Abstract
It has been a decade since the introduction of the World Wide Web. The first ten years of the Internet Era that the World Wide Web opened up has brought out human creativity, greed, and naivete; has brought about major changes in commerce, governance, and human interactions; and has created several major headaches and risks for humans and the society. During the hay days of the dot-coms in the late 1990s and early 2000s, many people tended to believe that the Internet would create a virtual “parallel universe (or society)” in which “all rules that govern the ‘offline’ society will give way to totally new rules or no rules at all”, and that the Internet would somehow be a “frictionless” engine that will drive indefinite and infinite wealth-creation. However, after the dot-com bubble burst in 2001 and 2002, such “irrational exuberance” gave way to sober economic, social, cultural, and legal realities.
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