Understanding the new digital economy Essay Example | Topics and Well Written Essays - 4500 words

Understanding the new digital economy - Essay Example One of the biggest influences of the modifying terrain of transacting business is the social media which provides an unconscious system and medium through which many people converge, interact and exchange information (Ghosh, 2012). The hypothesis put forward for this paper is that: the social media has had a major impact on users and this has transformed the cultural and economic practices and impacted on the fashion industry with an emphasis on blogging and social media marketing. The aim of this paper is to identify the political economic perspectives in today’s world and the impact of the social media on users as well as cultural and economic practices in the world. The following pointers will form the core highlights of the study: This paper fundamentally aims at identifying the main influence and impact of the social media on the way in which individuals and groups of people perceive cultural and social matters and systems. To this end, the paper will critique various secondary sources in order to draw conclusions and inferences on the impact of social media on current trends and processes. This section will involve a critical review of secondary sources and other documents to lay the theoretical and definitive framework. To this end, the literature review will evaluate fundamental definitions and ideas that form the basic framework and discussions in this topic. Also, the literature review will integrate important elements and aspects of theories and concepts that are important in providing the parameters within which discussions and analysis can be done. The new digital economy is an economy based on digital technologies (Tapscott, 2012). This implies that the new digital economy is steeped in the fact that it is a system that enables people to transact various forms of business activities over digital systems and processes. â€Å"The world economy is now characterised by sluggish growth in