Haxi is a free shared transport application that enables users to share transport on short and mid range distances. The name is a portmanteau of hack and taxi, registered users can be drivers, passengers, or both. Unregistered users cannot get contact details on other users, no registration is needed to logon. The firms mobile applications facilitates peer-to-peer ridesharing by enabling passengers who need a ride to request one from available community drivers, Haxi was created by Aleksander Soender, Joonas Kirsebom and Robert Daniel Nagy in October 2013. By December 2013, the web service was launched in Stavanger, Haxi released applications for Android and iPhone in March 2014. The service is available in English, Norwegian and Danish, the company was registered in April 2014 as Haxi Ltd in London, Great Britain. Angel investor funding for Haxi was secured in June 2014, since December 2013, Haxi grew into the biggest ridesharing network in Norway in 6 months. In June 2014, it was estimated that 11,000 Norwegians were using Haxi, by August 2014, that number has risen to 31,000 users with over 2,000 registered drivers in Norway alone.
In September 2014, Haxi surpassed 3,000 registered drivers, at this growth rate, Haxi is expected to become bigger than the whole Norwegian taxi force combined by December 2014. Haxi is mentioned as one of the most interesting companies in the ridesharing market Worldwide, in June 2014, Norwegian Taxi Association CEO, Lars Hjelmeng, estimated that ridesharing via Haxi and social media is generating up to one billion NOK annually. Since Haxi officially launched in December 2013, there has been much media attention on the topic of illegal operation in the Norwegian press. On March 9,2014, local taxi drivers drove two students from Stavanger to Copenhagen for free as a protest against Haxi, on August 28,2014, the Norwegian Taxi Association and taxi operator I-taxi notified the police about a Haxi user for unlicensed taxi operation. The case was dropped by the police in Grimstad. On October 7,2014, the Norwegian Transport Worker Association notified the police in Oslo about Haxi for operating an unlicensed taxi operation.
A week later, on October 13,2014, the police in Oslo informed the Norwegian Transport Worker Association that the case against Haxi was dropped, from September to November 2014, undercover agents from Stavanger Police booked several rides from Haxi drivers. In December 2014, investigators began to interview drivers and fine them for 8.000 NOK, on December 17,2014, Stavanger Police published a press release saying 3 of 8 Haxi users were official taxi drivers using the service for spontaneous ridesharing. Haxi recommended all drivers to decline the fine and offered all drivers financial and legal support to test the case in court, three Haxi drivers accepted this offer from Haxi and declined to pay the fines. On May 11,2015, the trial started against three drivers from the Haxi community in the Stavanger District Court, the three drivers were granted legal aid by the judge because of the principle which is rare in administrative law cases
Social media are computer-mediated technologies that facilitate the creation and sharing of information, career interests and other forms of expression via virtual communities and networks. User-generated content, such as posts or comments, digital photos or videos. Users create service-specific profiles for the website or app that are designed and maintained by the media organization. Social media facilitate the development of social networks by connecting a users profile with those of other individuals or groups. They introduce substantial and pervasive changes to communication between businesses, organizations and individuals, Social media changes the way individuals and large organizations communicate. These changes are the focus of the field of technoself studies. In America, a reported that 84 percent of adolescents in America have a Facebook account. Over 60% of 13 to 17-year-olds have at least one profile on social media, according to Nielsen, Internet users continue to spend more time on social media sites than on any other type of site.
For content contributors, the benefits of participating in social media have gone beyond simply social sharing to building a reputation and bringing in career opportunities and monetary income. Social media differ from paper-based or traditional media such as TV broadcasting in many ways, including quality, frequency, immediacy. Social media operate in a Dialogic transmission system and this is in contrast to traditional media which operates under a monologic transmission model, such as a paper newspaper which is delivered to many subscribers. Some of the most popular social media websites are Baidu Tieba, Gab, Google+, LinkedIn, Reddit, Tumblr, Viber, WeChat, WhatsApp, and YouTube. These social media websites have more than 100,000,000 registered users, observers have noted a range of positive and negative impacts of social media use. At the same time, concerns have been raised about possible links between social media use and depression, and even the issues of cyberbullying, online harassment.
