Digital Economy and Technological Revolutions

The shift from an economy dominated by manufacturing and physical goods to one driven by information technology and digital services.

A period marked by the automation of cognitive tasks, making humans and AI substitutes, unlike the industrial revolution which made human and machine labor complementary.

A term encompassing the integration of technology into society and the human body, resulting in fundamental changes in how we live, work, and interact.

The rapid increase in information processing and transmission, starting in the late 1960s, is a key driver of changes in products, services, business operations, and competition.

The digital revolution has drastically altered the types of products and services offered to consumers, significantly impacting their choices and preferences.

The digital revolution profoundly impacts the inner workings of companies, leading to changes in their strategies, operations, and decision-making.

The basis on which companies compete has shifted dramatically with the digital revolution. This includes factors like agility, innovation, data analysis, and customer engagement.

The digital revolution has complex and interconnected mechanisms that shape how technology influences business practices and human behavior.

The period from the late 1800s to the 1970s, characterized by mass production, large industrial firms, and formalized organizational structures.

The period from the 1980s to present, characterized by digital technologies, information-based products and services, and dynamic organizational structures.

A transition from pre-industrial, craft-based production to large-scale manufacturing enabled by new technologies and the rise of factories.

A transition from industrial-age manufacturing to a digitally-driven economy, characterized by information technology and digital services.

Changes in how companies compete due to technological advancements, such as innovation, speed, and customer experience.

Changes in the way companies are organized, often becoming more agile, adaptable, and flatter in structure.

Regulations, policies, and legal frameworks that shape the business environment, such as corporate governance and antitrust laws.

Changes in legal frameworks that govern business practices, such as corporate governance, property rights, and contracts.

The period from 1850 to 1920 saw major changes in the business landscape, with the rise of the Joint Stock Limited Liability Corporation and regulatory frameworks like intellectual property protection and labor rights.

The current period of transition from the industrial to the digital era is expected to have a profound impact on work and society, similar to the Industrial Revolution's impact in the past.

Many products and services we consume are primarily digital, and even physical products are increasingly digitally enabled, impacting how we interact with goods.

Digital technology transforms how firms relate to each other, leading to new business models like platforms that connect users and service providers efficiently.

The digital era has brought about shifts in firm size and scope, with the emergence of platform-based business models that bring buyers and sellers together more efficiently.

The digital revolution is transforming the structure and organization of firms, leading to more flexible, adaptable, and data-driven approaches.

The rise of the digital economy has profound consequences for work and society, leading to both benefits like increased efficiency and access to information, but also challenges like job displacement and a widening inequality gap.

The transformation from industrial to digital is similar to the transition from the pre-industrial to the industrial era, leaving a lasting impact on work, society, and the way we live our lives.

A business model where a company provides a digital interface that connects two or more different groups, enabling transactions and interactions between them.

A business that focuses on one specific area of expertise and operates on a global scale, aiming for dominance in that niche.

Businesses that generate increasing profits as more people use them, often leading to a dominant player taking over the market.

Businesses that operate with minimal physical assets, relying heavily on technology and networks.

A company that offers a range of products or services to a similar customer base, aiming for breadth rather than depth.

The ability for platform businesses to gather, analyse, and leverage data on their users and suppliers to gain competitive advantage.

A term used to describe companies with a large market valuation, often exceeding $1 billion.

The rise of platform businesses has led to a shift from traditional product-based companies to ones that connect different groups through technology.

The digital revolution has fundamentally changed how businesses operate and compete, creating a new set of challenges for regulation and governance.

The digital era is marked by a shift from traditional industrial structures to a new model heavily reliant on technology, information, and digital services.

The rapid development of technology has forced regulatory bodies to adapt and create new rules to address the unique challenges posed by digital businesses.

The rise of digital platforms with vast amounts of data and influence has raised concerns about the role of technology companies as publishers.

The traditional model of a company as a separate entity is being redefined in the digital age, with greater emphasis on collaboration, innovation, and network effects.

The digital revolution has created new working relationships with a greater emphasis on independent contractors and flexible arrangements.

Traditional industries are being disrupted and reshaped by the digital revolution, with new technologies impacting nearly every sector.

The digital revolution is not just about technology but also about how society adapts and re-evaluates its relationship with institutions and structures.

The traditional model of employment where individuals work for a company in exchange for wages, benefits, and legal protection. It's characterized by a clear distinction between employee and employer.

A type of work arrangement where individuals perform tasks on a project-by-project basis, often through online platforms. They are typically not considered employees and lack traditional employment benefits.

The emergence of online platforms like Uber, Airbnb, and TaskRabbit has blurred the lines between traditional employment and self-employment, challenging existing labor laws and creating new forms of work.

The loss of traditional employee rights and benefits by gig workers, leaving them in a precarious position with little to no job security or legal protection.

The concept of providing workers with options for different employment statuses, allowing them to choose between full-time employment, freelancing, or a hybrid model that combines some benefits of traditional employment with increased flexibility.

A proposed intermediate category of worker that offers some protection, such as collective bargaining rights and social security benefits, but without the full scope of traditional employment benefits.

The challenges faced by legal structures in adapting to the changing nature of work in the digital era, particularly for independent workers and those engaged in gig work.

The need to reconsider the traditional binary choice of working for a company versus working for oneself, as platforms create new and hybrid work models.

Existing labour laws may not adequately cover the complex and often precarious conditions of gig workers. This can lead to situations where workers lack benefits and protections.

New regulatory frameworks could provide gig workers with a balance of freedom and security, similar to traditional employment, while offering independent workers more control over their work.