The early
emergence of markets, say back in the Middle Ages, was far from the mature
money focused environment we now think of when we describe markets. In the
capitalist environments today the profit motive is supreme; people start
companies because they think they can offer a product or service that someone
else is willing to pay for. It is difficult to rebut the belief that capitalist
economies simply produce more and raise the standard of living of everyone.
Look around the world today, the best places to live are undoubtedly capitalist
economies. Even China, and places like Cuba, are starting to turn their backs
on Mao and Marx due to the lure of the market-based, for-profit economy. Sure,
this sounds rather cold stated in such a straightforward way, but perhaps this
power can be leveraged to make the world a better place.
“When one speaks of a market
economy, in other words, what is meant is an economy where the market is not
only used for exchange; it also dominates production” - Swedberg
The argument is that the market became this
ultra-productive powerhouse when, in the 19th century, the majority
of production was focused on producing commodities for resale rather than
direct consumption (Swedberg 11). In the tech environments we now find
ourselves ensconced in, the effect is apparently even greater. Innovative
ideas, merged with the allure of the market, are resulting in new products and
services that didn’t exist just a few short years ago. Now, with the Internet-of-Things
(IOT) offering new insights when aligned with analytics and big data, there are
perhaps prospective young companies that can solve problems of the new world.
Autonomous cars are one invention that seems to have come out of nowhere and are
being tested in the Waterloo region and nearby Stratford. However, just what
type of environment can best trigger such new ideas? Especially concepts that
will offer some benefit to humankind -- beyond simply corporate profits?
Some research suggests that we produce
more efficiently, and can identify new patterns that can solve problems if we
focus on where we feel more comfortable. Writing on generating new ideas and
the attendant incubators of research, one thesis notes that “Arguably this
effort is carried out more easily if we study a world to which we already feel
connected” (Lindlof & Taylor 77). If
by connected we mean comfortable with technology and the vision to imagine a
better world, then Waterloo is well positioned. This perhaps best summarizes where
our future is trending, no longer simply the commodification of labour but
rather the commodification of ideas – the ‘idea economy’. An environment where
everyone wins, and where these ideas, hopefully, will successfully tackle
global problems such as clean energy, food shortages and climate change; just
to name a few. These issues, and others like them, require more than
technology, they need people with ideas and the environment to encourage them.
Waterloo’s idea economy will, hopefully, continue to emerge and address
problems in increasingly new and innovative ways.
References
Taylor, B. and T. Lindlof. Qualitative
Communication Research Methods, Chapter4. “Design II: Implementing Research
Projects”
Mazzucato, M. The entrepreneurial state, Chapter 3, “Risk Taking State: From “De-risking’ to ‘Bring it On’
Swedberg, R. “The Economic Sociology of
Capitalism” (Laurier University Course Materials, MLS)
