Today, there’s hardly an aspect of our life that isn’t being upended by the tons of information available on the hundreds of millions of sites crowding the Internet, not to mention its ability to keep us in constant touch with each other via electronic mail. “If the automobile and aerospace technology had exploded at the same pace as computer and information technology,” says Microsoft, “a new car would cost about $ 2 and go 600 miles on a small quantity of gas. And you could buy a Boeing 747 for the cost of a pizza.”

Probably the biggest payoff, however, is the billions of dollars the Internet is saving companies in producing goods and serving for the needs of their customers. Nothing like it has been seen since the beginning of the Industrial Revolution, when power-driven machines began producing more in a day than men could turn out in nearly a year. “We view the growth of the Internet and e-commerce as a global trend,” says Merrill Lynch, “along the lines of printing press, the telephone, the computer, and electricity.”