Currently, about half of adults have been cyberbullied and of those,20 percent said that they have been cyberbullied on a regular basis. Another survey was carried out among 7th grade students in America which is known as the Precaution Process Adoption Model, according to this study,69 percent of 7th grade students claim to have experienced cyberbullying and they said that it is worse than face to face bullying. The variety and evolving stand-alone and built-in social media services introduces a challenge of definition, the terminology is unclear, with some referring to social media as social networks. A2015 paper reviewed the prominent literature in the area and identified four commonalities unique to then-current social media services, in 2016, Merriam-Webster defined social media as Forms of electronic communication through which people create online communities to share information, personal messages, etc
Newsweek is an American weekly news magazine founded in 1933. It was published in four English language editions and 12 global editions written in the language of the circulation region, between 2008 and 2012, Newsweek underwent internal and external contractions designed to shift the magazines focus and audience while improving its finances. Instead, losses accelerated, revenue dropped 38 percent from 2007 to 2009, in November 2010, Newsweek merged with the news and opinion website The Daily Beast, forming The Newsweek Daily Beast Company, after negotiations between the owners of the two publications. Tina Brown, The Daily Beasts editor-in-chief, served as the editor of both publications, Newsweek was jointly owned by the estate of the late Harman and the diversified American media and Internet company IAC. Newsweek ceased print publication with the December 31,2012, issue and transitioned to an all-digital format, IBT Media relaunched a print edition of Newsweek on March 7,2014. In 2003, worldwide circulation was more than 4 million, including 2.7 million in the U.
S, Newsweek publishes editions in Japanese, Polish, Rioplatense Spanish and Turkish, as well as an English language Newsweek International. Russian Newsweek, published since 2004, was shut in October 2010, the Bulletin incorporated an international news section from Newsweek. Based in New York City, the magazine claimed 22 bureaus in 2011, New York City, Los Angeles, Chicago/Detroit, Miami, Washington, D. C. Boston and San Francisco, and others overseas in London, Berlin, Jerusalem, Tokyo, Hong Kong, South Asia, Cape Town, Mexico City and Buenos Aires. News-Week was launched in 1933 by Thomas J. C. Martyn and he obtained financial backing from a group of U. S. stockholders which included Ward Cheney, of the Cheney silk family, John Hay Whitney, and Paul Mellon, son of Andrew W. Mellon. Paul Mellons ownership in Newsweek apparently represented the first attempt of the Mellon family to function journalistically on a national scale, the group of original owners invested around $2.5 million. Other large stockholders prior to 1946 were public utilities investment banker Stanley Childs, journalist Samuel T.
Williamson served as the first editor-in-chief of Newsweek. The first issue of the magazine was dated 17 February 1933, seven photographs from the weeks news were printed on the first issues cover. In 1937 News-Week merged with the weekly journal Today, which had founded in 1932 by future New York Governor and diplomat W. Averell Harriman. In 1937 Malcolm Muir took over as president and editor-in-chief and he changed the name to Newsweek, emphasized interpretive stories, introduced signed columns, and launched international editions. Over time the magazine developed a spectrum of material, from breaking stories and analysis to reviews. The magazine was purchased by The Washington Post Company in 1961, osborn Elliott was named editor of Newsweek in 1961 and became the editor in chief in 1969. The women won, and Newsweek agreed to allow women to be reporters, edward Kosner became editor from 1975 to 1979 after directing the magazine’s extensive coverage of the Watergate scandal that led to the resignation of President Richard Nixon in 1974
New York Stock Exchange
The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation.
The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since.
The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance.
Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, the chairman is Jeffrey Sprecher
Business process reengineering
BPR aimed to help organizations fundamentally rethink how they do their work in order to dramatically improve customer service, cut operational costs, and become world-class competitors. In the mid-1990s, as many as 60% of the Fortune 500 companies claimed to either have initiated reengineering efforts, BPR seeks to help companies radically restructure their organizations by focusing on the ground-up design of their business processes. According to Davenport a business process is a set of related tasks performed to achieve a defined business outcome. Business process reengineering is known as business process redesign, business transformation, Business process reengineering is the practice of rethinking and redesigning the way work is done to better support an organizations mission and reduce costs. Reengineering starts with an assessment of the organizations mission, strategic goals. Basic questions are asked, such as Does our mission need to be redefined, are our strategic goals aligned with our mission.
An organization may find that it is operating on questionable assumptions, particularly in terms of the wants, only after the organization rethinks what it should be doing, does it go on to decide how best to do it. As a structured ordering of steps across time and place, a business process can be decomposed into specific activities, modeled. It can be redesigned or eliminated altogether. Often, no one is responsible for the performance of the entire process. For that reason, re-engineering focuses on re-designing the process as a whole in order to achieve the greatest possible benefits to the organization, a key stimulus for re-engineering has been the continuing development and deployment of sophisticated information systems and networks. Leading organizations are becoming bolder in using technology to support innovative business processes. Hammers claim was simple, Most of the work being done does not add any value for customers, companies should reconsider their inability to satisfy customer needs, and their insufficient cost structure.
