Thursday, March 19, 2009

Changing the scenario of global development: The great economic crisis of modern times

Will the current economic crisis just be a short circuit for the current development trends of the world, and will the same technologies and advancements continue in hoping for a quick recovery? I don't think so.

Economic trends of money generation and consumer satisfaction are based on unforeseen habits that can quickly catch up. Like in art and architecture, they are parts of the current age. They are born, live a span of life (based on various acceptance and factors of chance) and also face death. I am analysing the impending of the current Information Technology age advancements in niche areas. True, the Internet was a revolutionary invention. People are so dependent on it. But not all its seedlings are going to be properly nourished or going to have a market in the future. The economic crisis has forced us to look inwards on the basic needs of life and sustenance.

Humanity is going to reinvent its business-space. Looking inwards, we are going to realize the basic necessities of sustenance in Food, agriculture, and its related areas. People will be less concerned about technology except for the most widely used areas (like e-commerce). The basis of business is going to be reshaped. Organic farming is going to be the most popular choice. Service based industries will pop up their heads but will be difficult to survive for long as customers are less cash-rich.