fairly a new concept widely used in mainstream media, and by researchers, analysts, economist, and all those who study humanities and economy.

Economic globalization refers to the widespread international movement of commodities, including products, services, capital, ideas, and information. Today, people are interacting with each other, collaborating, selling and purchasing commodities, and building ties beyond borders. Gone are the days when a Hungarian could not sell his products to the US masses, as long as he had extensive resources to open a franchise in the state and do so. The sellers can sell their products without having to relocate to a new place. 

Role of the Internet in Economic Globalization

The Internet has served as a catalyst for globalization, and the web and technology have radically revolutionized globalization. It would not be wrong to say that the internet is the driving force for economic globalization. It is due to the internet that people are able to make purchases and sell. From opening a virtual store that can be approached globally to placing an order to tracking shipping and everything in between, every process that fosters economic globalization is backed by the internet. 

It is all attributed to the internet for enabling individual retailers and small businesses to sell their products and services, without having to open a physical store. They just need to create a website and social media pages and sell their products globally, anytime and anywhere. 

Moreover, freelancing which has become prevalent more than ever is all due to the internet. People from any pole of the world can sell their skills and can be hired by a buyer from another part of the world. It has become a prominent source for making quick and reasonable money. 

The Internet itself is becoming more powerful, making operations conducted through online, even faster. For example, with efficient and top-notch internet service, like Centutylink internet nothing is impossible. With this high-tier fiber internet, anyone can work online, make transactions, and handle projects impeccably. 

Pandemic- the Turning Point

During the global COVID-19 pandemic, the world was under lockdown and everyone was circumscribed to their homes. These were testing times, as all of us were battling our own fights, economically and mentally, let alone the health catastrophe. A number of employees were laid off and businesses drowned in the loss, leading to economic distress.

 At that point in time, the internet was the sole source of entertainment, escape, and income for some. Many new people joined social media and started their small business ventures right then. It is reported that the use of social media during the pandemic increased impressively. Since people were glued to their phones, TV, and computer screens, it was high time businesses of all scales expand their reach and leave an impact by selling their products and services and empathizing(a strong low-key factor for attracting the audience).

More importantly, one of the benefits the internet had during Covid 19 is causing economic resilience in the face of the pandemic. Many activities, such as schools, offices, and businesses remained functional and operated online which lead to less harm to the economy than it could been if everything was completely shut down. 

Significance of the Internet for Economy

• Cheaper Transactions

The internet has eased daily practices, including transactions. It has the potential to transmit information quickly, conveniently, and affordably. Anyone, anywhere can buy products and hire services from the comfort of their home and make the payment online in a jiffy. 

• Management Efficiency

The internet can optimize management efficiency across the economic sector. It has made it easier to handle and manage transactions and also oversee financial data. The applications built to manage finances secure your energy and resources while offering accurate insights into the data that help better manage and increase ROI.  

• Increase Consumer Choice and Satisfaction

The internet has offered customers a wide selection of options to choose from, locally and globally. With more autonomous power to invest in whatever commodity, customers are most satisfied with the choices they make. The retailers are ensuring their online presence to be in the market and catering to their target audience. 

Final Thoughts

In conclusion, it can be said that the internet is a powerful tool that is yet to modify the normal practices in social, political, and economic structures. The impact of the internet on the economy, especially, is noteworthy. From providing opportunities for businesses to expand their outreach to offering a platform for individuals to sell commodities, to optimizing economic activities, in general, the internet has revolutionized everything.