According to Wikipedia: A marketplace is the space, actual or metaphorical, in which a market operates. The term is also used in a trademark law context to denote the actual consumer environment, ie. the ‘real world‘ in which products and services are provided and consumed.
Is The Marketplace Changing?
The consumption of products and services from the “commons” is what fuels an economy. Without consumption the economy slows down and subsequently the activity of the “marketplace” is impacted. Umair Haque, from Harvard, writes “The commons can be managed from the bottom-up for a shared prosperity — given the right institutions. That conclusion challenges orthodox economics from both left and right leaning perspectives; it suggests that, yes, markets can organize production and consumption efficiently — but only when supported and nurtured by networks and communities.”
Notice Umair’s last statement: markets can organize production and consumption efficiently — but only when supported and nurtured by networks and communities.” The old marketplace has been supported and nurtured by “closed networks and communities” which are influenced by the few. However there is a “new marketplace” that is supported and nurtured by “open networks and communities” now influenced by the many.
A New Marketplace?
In case you haven’t noticed nearly every market globally has been disrupted by a “shift” in economic realities. The behavior of every market segment has changed. Again Umar Haque writes: The Zombieconomy isn’t a buzzword. It’s not an event. It’s not (really) about banks. It is the state of our economy today.
20th Century business is unable to grapple with the challenges of the 21st Century. Vast swathes of the economy are paralyzed and crippled: inhabited only by zombie companies. They are the economic living dead: unable to create authentic value.
Despite trillions in investment:
Zombie corporations are why the numbers above are happening. Those numbers mean: our so-called economy was a house of cards built on McMansions, Hummers, and $5 lattes. Now that the bill for them is coming due, we’re discovering just how radically unnovative they were.
Sounds to me like the old marketplace isn’t working very well. However there is indeed a new marketplace forming amongst the commons which is fueled by a new kind of economic influence, conversations. The new marketplace is being built by “uncommon thinking” rather than common thinking of the old marketplace.
How does it operate? Is it better than the old marketplace? Watch the video below and you decide.