Even well established management thinkers, such as Peter Drucker and Tom Peters, were accepting and advocating BPR as a new tool for achieving success in a dynamic world. With the publication of critiques in 1995 and 1996 by some of the early BPR proponents, coupled with abuses and misuses of the concept by others, the reengineering fervor in the U. S. began to wane. Equivalently to the critique brought forward against BPR, BPM is now accused of focusing on technology, the most notable definitions of reengineering are. Encompasses the envisioning of new strategies, the actual process design activity, and the implementation of the change in all its complex technological, human. In order to achieve the major improvements BPR is seeking for, the change of structural organizational variables, for being able to reap the achievable benefits fully, the use of information technology is conceived as a major contributing factor
The Internet is the global system of interconnected computer networks that use the Internet protocol suite to link devices worldwide. The origins of the Internet date back to research commissioned by the United States federal government in the 1960s to build robust, the primary precursor network, the ARPANET, initially served as a backbone for interconnection of regional academic and military networks in the 1980s. Although the Internet was widely used by academia since the 1980s, Internet use grew rapidly in the West from the mid-1990s and from the late 1990s in the developing world. In the two decades since then, Internet use has grown 100-times, measured for the period of one year, newspaper and other print publishing are adapting to website technology, or are reshaped into blogging, web feeds and online news aggregators. The entertainment industry was initially the fastest growing segment on the Internet, the Internet has enabled and accelerated new forms of personal interactions through instant messaging, Internet forums, and social networking.
Business-to-business and financial services on the Internet affect supply chains across entire industries, the Internet has no centralized governance in either technological implementation or policies for access and usage, each constituent network sets its own policies. The term Internet, when used to refer to the global system of interconnected Internet Protocol networks, is a proper noun. In common use and the media, it is not capitalized. Some guides specify that the word should be capitalized when used as a noun, the Internet is often referred to as the Net, as a short form of network. Historically, as early as 1849, the word internetted was used uncapitalized as an adjective, the designers of early computer networks used internet both as a noun and as a verb in shorthand form of internetwork or internetworking, meaning interconnecting computer networks. The terms Internet and World Wide Web are often used interchangeably in everyday speech, the World Wide Web or the Web is only one of a large number of Internet services.
The Web is a collection of interconnected documents and other web resources, linked by hyperlinks, the term Interweb is a portmanteau of Internet and World Wide Web typically used sarcastically to parody a technically unsavvy user. The ARPANET project led to the development of protocols for internetworking, the third site was the Culler-Fried Interactive Mathematics Center at the University of California, Santa Barbara, followed by the University of Utah Graphics Department. In an early sign of growth, fifteen sites were connected to the young ARPANET by the end of 1971. These early years were documented in the 1972 film Computer Networks, early international collaborations on the ARPANET were rare. European developers were concerned with developing the X.25 networks, in December 1974, RFC675, by Vinton Cerf, Yogen Dalal, and Carl Sunshine, used the term internet as a shorthand for internetworking and RFCs repeated this use. Access to the ARPANET was expanded in 1981 when the National Science Foundation funded the Computer Science Network, in 1982, the Internet Protocol Suite was standardized, which permitted worldwide proliferation of interconnected networks.5 Mbit/s and 45 Mbit/s.
Commercial Internet service providers emerged in the late 1980s and early 1990s, the ARPANET was decommissioned in 1990
Nanotechnology is manipulation of matter on an atomic and supramolecular scale. It is therefore common to see the plural form nanotechnologies as well as nanoscale technologies to refer to the range of research. Because of the variety of applications, governments have invested billions of dollars in nanotechnology research. Until 2012, through its National Nanotechnology Initiative, the USA has invested 3.7 billion dollars, scientists currently debate the future implications of nanotechnology. Nanotechnology may be able to create new materials and devices with a vast range of applications, such as in nanomedicine, biomaterials energy production. These concerns have led to a debate among advocacy groups and governments on whether regulation of nanotechnology is warranted. The term nano-technology was first used by Norio Taniguchi in 1974, in 1986, Drexler co-founded The Foresight Institute to help increase public awareness and understanding of nanotechnology concepts and implications. In the 1980s, two major breakthroughs sparked the growth of nanotechnology in modern era, the microscopes developers Gerd Binnig and Heinrich Rohrer at IBM Zurich Research Laboratory received a Nobel Prize in Physics in 1986.
