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How the IBM PC Won, Then Lost, the Personal Computer Market

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And in 2005, the Chinese computer maker Lenovo Group purchased IBM's PC business. But it took more than a year and scores of meetings for IBM's contract and legal teams to authorize the terms. The cost of performing a calculation on a PC dropped so much that it was often significantly cheaper to use a little machine than a mainframe.

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Perspective: Why Carbon Emissions Should Not Have Been the Focus of the UN Climate Change Summit and Why the 15th Conference of the Parties Should Have Focused on Technology Transfer

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The Chinese can promise to do this because they’re modernizing their economy. The cost of fully implementing the Kyoto Protocol (in terms of lost economic growth) has been estimated at roughly $180 billion a year. Other transaction costs include the search of partners, the drafting of contracts, legal assistance, etc.