Global Village and the Economy : Xlibris UK : 9781524597887 : 1524597880 : 27 Feb 2019 : No, time has not ceased and space has not vanished, but life does seem to be moving rapidly that way. Telecommunications, satellites, computers, and fiber optics taken together are halving the cost of processing, storing, and transmitting information every eighteen months. The global village even has its own market square in the shape of the internet-a forum for commerce, information, entertainment, and personal interaction that makes previously undreamed of access to information available almost instantly and at extraordinarily low cost. Estimates suggest that 250 million people around the world use the internet already, with the number rising every day. Global Village is not only the internet and telecommunications, but it is also the more traditional fare of economists-trade in goods and trade in assets. The theoretical case for free trade is that it permits countries to concentrate on activitie