Binnig and Gerber invented the atomic force microscope that year. Second, Fullerenes were discovered in 1985 by Harry Kroto, Richard Smalley, and Robert Curl, in the early 2000s, the field garnered increased scientific and commercial attention that led to both controversy and progress. Controversies emerged regarding the definitions and potential implications of nanotechnologies, exemplified by the Royal Societys report on nanotechnology, challenges were raised regarding the feasibility of applications envisioned by advocates of molecular nanotechnology, which culminated in a public debate between Drexler and Smalley in 2001 and 2003. Meanwhile, commercialization of products based on advancements in nanoscale technologies began emerging and these products are limited to bulk applications of nanomaterials and do not involve atomic control of matter. Governments moved to promote and fund research into nanotechnology, such as in the U. S, by the mid-2000s new and serious scientific attention began to flourish.
Projects emerged to produce nanotechnology roadmaps which center on atomically precise manipulation of matter and discuss existing and projected capabilities, Nanotechnology is the engineering of functional systems at the molecular scale. This covers both current work and concepts that are more advanced, one nanometer is one billionth, or 10−9, of a meter. By comparison, typical carbon-carbon bond lengths, or the spacing between atoms in a molecule, are in the range 0. 12–0.15 nm. On the other hand, the smallest cellular life-forms, the bacteria of the genus Mycoplasma, are around 200 nm in length, by convention, nanotechnology is taken as the scale range 1 to 100 nm following the definition used by the National Nanotechnology Initiative in the US. The lower limit is set by the size of atoms since nanotechnology must build its devices from atoms and molecules
Initial public offering
Through this process, a privately held company transforms into a public company. Initial public offerings are used by companies to raise the expansion of capital, possibly to monetize the investments of early private investors. A company selling shares is never required to repay the capital to its public investors, after the IPO, when shares trade freely in the open market, money passes between public investors. The IPO process is known as going public. Details of the offering are disclosed to potential purchasers in the form of a lengthy document known as a prospectus. Most companies undertake an IPO with the assistance of an investment banking firm acting in the capacity of an underwriter, underwriters provide several services, including help with correctly assessing the value of shares and establishing a public market for shares. Alternative methods such as the dutch auction have been explored, in terms of size and public participation, the two most notable examples of this method is the Google IPO and Snapchats parent company Snap Inc.
China has recently emerged as a major IPO market, with several of the largest IPOs taking place in that country, the earliest form of a company which issued public shares was the case of the publicani during the Roman Republic. Like modern joint-stock companies, the publicani were legal bodies independent of their members whose ownership was divided into shares, there is evidence that these shares were sold to public investors and traded in a type of over-the-counter market in the Forum, near the Temple of Castor and Pollux. The shares fluctuated in value, encouraging the activity of speculators, mere evidence remains of the prices for which partes were sold, the nature of initial public offerings, or a description of stock market behavior. Publicanis lost favor with the fall of the Republic and the rise of the Empire, the first modern IPO occurred in March 1602 when the Dutch East India Company offered shares of the company to the public in order to raise capital. All the shares were tradable, and the shareholders received receipts for the purchase, a share certificate documenting payment and ownership such as we know today was not issued but ownership was instead entered in the companys share register.
In the United States, the first IPO was the offering of Bank of North America around 1783. An IPO, allows a company to tap into a pool of potential investors to provide itself with capital for future growth, repayment of debt. A company selling shares is never required to repay the capital to its public investors. Those investors must endure the unpredictable nature of the market to price. After the IPO, when shares trade freely in the open market, for early private investors who choose to sell shares as part of the IPO process, the IPO represents an opportunity to monetize their investment. This type of offering is not dilutive, since no new shares are being created, once a company is listed, it is able to issue additional common shares in a number of different ways, one of which is the follow-on offering
Sharing economy is an umbrella term with a range of meanings, often used to describe economic and social activity involving online transactions. For this reason, the sharing economy has been criticised as misleading. However, many commentators assert that the term is valid as a means of describing a generally more democratized marketplace. Also known as shareconomy, collaborative consumption or peer economy, an academic definition of the term refers to a hybrid market model of peer-to-peer exchange. Such transactions are often facilitated via community-based online services, uberization is an alternative name for the phenomenon. A common premise is that information about goods is shared. Collaborative consumption as a phenomenon is a class of economic arrangements in which participants mutualize access to products or services, the phenomenon stems from an increasing consumer desire to be in control of their consumption instead of passive victims of hyperconsumption. The consumer peer-to-peer rental market is valued at $26bn, with new services, the Harvard Business Review, the Financial Times and many others have argued that sharing economy is a misnomer.
