Steger outlines of the birth of the Internet and the rise of satellite and fibre-optic technologies in the 1990s as a factor that has significantly changed our concept of economics. How so, and what are both the positive and negative byproducts of this shift?
With the creation of the internet came the birth of a more global stock exchange; billions of dollars worth of stocks are now able to be trades every minute with the click of a button, while the prices of each stock are simultaneously monitored, compared, and predicted. This makes it easier for TNC's to purchase local companies in different countries to broaden their reach as a corporate power. For the global spread of these companies is a positive shift, causing the sharing of technologies, information and resources. A negative byproduct of this shift was that online banking was now a possibility, and the creation of imaginary money for safety nets due to loans appears. This causes inflation, the more currency a state has the less its worth unless there is an appropriate demand from products. Countries began shifting this imaginary money between them due to debts while corporations were making more than these countries. The amount of money was increasing so the value was decreasing, which increases the price of products. Which creates the need for more loans to afford products; stunting developmental growth. Although these technologies brought companies closer together, it gave these companies more power than states, and increased global debt.
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