When a monster snowstorm paralyzed much of the East Coast during the mid-1990s, economists expected an economic loss roughly equal to the lost working days. economy also has proven surprisingly resilient to shocks from unusual events. economy would be substantial, it would likely be less than the daily average, because many e-transactions would be postponed, not eliminated," said Scott Andes, a research analyst at the Information Technology and Innovation Foundation. For instance, many people who were unable to access Amazon or eBay for a few days probably would still end up making their purchases once Internet connections were restored. Much of the economic pain from an Internet shutdown might be only temporary. "It would have an impact on ability of companies to raise money as investment funds dried up."īut Odlyzko suggested that a directed shutdown of public Internet access could still leave in place certain networks connecting stock markets and banks -as long as the event was not due to cyberattacks that also targeted those closed networks, or to other uncontrollable forces. "If it went on a couple days, it would probably create financial panic," Whinston told TechNewsDaily. A shutdown of the stock markets, where billions of dollars are exchanged daily, might prove especially crippling, Whinston suggested. Internet Service Providers to cut off all Internet access. The wheels of finance and banking also could grind to a halt if an event compelled all U.S. "Operating companies are heavily dependent on networking technology, and especially the companies that are part of the supply chain," Whinston said. That's perhaps most exemplified by the trend of cloud computing. That means any company could run into trouble along a supply chain that includes suppliers, manufacturers and retailers, as well as the delivery or shipping services that connect them - all because so much of daily business-to-business interaction has gone online. Renewed Push to Give Obama an Internet "Kill Switch" economy has grown intertwined with Internet-based services over the past decade, according to Andrew Whinston, director of the Center for Research in Electronic Commerce at the University of Texas in Austin. Such Internet activities also account for an estimated $10 trillion globally each year.īut the possible impact of an Internet shutdown goes far beyond the obvious problems if anyone wanted to buy or sell on Amazon or eBay. E-commerce alone is worth about $8 billion per day in the United States, according to a 2010 report by the Information Technology and Innovation Foundation.
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