Harvard Business Review suggested the word for the sharing economy in the broad sense of the term is access economy. The authors say, When sharing is market-mediated—when a company is an intermediary between consumers who dont know each other—it is no longer sharing at all, consumers are paying to access someone elses goods or services. According to sharing economy expert Alex Stephany, it is a mystery as to who first used the term sharing economy, the people who share is one of the broadest definitions, which encompasses the on-demand economy, the gig economy, social media, and a great deal else. They can include some organisations that operate without online transactions, such as bike kitchens, the true sharing economy does include some large internationally available web sites however, such as Freecycle. The term sharing economy has been used since about 2010, yet according to a Pew survey taken in winter 2015. Survey respondents who had heard of the term had divergent views on what it meant, in 2010 and 2011, many people involved with the sharing economy did indeed consider it to be about sharing in the traditional sense. A commonly used example at the time was the idea of sharing a power drill —a tool that many consumers might use for only a few minutes in their lifetime.
Advocates said it made sense for regular consumers not to buy their own power drill, but to borrow from others instead, several startups companies were launched to help people share drills and similar goods along these lines. While some successful platforms such as Airbnb can be described as involving the sharing of a resource, the scope of the sharing economy has been a subject of academic debate. Depending on the used, some platforms would be included within the sharing economy
Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser. As of 2016, customers can shop online using a range of different computers and devices, including computers, tablet computers. An online shop evokes the physical analogy of buying products or services at a regular bricks-and-mortar retailer or shopping center, when an online store is set up to enable businesses to buy from another businesses, the process is called business-to-business online shopping. Online stores typically enable shoppers to use search features to specific models. Online customers must have access to the Internet and a method of payment in order to complete a transaction, such as a credit card. The largest of these online retailing corporations are Alibaba, Amazon. com, alternative names for the activity are e-tailing, a shortened form of electronic retail or e-shopping, a shortened form of electronic shopping. An online store may be called an e-web-store, e-shop, e-store, Internet shop, web-shop, web-store, online store, online storefront, mobile commerce describes purchasing from an online retailers mobile device-optimized website or software application.
These websites or apps are designed to enable customers to browse through a companies products and services on tablet computers, the growth of the internet as a secure shopping channel has developed since 1994, with the first sales of Sting album Ten Summoners Tales. Wine and flowers soon followed and were among the pioneering retail categories which fueled the growth of online shopping, researchers found that having products that are appropriate for e-commerce was a key indicator of Internet success. Many of these products did well as they are products which shoppers didnt need to touch. But importantly in the early days there were few shoppers online and they were from a segment, male. Online shopping has come along way since early days and -in the UK- accounts for significant percents. They focused on shopping motivations and found that the variety of products available and this was different for offline shoppers, who were more motivated by time saving and recreational motives. Digital High Street 2020 English entrepreneur Michael Aldrich was a pioneer of online shopping in 1979 and his system connected a modified domestic TV to a real-time transaction processing computer via a domestic telephone line.
During the 1980s he designed, sold, installed and supported many online shopping systems, the first World Wide Web server and browser, created by Tim Berners-Lee in 1990, opened for commercial use in 1991. The first secure retail transaction over the Web was either by NetMarket or Internet Shopping Network in 1994, immediately after, Amazon. com launched its online shopping site in 1995 and eBay was introduced in 1995. Alibabas sites Taobao and Tmall were launched in 2003 and 2008, retailers are increasingly selling goods and services prior to availability through pretail for testing and managing demand. Statistics show that in 2012, Asia-Pacific increased their sales over 30% giving them over $433 billion in revenue
Information technology is the application of computers to store, retrieve and manipulate data, or information, often in the context of a business or other enterprise. IT is considered a subset of information and communications technology, the term is commonly used as a synonym for computers and computer networks, but it encompasses other information distribution technologies such as television and telephones. Several industries are associated with technology, including computer hardware, electronics, internet, telecom equipment. Leavitt and Thomas L. Whisler commented that the new technology not yet have a single established name. We shall call it information technology, based on the storage and processing technologies employed, it is possible to distinguish four distinct phases of IT development, pre-mechanical, electromechanical, electronic. This article focuses on the most recent period, which began in about 1940, devices have been used to aid computation for thousands of years, probably initially in the form of a tally stick.
