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No nation today can afford to think of itself as an economic entity to itself. Because, Supersonic transport, satellite communications and the internet have literally shrunk the world while the phenomenal growth in international exchange of goods, services, technology, and finance has knit the national economies into a vast network of economic relationships.Even developing countries like India, which for a long time followed an inward-looking development strategy concentrating on import substitution, have, in recent years, recognized the vital necessity of participating vigorously in...

Two thousand years ago, Roman roads brought trade and commerce to Europe in an unprecedented manner. A thousand years ago, the spice routes linked the cultures of East and West. At the dawn of the second millennium, the Internet, the world's largest computer network, the network of networks, is making fundamental changes to the lives of everyone on the planet-changing forever the way business is conducted. Internet has become an important medium for doing global business based on the state of the art technology. Global business was conducted in a new way: electronically, using networks and...