Phenomenal advances, which many would call a "revolution," in U.S. information technology (IT) sectors of the 1990s gave rise to dramatic productivity gains. They had profound effects on economies of the U.S. and other nations. We begin with an overview of the IT industries of the nineties and examine their impact on U.S. economy, at large, and by industry. To see the development in perspective, we discuss the perceived catalysts to the revolution. Then we explore how the remarkable sequence of events of the decade affected the rest of the world, developed and developing, more focus placed on the latter. The paper ends with a review of Korea and Taiwan, with specific references to the impact on their industrial structures during and after the deepening U.S. IT revolution.