Electronic computers, using either relays or valves, began to appear in the early 1940s, the electromechanical Zuse Z3, completed in 1941, was the worlds first programmable computer, and by modern standards one of the first machines that could be considered a complete computing machine. Colossus, developed during the Second World War to decrypt German messages was the first electronic digital computer, although it was programmable, it was not general-purpose, being designed to perform only a single task. It lacked the ability to store its program in memory, programming was carried out using plugs, the first recognisably modern electronic digital stored-program computer was the Manchester Small-Scale Experimental Machine, which ran its first program on 21 June 1948. The development of transistors in the late 1940s at Bell Laboratories allowed a new generation of computers to be designed with reduced power consumption. The first commercially available stored-program computer, the Ferranti Mark I, by comparison the first transistorised computer, developed at the University of Manchester and operational by November 1953, consumed only 150 watts in its final version.
Early electronic computers such as Colossus made use of punched tape, a strip of paper on which data was represented by a series of holes. IBM introduced the first hard drive in 1956, as a component of their 305 RAMAC computer system. Most digital data today is stored magnetically on hard disks. Until 2002 most information was stored on analog devices, but that year digital storage capacity exceeded analog for the first time. As of 2007 almost 94% of the data stored worldwide was held digitally, 52% on hard disks, 28% on optical devices and 11% on digital magnetic tape. It has been estimated that the capacity to store information on electronic devices grew from less than 3 exabytes in 1986 to 295 exabytes in 2007. Database management systems emerged in the 1960s to address the problem of storing and retrieving large amounts of data accurately and quickly, one of the earliest such systems was IBMs Information Management System, which is still widely deployed more than 50 years later
Early 2000s recession
The early 2000s recession was a decline in economic activity which mainly occurred in developed countries. The recession affected the European Union during 2000 and 2001 and the United States in 2002 and 2003, the UK, Canada and Australia avoided the recession, while Russia, a nation that did not experience prosperity during the 1990s, in fact began to recover from said situation. This recession was predicted by economists, because the boom of the 1990s slowed in some parts of East Asia during the 1997 Asian financial crisis, the recession in industrialized countries wasnt as significant as either of the two previous worldwide recessions. Some economists in the United States object to characterizing it as a recession since there were no two consecutive quarters of negative growth, after the relatively mild 1990 recession ended in early 1992, the country hit a belated unemployment rate peak of 7. 8% in mid-1992. Job growth was initially muted by large layoffs among defense related industries, payrolls accelerated in 1992 and experienced robust growth through the year 2000.
Predictions that the bubble would burst emerged during the bubble in the late 1990s. Predictions about a future burst increased following the October 27,1997 mini-crash and this caused an uncertain economic climate during the first few months of 1998. However conditions improved, and the Federal Reserve raised interest rates six times between June 1999 and May 2000 in an effort to cool the economy to achieve a soft landing, the burst of the stock market bubble occurred in the form of the NASDAQ crash in March 2000. Growth in gross domestic product slowed considerably in the quarter of 2000 to the lowest rate since a contraction in the first quarter of 1992. The NBERs Business Cycle Dating Committee has determined that a peak in activity occurred in the U. S. economy in March 2001. A peak marks the end of an expansion and the beginning of a recession, the determination of a peak date in March is thus a determination that the expansion that began in March 1992ended in March 2001 and a recession began.
The expansion lasted almost 10 years, the longest in the NBERs chronology, BCDC members suggested they would be open to revisiting the dates of the recession as newer and more definitive data became available. In early 2004, NBER President Martin Feldstein said, It is clear that the data have made our original March date for the start of the recession much too late. We are still waiting for additional monthly data before making a final judgment, until we have the additional data, we cannot make a decision. However, the NBER has since confirmed that the recession started in March 2001, using the stock market as an unofficial benchmark, a recession would have begun in March 2000 when the NASDAQ crashed following the collapse of the Dot-com bubble. The market rebounded, only to once more in the final two quarters of 2002. In the final three quarters of 2003, the market finally rebounded permanently, agreeing with the unemployment statistics that a defined in this way would have lasted from 2001 through 2003.
The Labor Department estimates that a net 1.735 million jobs were shed in 2001,2003 saw a small gain of a mere 105,000 jobs