| Sumario: | Part of special issue on the threat of globalism. The writer discusses the rise of information capital. New economic paradigms of the globalized, information age are replacing those of the industrial age that the socialist analysis of capitalism has depended upon. Breakthroughs in information technology and digital telecommunications since the 1970s have enabled the development of new forms of economic organization and taken the world to the dawn of a new era of capitalist development, and globalization is one dimension of these new forms of economic organization. However, a globalized economy does not exist merely as a result of national markets being integrated into an international economy; rather, the world market begins to operate as a single organism only when the time delay for information to flow around the world market starts to reach zero.
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