This is a report of the 10th annual Aspen Institute Roundtable on Information Technology (Aspen, Colorado, August 2-5, 2001). Participants were also polled after the events of September 11, and these comments have been integrated into the report. The mission of this report is to take a wide-ranging look at the trends that are defining the next new economy. This report on the "Internet time lag" encompasses five broad areas in which participants addressed sets of questions about the long-term consequences of the information revolution: economic consequences; the future of the corporation; social consequences; political consequences; and ramifications for globalization. Each of these areas is discussed in detail. The report concludes that the Roundtable participants struck an optimistic tone and agreed that things can eventually change for better. Although no one can predict with reasonable accuracy the true long-term consequences of today's epochal innovations, it is vital to recognize that the Internet time lag will be felt sharply over coming decades. There is much to be gained by anticipating the effects on the economy, corporations, human socialization, politics, and globalization. Only in doing so can the barriers in the way of success be removed. An appendix includes a list of conference participants; author biography; brief description of the Aspen Institute Communications and Society Program; and previous publications from the Aspen Institute Roundtable on Information Technology. (AEF)