Relationship Between Information Technology And The Capitalist Economy Essay

1623 WordsNov 1, 20157 Pages
Technocapitalism is a term used to cover the relationship between information technology and the capitalist economy. The term was probably coined by Douglas Kellner in 1997, as part of an examination of trends in production from the perspective of the Frankfurt School, and is used in a Marxian context to describe the use of technology to prop up capitalism and its social relationships, generally in negative terms. New economic activities are emerging that are representative of technocapitalism. Biotechnology, nanotechnology, bioinformatics, software design, genomics, molecular computing and bio-robotics, for example, are likely to be hallmarks of the twenty-first century, as electronics and aerospace were in the twentieth. This new ecology of activities and sectors is more reliant on creativity and knowledge than any of the old industries of industrial capitalism. These new sectors are providing the technologies that the twenty-first century will most likely be associated with. Corporations that live or die by their global research capabilities, where research is far more important than any other function, and where corporate appropriation of research results is the key to profit, control of these new sectors. Turning research creativity into a commodity thereby acquires fundamental importance in the global drive for greater corporate profit and power, in much the same way that turning raw materials and factory labor into commodities was fundamental for the corporations of
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