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25 FEBRUARY 2005

Castells: The Network Society And The Business Project

"The unit of this production process is not the firm, but the business project. The firm continues to be the legal unit of capital accumulation. But since the value of the firm ultimately depends on its valuation in the stock market, the unit of capital accumulation (the firm) itself becomes a node in a global network of financial flows. In this economy, the dominant layer is the global financial market, where all earnings from all activities and countries end up being traded. This global financial market works only partly according to market rules. It is shaped and moved by information turbulences of various origins, processed and transmitted almost instantly by telecommunicated, information systems, in the absence of the institutional regulation of global capital flows."

(Manuel Castells, p.9)

[2]. Castells, M. (2000). Materials For An Exploratory Theory Of The Network Society. London, British Journal of Sociology www.tandf.co.uk/journals.

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