Essay about Rise of Technology-based Capitalism - 755 Words

The Rise of Technology-based Capitalism The rise of the Internet in the last decade has brought about a new form of business that has revolutionized the way in which the companies of today operate. There are many possible explanations for the rise of this form of business in society, and all of these explanations are debatable. The rise of digital information and information technology has created a powerful tool that mutually enables consumers and companies to bring about the transformation of traditional capitalism. Companies such as eBay, an online auction site, have created a virtual marketplace for the collectivity of buyers and sellers, improving the dynamics of capitalism. These companies leverage the accessibility, efficiency†¦show more content†¦It is clear that information is a crucial weapon for any consumer, and that the Internet constructs a clear path to this weapon. Innumerable web sites dispatch consumer information, which was inaccessible by previous technologies. In this way the Internet is a new conduit for the process of capitalism, although the traditional mechanisms for capitalism remain intact. The auction site eBay is an excellent example of an effective information instrument. EBay has transformed the classified ad into a super-charged high-speed marketplace. Consumers are equipped with visual information and a print description of an item for sale, and the vast resources of other consumers online to research, browse and buy anything imaginable. Not only can a consumer find all relevant information regarding a particular item for sale, but also the prospective buyer can chat with thousands of similar consumers with similar interests around the world. On eBays web site consumers are given a virtual environment where recommendations and advice are exchanged and valuable information regarding a product can be researched all within the comfort of ones home. Meg Whitman, CEO of eBay, comments on the transformation of traditional commerce by stating, †¦we are enabling a kind of commerce that didnt exist to any extent before, and thats person-to-person commerce(Levy). The success of this newShow MoreRelatedSociology1391 Words   |  6 PagesEmile Durkheim. II. Gerhard Lenski: Society and Technology. Gerhard Lenski (Nolan Lenski, 2010) focuses on sociocultural evolution, the changes that occur as a society acquires new technology. According to Lenski, the more technological information a society has, the faster it changes. New technology sends ripples of change through a society’s entire way of life. Lenski’s work identifies five types of societies based on their level of technology. A. Hunting and gathering societies use simple toolsRead MoreThe First Of A New Historical Period820 Words   |  4 Pagesplace, one can only wonder if capitalism as an economic, social, and political structure is coming to an end as we know it? 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