Global Economy: Impact of Information Technology (ECON 206)

This report examines the profound impacts of Information Technology (IT) on the global economy. The introduction highlights IT's role in shaping the world and driving economic revolutions. The findings detail how the internet and IT have revolutionized communication, reduced costs, and transformed workplace cultures. The report explores IT's influence on education, sharing economies (like Uber and Airbnb), and the rise of e-commerce platforms such as Amazon. It also delves into the financial sector's transformation through fintech companies (e.g., Ayden, PayPal), improving investment, payment systems, and financial accessibility. The report emphasizes the positive impact of IT on human resources, outsourcing, and increased productivity. It concludes by noting that while IT's benefits are most evident in developed and emerging economies, education and skilled workers are crucial for realizing its full potential. The report references several academic sources to support its arguments.