The big picture

The US economy is currently enjoying the biggest boom since the 50s, caused mainly by the explosive technology sector. Look at the newsstands, watch TV, go to the movies: everyone is talking about the Web. And the media themselves are changing. Of course, once TV and movies switch to digital formal - and ultra high bandwidth comes to the masses - all TV shows and all movies will be downloadable at all times. The Congressional Budget Office is predicting that in 2003 the volume: of paper mail will level off and start dropping for the first time in history, leading to budget cuts and layoffs. Why? People are turning to free e-mail. And how will the phone company make money on long distance services when anyone with a computer and net connection can make quality calls for free?

But what's more astonishing is how the models developed by these e-commerce pioneers are spilling over into other aspects of life. For example, people are increasingly buying houses, cars, and other big-budget items on-line. Thousands of products and services that used to be expensive are now free on the Internet. Scientists are using the Web to monitor earthquakes and look for intelligent life in the universe.

The Web is transforming politics, love and war.

Mike Elgan. The biggest story of the millennium,10/22/99 (with adaptations).