Internet Law and the Economy
This week's article review is taken from Ubiquity, an ACM IT Magazine and forum. The article is "The New Economy: Are Rules Irrelevant?" by Daniel W. Uhlfelder, Esq. In this article it is discussed how the new economy of the Internet move forward and enact laws that would be beneficial to all parties involved. This will be hard if not impossible because the Internet can cross boundaries where laws could not cross. The each country and each region uphold and maintain laws and regulations specific for their purposes. Therefore, jurisdiction is a key issue in order to determine what laws, regulations, taxation or other concerns apply. As crimes are committed our society and economy pays the price. Billions of dollars are lost and companies will be spending millions more to prevent these activities. The laws and the ways of enforcing the laws will not be able to keep up the pace of this lightning technology.
Necessity of laws for our economy
Whenever one interacts with another person or entity, they develop a set of rules by which they interact. These rules also come with consequences. There are laws of man and there are also laws of nature. As we understand the laws of nature, the law of gravity, for example, we can use this law to our advantage and send men to the moon and back again.
Even in the most unorganized groups, rules or laws develop. Different groups or entities develop different rules or laws by which they interact. In most cases one would not have an interest in the laws of another a group, state, country or region if there were no interaction. Once interaction is possible with another group, state, country or region the laws of the region are then relevant. With the advent of the Internet, it is now possible to interact with all kinds of groups, societies and regions in the blink of an eye. It is now important to know the different laws and develop new laws by which these new relationships interact. The key is to understand the different laws and how they are used, where and how should they be enforced and how to protect our interests and the interest of others and how we can use and develop laws to the best advantage of society. According to Daniel W. Uhlefelder
"Security, Internet taxation, electronic signatures, privacy, copyright, minority, small business development, and contract formation in cyberspace: These are just a few of the important legal issues members of the new economy are going to face." (Uhlfelder, 2000)
Laws relating to our worldwide commerce are going to be needed to avoid ciaos in our economic society. If we cannot keep up with these changes, then there may be ill effects to our society and economy. Federal Trade Commission Chairman Robert Pitofsky reminds us that when enacting laws we must remember:
"Protect the marketplace, and don't undermine the incentives for innovation. And that is what this is about. The incentives for...