The Power of the Network Society (Edited Version)
A once dying company, GameStop have risen from the dead seemingly overnight. GameStop, an in-person store to buy video games, was already struggling to churn a profit before (Canales). After the COVID-19 pandemic hit, the company was made essentially obsolete in a world where it is both unsafe and impractical to buy video games in person when you can just order them online.
Fortunately, however, many people’s strong emotional connections to the store coupled with a large band of anonymous hobbyist investors has brought the company back into the spotlight with a 2,752% stock price increase (Sherr).
Caption: The meteoric rise in GameStop stock
All of this, however, would not be possible without the affordances of the online platform Reddit and the network society that we live in today. Castells describes this phenomenon in his paper “Communication, power, and counter-power in the network society” where he states that “The emergence of mass self-communication offers an extraordinary medium for social movements and rebellious individuals to build their autonomy and confront the institutions of society in their own terms…” (249). This stunt was a true demonstration and confrontation of the traditional dynamics of power, and how the network society grants the rebellious individual more power than those at the top of society. This was, in a way, retribution for the 2008 financial crisis.
Not only that, it has shed a light on how corrupt financial institutions and wealthy individuals can be. Robinhood, one of the biggest mobile trading platforms in the world, has actually halted and restricted the purchase of these stocks which has resulted in several class action lawsuits (Gonzalez). People are quick to defend those in power, but are late to defend those who are disadvantaged.
As we move forward in a growing technological age, it is important to remember the power of mass communication grants us to fight the inequalities in society. Castells puts it best: “Optimistically, … the emergence of multiple axes of information provides new opportunities for citizens to challenge elite control” (257). It is our responsibility to take advantage of the powers that the network society grants us to level the playing field. We can fund people and movements in need using websites like GoFundMe, set up protests, or even redistribute the wealth of Wall Street to normal people with just a click of a few buttons. And that’s powerful.
Citations
Canales, K. (2019, June 05). We went shopping at GameStop and Saw how, in the age of game streaming, selling physical video games and consoles is hurting the company. Retrieved February 26, 2021, from https://www.businessinsider.com/gamestop-struggles-why-photos-2019-1
Gonzalez, O. (2021, January 29). Robinhood faces scrutiny from AOC and other lawmakers after restricting GameStop trades. Retrieved January 29, 2021, from https://www.cnet.com/personal-finance/robinhood-faces-scrutiny-from-aoc-and-other-lawmakers-after-restricting-gamestop-trades/
Sherr, I. (n.d.). Reddit’s GameStop stock battle with Wall Street is turning into a war. Retrieved January 29, 2021, from https://www.cnet.com/personal-finance/reddits-gamestop-stock-battle-with-wall-street-is-turning-into-a-war/
