Essay on How The Internet Has Changed Modern Day Capitalism

1618 Words 7 Pages
The internet, while initially being created by the United States military has changed into a consumer based system creating the most competitive market the world has ever seen (Barbook, 2005). This competitive marketplace introduced has radically changed modern day capitalism with the growth of new and alternative economic models. These models largely being introduced in Web 2.0 and advancing into the current Web 3.0 and Web 4.0 (Aghaei, 2012). The internet has allowed consumers to have more power and knowledge over what they buy and where they buy because consumers are not limited to a single space or local store. The internet has allowed globalisation to come into full effect with the sharing of information and goods while introducing new digital currencies and economies through digital capitalism. The free economy for example has seen a significant growth online as old platforms and new platforms are using freemium models and services (Anderson, 2008). These methods and the decommodification of information has resulted in a new mixed economy (Fuchs,2013) where goods and information can be shared freely, creating a worldwide online socialism (Kelly, 2009).

Gone are the days of businesses and corporations hoarding and selling information at a high price as digital capitalism has introduced this new share economy or what can be defined as the new socialism (Kelly, 2009). This form of socialism does not operate in the realm of a government but in the realm of online culture…

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