The digital revolution influence on development of the network economy

The system of public production is now undergoing a profound transformation triggered by the development of information and communications technologies. Until recently, the research in this field has principally focused on studying the role of technical and technological factors, whereas the changes’ socioeconomic analysis was mostly left outside scholars’ attention. As a result, it is now at early stages of its formation. The current paper explores the impact of information and communications technologies on such fundamental parts of socioeconomic relations as division of labour, coordination mechanisms of economic activities, institutions of ownership and power. Historical analysis and the tools of institutional economics were used as main research methods. The paper shows that at present, market as a universal way of interaction between independent commodity producers is being gradually replaced by network structures. New opportunities created by modern information and communications technologies help to overcome the problem of alienation and information asymmetry, and to return to collective forms of cooperation. The authors conclude that there is a spiral trajectory in development of the dominating coordination methods of economic activities, forms of ownership and foundations of power.