Internet Hugely Beneficial to American Economy

Internet Significance Increasing

As the internet continues to change the lives of many people around the globe, the United States of America underscored the importance of the internet as a foundational tool for economic growth in the country.

In her remarks in Washington DC on the “Economics of the Internet,” Under Secretary Catherine A. Novelli for Economic Growth, Energy, and the Environment said the internet is considered by the US as fundamental to its commerce as highways, power grids, and ports.

“We are home to eight of the world’s 14 largest technology companies in the world by revenue.” – Ms. Novelli

Ms. Novelli highlighted that the United States captures more than 30 percent of global Internet revenues and more than 40 percent of net income,

Mark Zuckerberg, cocreator of Facebook, in his Harvard dorm room, 2005.

Internet Hugely Beneficial to US Economy and Interests

According to Ms. Novelli, of all the ways the Internet has changed the economy, one of the most significant effects is how it has leveled the business playing field for small and medium sized businesses.

To explain further, more than four million U.S. firms have web sites and more than half of those businesses have less than five employees.

In addition, companies that have broadband-connections report annual median sales revenues approximately $300,000 higher than businesses without broadband access.

With regards to harnessing its benefits, with 95 percent of world consumers located outside of US borders, Americans stand to benefit when even more countries in the world gain greater and faster access to the Internet.

And speaking in the global context, Ms. Novelli underlined that the rest of the world will also benefit, including people who live in developing countries through the use of the internet.

She further explained that the Internet can spark economic growth wherever it is adopted and can improve access to social services like health care and education.

How Important is Internet Among Americans?

According to Ms. Novelli, in a recent survey by Boston Consulting Group, it has been found that 73 percent of Americans would give up alcohol; 77 percent would give up chocolate; and 21 percent would give up sex, instead of going without the Internet for a year.

Internet as Venue For Freedom of Expression

According to US Secretary of State John Kerry, the internet is an equal-opportunity platform from which the voice of a student can have as much reach as that of a billionaire; a chief executive may be able to be out-debated by an entry-level employee – and there’s nothing wrong with that.

In addition, most users of the internet agree, on the internet as in any other venue, the human rights of every person – including freedom of expression – should be protected and respected.

In fact, the United Nations has repeatedly affirmed this view, but as we know, it is still not universally held. And the US believes the internet hinges to a great extent on how we feel, each and every one of us, about freedom.

The State Department says the United States believes strongly in freedom – in freedom of expression, freedom of association, freedom of choice. The internet could be a great medium for this freedom of expression.

Mina Fabulous
Mina Fabulous follows the news, especially what is going on in the US State Department. Mina turns State Department waffle into plain English. Mina Fabulous is the pen name of Carmen Avalino, the NewsBlaze production editor. When she isn't preparing stories for NewsBlaze writers, she writes stories, but to separate her editing and writing identities, she uses the name given by her family and friends.