The New Economy Is Simply Capitalism On Steroids

2908 words - 12 pages

In the recent years, the “New Economy” has been a popular discourse and buzzword especially during the 1990s. Many people wondered what exactly “New Economy” (NE) really means since this is, as so to speak, how our economy is being transformed and contemporarily described as. Broad and Antony describes NE as “a series of changes in the economic landscape that resulted from industry’s massive investment in new information and communication technologies (ICT) over the past ten years or so” (Broad and Antony, 2006: 22). The phenomenon of NE goes hand-in-hand with two important growing trends. The first trend involves globalization where there is a rapid increase in the spread of capitalism in the world such as introduction of market forces, freer trade, and widespread of deregulation of financial and labour markets. On the other hand, the second trend includes the revolution in the information technology where one can observe how the industrial revolution is driven by computerized production of goods and services. In addition to this, one can observe the overwhelming increase dependence of society on technologies such as the Internet, personal computers, machines, and so on. With the introduction of NE the last decade, it can be argued whether or not the NE is really a phenomenon that is something new. This essay will discuss the two articles by Nakamura and by Broad and Antony regarding the issue of the NE. In this paper, I will argue and address the existence of NE as nothing new but simply capitalism with a new face mainly because globalization and capitalism associated with NE has existed earlier before the introduction of the NE.
According to Nakamura, he strongly believes that the NE is a new event that has been occurring until today. He proves his statement by illustrating the apparent shift from the production of goods and services in the old economy (which employed eighty-two percent of the US working force) to a professional creative workers in the NE which include engineers, architects, scientist, writers, artists, and entertainers (Nakamura, 2000:16). Arguably, the transformation is minute since the principle of capitalism still lies behind this so called transformation. Whether it is a sector of goods and services or the sector of creativity, both are still involved with capitalism where profit is the motive. For instance, in the Old Economy (OE), a way to protect profit and production process is through the John Locke’s right of private property. Likewise, in the NE, creativity must be rewarded through the use of intellectual property such as patents and copyrights in order to protect profits as well. In both scenarios, profit is shown as a continuous and constant driving force for business to exist. Therefore, NE should not be considered new phenomenon mainly because the world system remains to be a capitalist socio-economic system where production is merely due to the drive to accumulate capital rather than satisfying the growing...

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