How deep is the current recession? Are we seeing the end of around 500 years of the development of corporate capitalism? Are we seeing the rebirth of a society based on creativity rather than profit? Is digital media changing the world in ways we don’t even realise?

All these issues and more formed part of a speech by one of the world’s most important media theorists to the International Conference of the communications regulator Ofcom in November. Douglas Rushkoff, Professor of Communications at NYU and author of a series of books that have mapped the development of digital media and the societal changes it’s brought with it, told the assembled media big-wigs something they probably didn’t want to hear.

His speech gave something of a preview of his next book, due out soon, the snappily titled “Life Incorporated: how we traded meaning for markets, society for self-interest and citizenship for consumer service.”

In the speech, he outlined how corporate capitalism began with the Renaissance, as monarchs sought to maintain their control of economies through control of emerging merchant classes by creating chartered monopolies. He traced the loss of skill, expertise and competence that accompanied the development of these new kinds of economies.

“People who had real jobs, people who made shoes or did something with expertise, became managers, as they moved up. And as they became managers and then supra-managers and managers of multiple companies, who actually did the shoemaking or the cobbling? The least-skilled labour they could find…”

He also argued that digital media is reversing this process, turning consumers back in to producers. And he also argued that the banking crisis isn’t rooted in recent developments, but started with the dotcom bust in 2000 and is a permanent change in the world’s economy.

Apart from all the good news for the Left in the predictions of the death of corporate capitalism and the development of a new decentralised system where value is created at the periphery, rather than the centre, he also had some good news for Ofcom, as well as a challenge.

He criticised current regulation that is “biased towards companies and corporations and people who’ve actually died a long time ago.” However, he also argued that “regulation actually rescues us, regulation is actually an opportunity for human intervention in a business plan that’s gotten out of control.”

There are stark implications for the media if he predicts comes true – the current corporate model that’s leading to so many cuts and destroying the media is doomed. And journalists will need to become more connected with a decentralised media sphere where everyone can do it, our role will be to do it better and help build connections.

“A media professional is someone who is creating media, through which people can connect with one another. And that becomes way, way more fun than creating stories through which, you know some investment banker can extract more value from people.”

You can watch a video of the speech on Ofcom’s website and read a transcript here.

Posted by Donnacha DeLong