The Globalization of Financial Markets
The introduction of computer technology into the financial markets has facilitated a more productive utilization of available human capital (Vosti, 1989, P. 11). Computer technology, is, in effect, assisting the financial markets to eliminate limits to growth.

The applications of computer technology in the financial markets have progressed well beyond number crunching activities. one of the most significant of the current applications is decision-making (Clark, 1989, p. 36). It is often held that the most productive manager or operator is one who has a minimum number of decisions to make. This assertion does not mean that managers and stock traders should not make decisions. Rather, it means that managers and stock traders should not be burdened with requirements to make routine decisions; that a decision-making system should be established, by which most routine decisionmaking will not directly involve managers and stock traders. At issue in the financial markets is the definition of a routine decision. The most contentious example of this dilemma is program trading (Clark, 1989, p. 36). Program trading is based on the use of computerized decision models that take much of the decision-making prerogatives related to huge pension fund and mutual fund trades away from human operators. It is also true, of course, that human operators designed and constructed the decision model.

A major contributions of computer technology to the decision-making pro

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