Networking enabled

The current global economy is comprised of simple understandings which govern all involved. Dicken, (2007) formulates the idea that the state or governing body regulates, the countries technology enables but the movers and shapers of the economy are the transnational corporations (pp 437-438). As talked about in last weeks blog, the corporate power is undeniable and completely controlling. This then means "income is the key to an individual's or a family's material well-being" (Dicken, 2007. pp 440) in that corporate control is forced through consumerism which directly involves income. There is a symbolic value of consumer goods (Wilkinson, 2013. n.p.), influenced by corporations, the more quantity and expensiveness the greater the power and status of the individual and family, a cultural symbolic hierachal system.

(Kochie. 2013)

The current composition of the global economy is arranged so that there are winners and losers. Though the spectators or economists are of the opinion no one either gains or loses in the global economy. Dickens (2007) states that "the real effects of globalizing processes are felt not at the global or the national level but at the local scale: the communities within which real people struggle to live out their daily lives" (pp 438) showing the clear influenced parties. However "the growth of the global economy during the past few decades has dramatically increased the material well-being of many people" (Dicken, 2007. pp 439) which would theoretically mean the economy is currently benefiting its influenced parties. This is somewhat tore down by the fact that "20 per cent of the world's population living in the highest-income countries control well over 80 per cent of world income, trade, investment and communications technology" (Dicken, 2007. pp 441), showing the wealthier getting wealthier.

The digital age, internet and networking relate and influence the global economy by furthering technology and therefore the ability to enable the economy. The fact that something so impressive and sophisticated as 3D printing, where the "digital design can be tweaked with a few mouse clicks" (The Economist. 2012. pp 2). the new age of networking and "Digital technology has already rocked the media and retailing industries, just as cotton mills crushed hand looms and the Model T put farriers out of work" (The Economist. 2012. pp 2), meaning what we currently find simple and everyday is a major advancement to the way in which our global economy functions. This can especially be seen in the job market where in the near future "Most jobs will not be on the factory floor but in the offices nearby, which will be full of designers, engineers, IT specialists, logistics experts, marketing staff and other professionals" (The Economist. 2012. pp 3). Virtual networks are being used in such a way as to enable the furthering of the already furthered technology for this time period, "as legions of entrepreneurs and tinkerers swap designs online, turn them into products at home and market them globally from a garage" (The Economist. 2012. pp 4).

References:

Dicken, P. (2007). Winning and losing: An introduction, in Global shift: Mapping the changing contours of the world economy (pp 437-441). London, England: Sage. Retrieved from: http://www.learnjcu.jcu.edu.au

The Economist. (2012). The third industrial revolution. Retrieved from http://www.economist.com/node/21553017

Kochie. (2013). Australian Business: Winners and Losers [blog image]. Retrieved from: http://au.smallbusiness.yahoo.com/marketing/

Wilkinson, R. (2013). BA1002: Our Space: Networks, Narratives and the Making of Place, Week 8 notes. [PowerPoint slides]. Retrieved from: http://www.learnjcu.jcu.edu.au