The new New World

Sometimes we lose perspective. Over the past quarter-century the world has changed more than it did during thousands of years of human existence. Just a few of these changes serve to make the point. In 1994, the internet was operating literally at half pace. Forty percent of adults in the United States, the leader in connectivity, had active accounts. Mobile phones were a rarity. The largest companies in the world were General Motors, Ford, ExxonMobil, and IBM, and none of the FAANG had been founded. Banks were barely starting to operate online, and the financial scene was dominated by current accounts and ATMs. The New World has undergone a similar transformation. Built around the internet are five billion cell phones […]