ABSTRACT
Introduction The mid-1990s was heralded by politicians, economists, law makers and commercial entities as ground-breaking for worldwide economic development. The reason, the opening of the Internet 1 for public use. Information could now be freely circulated globally through computer networks provided people had the necessary skills and access to computer hardware and software to tap into information available on these networks. Creation of this open network imparted a new sense of living within a global community or a global village where people could be in constant touch, regardless of spatial and temporal differences. The Internet provided a ready platform for commerce to fl ourish – sellers could advertise their wares and services globally, and buyers, businesses and consumers alike 2 had access to products at competitive prices. Sellers could provide product information, prices and delivery terms, and interested parties could negotiate terms and conclude contracts electronically. Direct access to a potentially large customer base meant that sellers did not have to opt for the traditional methods for selling their products – for example, use of agents to market their products in distant lands. Equally, buyers did not have to go through agents to fi nd suitable manufacturers of products they required. The information and communications technology revolution was creating a new means of conducting business – namely, conducting commerce electronically or e-commerce. 3
Emergence of any new technology raises interesting issues for policy makers, law makers and other stakeholders, more so where the technology is expected to have a wide economic impact and is readily embraced. The likely effects – social, moral and economic, among others – of the new technology must be assessed and decisions need taken on the extent to which its use must be regulated. It is a matter of striking a fi ne balance between the expected risks of the new technology and the opportunities created by it. The history of mankind is replete with instances of new technologies that have had enormous impact on society, and policy makers and law makers have stepped in to regulate the behaviour of those using the technology. The aviation industry is a good illustration where regulations were put into place early on to promote the development of the aviation industry and provide a minimum level of protection for air passengers. 4
The Internet’s radical character is a challenge for policy makers and legislators. Lacking geographic containment, it knows no national boundaries. Information posted on a website in Borneo can be accessed within seconds from the United Kingdom (UK). As a truly global medium, it is a signifi cant contributor to globalisation. As with globalisation, the logic of the Internet is economic.
