Late 1960s - Early 1970s: Third Generation Computers One of the most important advances in the development of computer hardware in the late 1960s and early 1970s was the invention of the integrated circuit, a solid-state device containing hundreds of transistors, diodes, and resistors on a tiny silicon chip. It made possible the production of large-scale computers (mainframes) of higher operating speeds, capacity, and reliability at significantly lower costs. Another type of computer developed at the time was the minicomputer. It profited from the progresses in microelectronics and was considerably smaller than the standard mainframe, but, for instance, powerful enough to control the instruments of an entire scientific laboratory. Furthermore operating systems, that allowed machines to run many different programs at once with a central program that monitored and coordinated the computer's memory, attained widespread use.

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Internet, Intranets, Extranets, and Virtual Private Networks With the rise of networks and the corresponding decline of mainframe services computers have become communication devices instead of being solely computational or typewriter-like devices. Corporate networks become increasingly important and often use the Internet as a public service network to interconnect. Sometimes they are proprietary networks. Software companies, consulting agencies, and journalists serving their interests make some further differences by splitting up the easily understandable term "proprietary networks" into terms to be explained and speak of Intranets, Extranets, and Virtual Private Networks. Cable TV networks and online services as Europe Online, America Online, and Microsoft Network are also proprietary networks. Although their services resemble Internet services, they offer an alternative telecommunication infrastructure with access to Internet services for their subscribers. America Online is selling its service under the slogan "We organize the Web for you!" Such promises are more frightening than promising because "organizing" is increasingly equated with "filtering" of seemingly objectionable messages and "rating" of content. For more information on these issues, click here If you want to know more about the technical nature of computer networks, here is a link to the corresponding article in the Encyclopaedia Britannica. Especially for financial transactions, secure proprietary networks become increasingly important. When you transfer funds from your banking account to an account in another country, it is done through the SWIFT network, the network of the Society for Worldwide Interbank Financial Telecommunication (SWIFT). According to SWIFT, in 1998 the average daily value of payments messages was estimated to be above U$ 2 trillion. Electronic Communications Networks as Instinet force stock exchanges to redefine their positions in trading of equities. They offer faster trading at reduced costs and better prices on trades for brokers and institutional investors as mutual funds and pension funds. Last, but not least clients are not restricted to trading hours and can trade anonymously and directly, thereby bypassing stock exchanges.

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retouch The retouch is the simplest way to change a picture. Small corrections can be made through this way. A well-known example is the correction of a picture from a Bill Clinton-visit in Germany. In the background of the photograph stood some people, holding a sign with critical comments. In some newspapers the picture was printed like this, in others a retouch had erased the sign. Another example happened in Austria in 1999: The right wing party FPÖ had a poster for the Parliamentarian elections which said: 1999 reasons to vote for Haider. Others answered by producing a retouch saying: 1938 reasons to not vote for Haider (pointing to the year 1939, when the vast majority of the Austrians voted for the "Anschluss" to Germany).

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Integrated circuit Also called microcircuit, the integrated circuit is an assembly of electronic components, fabricated as a single unit, in which active semiconductor devices (transistors and diodes) and passive devices (capacitors and resistors) and their interconnections are built up on a chip of material called a substrate (most commonly made of silicon). The circuit thus consists of a unitary structure with no connecting wires. The individual circuit elements are microscopic in size.

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