How does the GB relate to the new economy?
The market is the collective system of transactions that helps supply to match demand, and thus to fulfill the need for products and services of the collective customer. The traditional market is rather inefficient, requiring a huge infrastructure of middlemen, specialized organizations such as stock exchanges and auctions, and communication channels. The Internet allows all such transactions to take place much more quickly and transparently, with less cost and effort. This strongly reduces “friction”, making the economy more efficient so that demand can be satisfied more rapidly, more accurately, and at a lower cost. The GB will not only facilitate direct communication between buyers and sellers, but help buyers to find the best value (e.g. through shopping agents to compare prices), and help sellers to get the best price (e.g. through automatic auctioning systems). The net effect is that growth increases, while inflation and economic instability decrease. Moreover, there will be less
