Although much of the growing digital economy rests on the Internet and World Wide Web, which in turn rest on information technology standards, it is unclear how much longer the current momentum can be sustained absent new standards. To discover whether today's standards processes are adequate, where they are taking the industry, and whether government intervention will be required to address systemic failures in their development, Rand undertook five case studies. So far, it seems, the current standards process remains basically healthy, with various consortia taking up the reins of the process, and the rise of opensource software has also aided vendorneutral standardization. Nevertheless, the prospects for semantic standards to fulfill XML's promise are uncertain. Can the federal government help? Its policy on software patents clearly merits revisiting.
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The dynamic digital economy rests on the tremendous growth of the Internet and World Wide Web, which in turn rests on information technology standards. How long can current standards keep pace with the Internet's growth? What is the role of the government? The authors examine the complex process of developing new standards for the Web. To discover whether today's standards development processes are adequate, where they are taking the industry, and whether government intervention will be required, the authors undertook five case studies covering Existing Web standards The extensible markup language, XML Digital library standards; Issues related to payments, property and privacy; Evolving electronic commerce value chains. This concise and balanced study, essential reading for technology developers and the technology policy community, makes clear recommendations on how the government, especially the National Institute for Standards and Technolog (NIST), can contribute to the future growth of the digital economy
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