Trade your hard hats and high-vis vest for thinking hats and entrepreneurial spirit, the ‘Global Knowledge Economy’ is stronger than ever and it seems the future of this world lies within creation, innovation and new ideas.
The definition of a ‘Global Knowledge Economy’ is somewhat elusive, it stems from ‘globalization’ which is the ‘overall process whereby the location of production, transmission and reception of media content ceases to be geographically fixed, partly as a result of technology but also through international media structure and organisation’ (McQuail, 2010, pp. 558) and the idea of a ‘knowledge economy’ which suggests ‘the increase in the stock of useful knowledge and the extension of its application are the essence of modern economic growth’ (Teece, 2003 pp. 47).
But what does this mean?, according to Flew (2008) the shift from a manufacturing economy to a knowledge economy results in the following:
- “Both production and consumption processes are becoming increasingly complex and sophisticated
- Increasingly advanced knowledge and skills are being required in many processes of production
- Consumers also face increasingly complex decisions about evaluating the quality of goods and services on offer
- There is an increasing reliance on specialist or idiosyncratic skills
- The use and transfer of information is becoming increasingly important in economic and social activities
- Uncertainty is increasingly central to all aspects of economic and social life”
(Flew, 2008, pp. 198)
Taking a more selfish perspective; the shift to a ‘Global Knowledge Economy’ means, for a budding journalist (hopefully) come media extraordinaire like myself, there has never been a better (or more competitive) time to graduate.
Because consumers have more choice in the media they use, because they are relying heavily on information to make decisions about their actions and because there is an increased uncertainty - which, in turn, demands more information- the focus of those seeking knowledge has moved from regulated ‘mass media’ to that magical source; The Internet.
As an aspiring journalist the Internet offers a whole world of publication possibilities that once upon a time would have not been available to someone in my position. Yet it also has resulted in a phenomenon Flew has failed to recognize; that the globalization of knowledge and information means consumer identity, not just social activities, are being influenced by the media and that new media technologies have empowered consumers to become producers in media themselves, thus reinforcing their developing identity.
This empowerment, enabling consumers to relay news and information through social media such as Facebook and twitter and furthermore establish their own, and influence others, identities through the writing of blogs, production of youtube videos or development of podcasts, has turned the media world upside down. The movement is enhanced by, and partnered with, the concept of e-commerce. E-commerce is defined as the ‘buying and selling of products or services over electronic systems such as the Internet and other computer networks’ (Wikipedia).
Companies that have taken advantage of the e-commerce phenomenon as well as the consumer and producer overlap is Kindle and Amazon. Flew could not have anticipated the introduction and implications of Amazon’s Kindle Direct Publishing; not only can ‘consumers come producers’ use social media, blogs and websites to contribute to the ‘Global Knowledge Economy’ they can also reap financial rewards through publishing their work to be sold online. Furthermore the accessibility and availability of choice for the consumer is enhanced, with the opportunity to buy books, chapters of books or experts from books extremely inexpensively.
This idea is related inevitably to the iPad and similar tablets. Flew could not have predicted the extent of convergence these devices offer. Enabling people around the globe to record, capture using camera or film, write, edit and transmit their own media creation using a single device while at the same time consume more media through the same tablet. A study done by Reed College predicts digital tablets will become increasingly popular, with the eReader presenting a high selling point (Marmarelli, 2011). Everyday consumers are playing an active part in the technological economy and thus enhancing globalization. From a journalist’s perspective, what could be scarier than a world of competition?
This relates back to Flews solutions (mentioned above) for professionals working within the knowledge economy. In order to be heard and recognized amongst the fray of consumer/producers, social media, and information overload on the internet, journalists and media professionals are being forced to recognize what Flew suggests; there is now a increased requirement of knowledge and skills for professionals and increased pressure to specialize in one unique field or niche in the market (Flew, 2008, pp. 198).
Journalists are having to become photographers, video cameramen, sounds editors, broadcast editors and, of course, writers all at once. There is now a higher level of skill needed for journalists to be employable or publishable while competing with the rest of the world. This goes hand in hand with creativity; combining creativity with information will appeal to consumers who are now not only hungry for information but also for identity-boosting stimuli.
Furthermore, Flew’s suggestion that media professionals use idiosyncrasy to make their mark in the knowledge economy, should now be regarded as essential. It is time for aspiring journalists to find themselves a unique and specialized niche – find something creative to offer that cannot be accessed through regular blogs, social media or other means. Make your specialty the only option in the massive variety of choices consumers face.
Fortunately because of the uprising of e-commerce this is not only possible, it is profitable. The traditional definition of mass media is slowly being made redundant and media production no longer has to be in the interest of, or for the interests of, the mass public. Media production can be targeted to any niche or specialty with an extensive and eager audience willing to purchase and utilize this niche based media. Such opportunities are not confined geographically and can be accessed by anyone.
While this offers a saving grace for trained media professionals and journalists it also contributes dramatically to globalization. There are no longer defined national borders because information and knowledge produced on one side of the world can now be accessed and utilized on the other. Although this may be detrimental to individual cultures, it presents an exciting prospect for the world as a whole. The global culture is becoming one of efficiency, creativity and expression (Flew, 2008). Not Flew, not anyone, can completely understand or comprehend the future of, and consequences relating to, the developing ‘Global Knowledge Economy’.
Flew, T. (2008). New Media, An Introduction. (3rd ed.). Victoria: Oxford University Press.
McQuail, D. (2010). Mass Communication Theory. (6th ed.). London: Sage Publications.
Teece, J. (2003). Essays in Technology Management and Policy. London: World Scientific.
Marmarelli, T. (2011). The Reed College iPad Study. Oregon USA: The Reed Institute.
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