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: