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The Media and Development in an Era of Digitalized Economy
Abstract
The chapter looks at the media and development in an era of digitalized economy and how this impacts on the growth of developing countries. It considers the growth in technology and how this has brought the world together as visualized by Herbert Marshall McLuhan in his academic coinage of the expressions ‘the global village' and ‘the medium is the message'. The chapter posits that embedded in McLuhan's concepts are recurring issues relating to the nature of modern media, media concentration or congregation, media efficiency or power, media control in relation to who keeps the media gate. The unfolding consequences of media concentration, media power patterns, rising power of digital media platforms with challenging implications for world economy in the face of growing ‘paperlessness' of money raises concerns over digital money. The chapter posits that money is theoretically returning back to its 'barter era' due to the concentration and growing 'media power' as money mutates from paper to paperless digital reality.
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