The global economy is entering a dramatic, virtual phase of development claims a new book, Going Global, published today (Jan. 18) following a collaboration between the independent charity the Tomorrow Project and the Economic and Social Research Council (ESRC).
Dr Michael Moynagh and Richard Worsley, directors of The Tomorrow Project, argue that, in the future, more and more people will work in virtual worlds like Second Life.
A growing number of companies like IBM are already establishing a presence in Second Life. Earnings in Second Life can be converted into US dollars and some people are even giving a Second Life address on their business cards.
In the future it is likely that the distinction between work and leisure will blur as virtual games provide individuals with a second income in their spare time. Already, over 100,000 Chinese are thought to earn their living from online games. Going Global predicts that more and more people are likely to work full time in virtual worlds in the years ahead.
‘In August 2007 several hundred thousand dollars of virtual currency exchanged hands every day in Second Life’, said Michael Moynagh. ‘The site has already produced its first real-world millionaire – a Chinese property developer who now employs 60 people full time to manage her portfolio in Second Life. Imagine if employees were as addicted to their work as players are to their games!’
Virtual worlds are just one example of a vast range of activities and products that will increasingly be developed and marketed online, creating a new virtual economy that could eventually supersede manufacturing and services. ‘Within 10 years of the internet opening for business, online sales accounted for nearly 25% of manufacturing revenue in the US and 10% of retailing and some services’, Moynagh added.
Going Global examines emerging trends and the potential future of business, global poverty, communications and the world food supply. Conclusions include:
The authors offer a forward-looking approach to globalisation, asking whether governments and societies will rise to the challenge of a changing world.
FOR MORE INFORMATION CONTACT:
ESRC Press Office:
Alexandra Saxon (Tel: 01793 413032 / 07971 027335, email: alexandra.saxon@esrc.ac.uk )
Danielle Moore (Tel: 01793 413122, email: danielle.moore@esrc.ac.uk )
NOTES FOR EDITORS:
1. Going Global has been produced as part of a partnership between the ESRC and the Tomorrow Project. The project is supported by a steering group drawn from the business, government and academic worlds and is being undertaken in collaboration with the Centre for the Study of Globalisation and Regionalisation at the University of Warwick, where Michael Moynagh has a Visiting Fellowship. Going Global is published by A&C Black.. Review copies of Going Global: Key Questions for the 21st Century are available on request.
2. About the Authors: Dr Michael Moynagh and Richard Worsley are co-directors of The Tomorrow Project, an independent charity that supports organisations and individuals in thinking about the future of people’s lives. Michael is based at Templeton College, Oxford; Richard is a former Group Personnel Director and Director of Community Affairs at BT.
3. The Economic and Social Research Council (ESRC) is the UK's largest funding agency for research and postgraduate training relating to social and economic issues. It supports independent, high quality research relevant to business, the public sector and voluntary organisations. The ESRC’s planned total expenditure in 2007/08 is £181 million. At any one time the ESRC supports over 4,000 researchers and postgraduate students in academic institutions and research policy institutes. More at http://www.esrcsocietytoday.ac.uk
4. The Tomorrow Project is an independent, registered charity undertaking a programme of research, consultation and communication in Britain about people's lives – what's been happening so far, what will shape the years ahead, and what we need to think about.