Consuming the Old, and Producing the New (Capitalism) – Our New Economy.

What is labelled as the new capitalism, capital and labor are becoming individualised and subject to the network production demonstrated through globalisation and communication technologies. Currently society is witness to the growth of a new economy centred around individual consumers, emerging technology and slackening of organisational structures that has ultimately produced new social spheres. Due to the deconstruction of the work-life balance, and the emergence of liquid life in which practices of recreation and work have converged. 

Castells argues that this new economy is categorised by three features. The first being informational; the capacity in which knowledge determines the productivity of economic units. The economy becoming global in that activities have the capacity to work as a unit on an international scale. Finally our economy is networked through firms, and such organisational relationships are formed through the sharing of information. 

Furthermore the physical boundaries in which companies have previously been limited to, have broken down through the development of digital networks. The application of social platforms, through digital networks, has allowed for production of ‘boundless organisations’ held together through mutual interest and relationships. Thus through globalisation, production and labor performance indications are the result of a growing global network, in which the work process is defined by telecommunications, client-networks and transportation.

Here’s a simple prezi to break this down:

http://prezi.com/dqs5wu3uuy_b/?utm_campaign=share&utm_medium=copy

 

 

 

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6 thoughts on “Consuming the Old, and Producing the New (Capitalism) – Our New Economy.

  1. You gave a great detailed post about liquid labour and its connection to the notion of new capitalism. I liked how you incorporated a variety of sources that gave further depth to your points of the ever changing networks. You mention the industrial network and its transition towards a more inclusive network (decentralised network) where the work life and personal life has been blurred together. This video gives great insight to why that is and connects perfectly with what you are talking about https://www.youtube.com/watch?v=E66CdIh1BWU. Something I would like to ask you, something that Ted raised in the lecture and what I also presented in my own blog post. That is what do you think this shift means for us as individuals, workers and humans?

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    1. I believe that further integration of work and life for us as individuals, workers and humans is inevitable. This is due to liquid life improving human capital output, increased employee retention and performance (Thompson et al. 2009). Consequently this is beneficial not only for the individual, allowing for greater time to pursue other interests or requirements, but also for business – which in turn benefits consumers and society through innovation, products and services and employment.

      This is due to virtual work allowing for the globalisation of labor without constraint of artificial borders, which is beneficial to business as it can allow organisations to invest in the most capable individual. Additionally allowing for the reduction in operational and real-estate costs for the business (Thompson et al. 2009). This may allow for organisations to reinvest such costs into building greater products and consumer experiences, benefiting the individual and humans.

      Here’s a report on the benefits of a liquid life by Thompson et al. (2009). http://www.aon.com/attachments/virtual_worker_whitepaper.pdf

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  2. I think the most interesting thing to come out of this new liquid life is how we view our homes now that we can also work in them. Ordinarily, we see home as a place to relax since it is where we go after a hard day of work. But now, the home has become synonymous with the work place which can make it difficult to unwind and ‘switch off’ from the working mentality. This article looks at a way of keeping your work-life balance intact when you’re working from home: http://www.huffingtonpost.co.uk/swatee-jasoria/worklife-balance-working-life_b_11529110.html
    I’ve worked from home before and personally found it more productive since I worked at times where I had no distractions and I simply just wanted to get it done so I could relax. However, I did miss the team morale and the social side of going into work. There were also times were I spent too much time procrastinating my work, but that is something that can happen to anyone working on a computer.
    Just an aesthetic thing, you can actually embed the prezi into your post rather than providing a link. All you have to do is press embed when you’re on the prezi site and then paste it into your post (sometimes you have to paste it in HTML to make it work). The prezi was very effective though and broke down the key concepts of your post well.

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  3. This is a detailed post about liquid labour, and with the use of the prezi you really manage to properly explain the topic in a way that everyone can understand. Your use of multiple sources is really good as it enables your readers to further their reading about the topic. I came across this article and with your mention of “liquid life”, I think you might find it interesting seeing which companies are the most flexible with people working away from the office. http://www.forbes.com/sites/laurashin/2016/01/27/work-from-home-in-2016-the-top-100-companies-for-remote-jobs/#2284008236f0

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  4. It is really a blessing and a curse when you think about it. Yeas the “boundless” organisational structure improves productivity but sometimes it is chaotic living in the always on networked society. I know I personally have to turn my FB off to get any work done and then when i’m out trying to enjoy life I have to turn my email off so I don’t let work distract me. I find this so contradictory to think about how much the network boosts productivity and at the same time halts it to the point where I have to disconnect.

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  5. We have definitely shifted from industrial to liquid labor and this was really well explained. I’d like to know whether you think this shift is a positive one or a negative one? I believe that we have lost some of the positive qualities we have through having interactions with others and the personalization of handmade objects. However this shift has created new jobs and opportunities that did not exist during the time of industrial labor and have create a more vast and dynamic way of living and working.

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