Global development will require a global

Science

The age of the digital revolution is not small, yet the true global digital system has not yet developed. Instead, we are seeing some competitive outlines of digital capitalism that the United States, China and the European Union have been pursuing for many years, following their respective models, and increasingly exporting them to developing and emerging economies. Universal solutions to the problems in the technology sector remain elusive as the major powers do not come up with a global model in the digital sector.

The question now is, what kind of alternative digital systems, especially finance, can be introduced in today’s world that can unify the global financial system? We need to think about how to make the Internet a tool to protect the interests of ordinary citizens without giving priority to political and economic interests.

Of course, restructuring the incentives that drive the digital economy will not be an easy task. Nevertheless, this effort has recently been seen among policymakers. The Organization for Economic Co-operation and Development (OECD), an international economic organization made up of 36 countries, is leading an initiative to tackle international tariff arbitration. Big tech firms in the United States have welcomed the initiative.

On the other hand, US President Joe Biden has appointed industry experts to lead important organizations such as the Federal Trade Commission. He instructed regulators to investigate the power exercise of unwanted platforms in the digital market. Similarly, the Chinese government has introduced a new personal information protection law to control the country’s expanding digital market and is conducting an internal no-confidence motion.

The EU and the US digital authorities will certainly not agree on everything. But they exchange outlines of more open and collaborative digital systems. If they are to achieve this far-reaching goal, they must first understand exactly what they are trying to achieve. Different perspectives for the infrastructure of the global Internet have already taken root.
And the European Union (EU) is conducting more detailed ethical surveillance to control data, digital markets and artificial intelligence systems based on its General Data Protection Regulation. On the other hand, countries like Spain and Germany are now following the data-based business model directly. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Regulators and governing authorities around the world are considering how to redefine artificial intelligence and data agendas capable of protecting their own interests. It is constantly analyzing how the next generation of digital players can be drawn towards themselves and how international standards can be set to adapt to their own vision. If pulling the reins of powerful digital platforms is the main goal of every authority, then a common foundation can be laid for building a more efficient digital system worldwide.

The EU and the US digital authorities will certainly not agree on everything. But they exchange outlines of more open and collaborative digital systems. If they are to achieve this far-reaching goal, they must first understand exactly what they are trying to achieve. Different perspectives for the infrastructure of the global Internet have already taken root.

China’s Beidu navigation satellite system, India’s Indian navigation satellite system or Europe’s Galileo system — each has its own operating structure. There is no global integration between these digital systems. This has caused two major concerns. First, this lack of coordination poses major challenges to the effects of climate change and epidemics.

The second problem is the inconsistency of the competitive approach for the future digital economy. Many developing and emerging economies are thinking about how to expand their digital capabilities and are relying on technology support from the more powerful countries.

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