New Economy

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New Economy?

• Week 3 Multimedia Industry and Applications

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No technological determinism

• Most technological change gradual
• Returns to adoption
• Social shaping of technology

3
Political economy

• Derived from Marxist analysis of capitalism as a
  mode of production defined by relationship
  between forces of production (technologies,
  techniques) and social relations of production
  (relations between social agents).

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The mode of production of material life
conditions the general process of social,
political and intellectual life.
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Brian Winston

• Emphasises continuity, not transformation
• Supervening social necessities determine whether
  inventions are taken up
• Law of supression of radical potential

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Long wave theory

• 50 year cycle of techno-economic paradigms.
• Diagram, Flew 47.
• Recessions of 1980s, boom period of 1990s one
  indicator of new economy?

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A new economy?

• 5th long wave, based on ICTs
• Coyle weightless, based on dematerialised
  output.
• Leadbeater Living on thin air
• Increasing returns - that which gets ahead gets
  further ahead.

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Castells - Network society

• New economy is global, networked and
  informational
• action of knowledge upon knowledge itself main
  source of productivity
• Networks society, culture, production and
  everyday experience

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Information technology paradigm

• Information raw material of economic activity
• ICTs have pervasive effects through all realms of
  human social activity
• Logic of networking applies to all social
  processes and organisational forms
• Processes become flexible

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Information technology paradigm

• Convergence of specific technologies into highly
  integrated system

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Global, networked, informational

• Global core activities on a planetary scale
• Informational knowledge/information
  production/processing/management determine
  productivity
• Networked based upon information networks and
  projects

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Global

• Increasingly lowered barriers to global trade but
  also
• Core functions (global financial markets, online
  commerce, transnational corporations) global,
  unceasing and in real time.

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Networked

• ICT/information network as the basis for commerce
• The project - function of networked enterprise -
  as a basis for economy

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Informational
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• http//www.att.com/globalnetworking/?lid-globalnet
  working
• http//www.arcuk.org/images/vj20sheffield20map.g
  if
• http//www.povertymap.net/mapsgraphics/graphics/Un
  dernutrition_en.jpg

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