E-commerce and globalization yesterday, today, and tomorrow

Abstract

With the advent of E-commerce, many in the world are able to compete in global markets regardless of language, and cultural barriers, physical distance and national boundaries since products, services, and transaction processes can be re-engineered to adjust to changing business environments. E-commerce has evolved through the basic E-mail and electronic data interchange of the past few years to the sophisticated Web based interactive systems today. What will happen in the future is left to our creative imagination and the potentials are very high. In spite of protectionist trade policies in the political circles both in USA and abroad, globalization is bound to succeed in the world due to the enormous economic benefits that can be accrued by it. Internet and E-commerce which have been responsible for continuing gradual removal of barriers of language, culture and national boundaries will help globalization and accelerate international trade. International organizations like the World Trade Organization (WTO) are already spearheading the policy and regulatory issues in the international scene particularly in the E-commerce environment to reach globalization vision. This paper discusses where have we been? where are we?, and where we may be in the future with reference to E-commerce and globalization.