Debora Spar and Jeffrey J. Bussgang

About the author: Debora Spar is an associate professor at Harvard University School of Business in Boston. Jeffrey J. Bussgang is the director of transaction products for Open Market, a Cambridge, Massachusetts, computer software company.

The commercial potential of the Internet is vast, but business in cyberspace is risky for many companies because few rules currently govern commerce there. In order to ensure that business can be conducted in an orderly, effective manner, rules must be created. Access providers and business communities can play a large role in establishing and enforcing guidelines for protecting property rights, governing currency, and securing information on the Internet. These measures would guarantee that business on the Internet will be efficient and profitable.

Ever since the Internet burst into the public realm, it has held...