SOC356Y1 Lecture Notes - Lecture 13: New Economy, Economic Globalization, Kijiji
Document Summary
New economy emerged in last quarter of 20th century with three distinctive featured. The productivity and competitiveness of units in this economy fundamentally depend upon their capacity to generate, process, and apply efficiently knowledge-based information. The core activities of production, consumption, and circulation as well as their components (capital, labour, raw materials, management, information, tech, markets, etc. ) are organized on a global scale, either directly or through a series of linkages between economic agents. Under the new historical conditions, productivity is generated through and competition is played out in a global network of interaction between business networks. Information technology revolution provided the indispensable material basis for its creation. A networked, deeply interdependent economy emerges that becomes increasingly able to apply its progress in technology, knowledge, and management to technology, knowledge, and management themselves. Technology"s part in the development of expanding productivity (the driver of economic growth) is debated.
