Word: new
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Dates: during 1990-1999
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...compensate a man who can see the future? Perhaps by inaugurating him into that club of men and women selected for having had, "for better or worse," the biggest impact in a given year. Welcome, Jeff Bezos, to TIME's Person of the Year club. As befits a new-era entrepreneur, at 35 you are the fourth youngest individual ever, preceded by 25-year-old Charles Lindbergh in 1927; Queen Elizabeth II, who made the list in 1952 at age 26; and Martin Luther King Jr., who was 34 when he was selected in 1963. A pioneer, royalty...
...perfect choice. (Not least because its ticker symbol, AMZN, is a license-plate version of how the stock has performed.) The wild Amazon River, with its limitless branches, remains an ideal metaphor for a company that now sells everything from power tools to CDs, and is eagerly looking for new areas of expansion. It's possible to argue that Bezos didn't master much more than an evolution of commerce, replacing old-fashioned stores with a centralized sales and shipping center. But even that one change, he notes, grabbing a favorite word, is "huge." For old-line businesses like...
...Amazon's losses are also a sign of the New Economics of Internet commerce. These new rules spring from the idea that in the new global marketplace whoever has the most information wins. While it used to be sellers who had all the information, buyers are getting smarter and smarter. At sites like mysimon.com it's possible to go shopping and search not only Amazon but also the collections of two dozen other booksellers to find the best deal. And in coming years--heck, at Net speed, in coming months--it will be possible to find the cheapest price...
...venture captures these new infonomics better than eBay, the four-year-old auction site. The eBay miracle isn't that it allows you to clean out your attic at a profit--though that's not a bad invention--but that it changes the whole way that we set prices. On eBay, buyers get to decide what something is worth, so objects migrate closer to their true value. Recently a Maine antiques store put an old-fashioned calculator up for sale on eBay for $100. Within a few days the calculator-loving collectors of the Web had bid the price...
...dozens of sites that will shower you and your doggie with selection. On the other side are e-malls such as Buy.com and Shopnow.com Traditional retailers are making the transition to the Web too, and one of them--Wal-Mart--could be letting a monster loose when its new website debuts early next year. And don't forget eBay, the other e-commerce revolutionary. eBay's many-to-many approach to selling--the world is just one big auction--completely opposes Amazon's one-to-many, fixed-price universe. And it's been profitable from...