"No single force embodies our electronic transformation more than the evolving medium known as the Internet. Internet technology is having a profound effect on the global trade in services," according to a White House paper in

These Carnegie Mellon University students were among the first to graduate with a Master of Science in Electronic Commerce.

1997. Electronic commerce is estimated to have been in the range of $63 billion in 1999 and is expected to soar to $1,444 trillion by 2003 (For rester Research, 1999). Electronic commerce is a broad term describing business activities with as sociated technical data that are conducted electronically. It is an entire set of different, digitally enabled activities that are progressively replacing the more traditional brick-and-mortar commercial functions. While the wider phenomenon of "electronization of economic activities" encompasses the digitalization of all processes of economic wealth generation—including economic analysis, production, storage, information provisioning,

Figure 1

marketing, and...