Essay about The Sharing Of A New Collaborative Economy

1437 Words 6 Pages
Globalization has generated interconnected markets and networks. The ability to instantly access mass quantities of information is changing the collective identity of what it means to be a consumer. Mobile technology, social media, and peer-to-peer software are enabling communication and organization in ways that are fueling the formation of a new collaborative economy. ‘Access over ownership’ is becoming the new consumption model and is changing the traditional economic system by expanding the volume of commerce and boosting purchasing power. The sharing economy can be defined as an economic model involving a peer-to-peer marketplace where goods and services are exchanged for a fee, barter or free. Within the past five years, the sharing economy has emerged as one of the promising economic and social transformations of the twenty-first century, and it is a prevalent force in almost every modern industry. The presence of digitally mediated peer-to-peer transaction can be traced to the late 1990s in forms such as Ebay, Craigslist, Freecycle and Couchsurfing, while the socially understood term ‘the sharing economy’ was coined in public rhetoric around 2012. It was previously a term scholars used to describe the global phenomenon of individuals freely sharing knowledge and skills in collaborative online endeavors, such as Wikipedia. This new economic expression of technological and social connectedness has attracted a lot of attention, especially with dominant platforms,…

Related Documents