Business and the Economy

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During the 1990s business was extremely affected by the internet. The internet changed how most businesses worked, because of this new technology the businesses with tech savvy knowledge began to become more and more powerful than others. Internet businesses suddenly started to overpower normal businesses because of their accessibility to the public. This led to an improved market, and companies began to merge- creating more powerful and larger companies. It is believed that the internet is what caused this economic boom. This burst of the economy created new thoughts on the economy that inflation would not result from a 2.5% growth rate and a less than 5% unemployment rate. High end workers began to receive higher wages because of their skills. This caused for unskilled workers to lose money and created the need for those workers to take on second jobs, and lead strikes. The internet then caused for more economic globalization. It was during the 1990s that companies began a process called Reengineering, an idea that businesses could improve their processes and activities to become more efficient. A company that emerged from this idea was Dell Computer- a company still popular today. It was due to far-reaching rapid economic changes that companies began to alter their management strategies.

Due to the expansion of corporations internationally, multilingual corporations increasingly dominated the economy. From these new economic changes arose ideas such as liberation management, which emphasizes a lack of structure and favors continuously changing corporations. During this time small businesses flourished. Though 3 out of every 5 did not make it, small businesses became increasingly successful. 53% of private-sector employees were employed by small businesses. Though not everyone was prospering in the 1990s. Many unskilled workers suffered pay cuts, or they were simply let go. Because the new economy began to rely so heavily on technology skilled workers began to earn more, while unskilled workers simply couldn't do the jobs skilled workers could they were cut. This led to a widening gap between blue collar and white collar workers. Some unskilled workers did get raises, though many did not- so while not all unskilled workers suffered, many did. This led to many peoples desperation, which caused them to turn to religion for help. It is because of these people that religion and work began blending. It is because of these results that the internet can be accredited with the creation of a global economy, and also the rise of pay for skilled workers.