Amity Journal of Media & Communication Studies
2015, Vol. 5, No. 1 – 2, 93-96
Copyright 2015 by ASCO
Amity University Rajasthan (ISSN 2231 – 1033)
The evolution of Symbolic Economy and its prospects in India
Ankit Kumar Singh
Research Scholar,
Department of Journalism and Mass Communciation
Banaras Hindu University
Email ID: [email protected]
This paper makes an attempt to explore various aspects of evolution of symbolic economy and how it is ruling the roost in today’s world
with special reference to its growing presence in India. Further, an effort will be made to examine the role of media including new media
platforms in making forces of symbolic economy more strong. For the analysis, secondary data would be used.
Keywords: Symbolic Economy, symbolic commodities, tourism, media, entertainment, symbol, world city.
INTRODUCTION
land, would find it hard to get a bride for
themselves.
Symbolic Economy, as a term, became popular
following its use in Sharon Zukin’s path-breaking
book, ‘The Culture of Cities’, which was first
published in 1995. Zukin, who happens to be a
professor of Sociology at Brooklyn College and the
Graduate School, City University of New York,
associates the concept of symbolic economy with a
transformation in productive and distributive
processes through symbols or knowledge based
inputs and outputs. She further adds that symbolic
commodities like data, technological trajectories,
fashion regime, organizational knowledge and
growing flow of information are creating a new
culture today in which these factors have become as
much essential as basic needs like food, water,
electricity, etc.
The concept of symbolic economy is a shift from the
notions of agrarian economy, industrial economy
and monetary economy which were in the vogue
earlier. In the beginning, economy was agriculture
based as a large number of people made a living out
of working in the field, tilling the land, growing
crops and selling them. The social status of people in
these eras would be determined by the acres of land
they possessed.
Though agriculture remained at the heart of social
structure in later era as well, around the 14th century
with the dawn of industrial revolution and
renaissance in Europe, a major shift came in the
economic structure of the society. As industries were
established and machines were introduced to
expedite manufacturing process, production of
goods increased giving rise to a culture in which
industry owning people took the centrestage in
social structure. However, in the last fifty years,
symbolic commodities have become the driving
force of economy around the world.
The unprecedented growth in the field of
information technology and media industry have
led to the creation of what a number of social
scientists like Manuel Castells and Nico Stehr term
‘knowledge societies’ in which symbols and
knowledge based inputs shape both economy and
key social structures and patterns.
Though symbolic economy has seen its potential
realise in only a few parts of the world like the
United States of America to the hilt, it has the
potential to thrive across the world including India.
In this paper, some of the major characteristics of
symbolic economy will be explored, besides
throwing a light on its prospects in India.
The more land one owned, the higher position one
enjoyed in social circle. In India, such was the value
associated to the land and agrarian activities that
those males, who came from the family with no
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CHARACTERISTICS OF SYMBOLIC ECONOMY
Production of symbols as basic commodities:
Certain symbols come to be regarded as
commodities in symbolic economy. Take for
example the popularity of food outlets like KFC
(Kentucky Fried Chicken) and McDonalds and MTV
across the world which is a result of certain symbols
(KFC, McDonald, MTV) turning into commodities
whose takers can be found cutting across national
and geographical barriers.
Driven by TME factor – According to Sharon Zukin,
at the heart of the growth of symbolic economy are
three factors i.e; tourism, media and entertainment.
With a flow of information network and
technological developments, world has shrunk into
a global village to use a term coined by famous
Canadian social scientist, Marshal McLuhan. The
global man of today, therefore, travels more than his
predecessors. This growing urge to travel among
people has led to a flow of cash into the part of the
world which attracts a fair number of tourists.
Rise of World Cities: British urbanist Patrick
Geddes wrote in the beginning of the 20th century
that world cities are cities where a disproportionate
amount of the world’s business is conducted. In the
1960s, another British urbanist, Peter Hall, defined
world cities as places where the greatest
concentration of political power, trade, rich people
and entertainment facilities occur. Peter Hall later
added cultural creativity to the definition of world
cities.
The second and chief factor fuelling the growth of
symbolic economy is media. Media platforms like
Television,
Radio,
Newspaper,
Film
and
Advertisement play a stellar role in creating and
reinforcing needs which are not of basic nature but
are made to appear as important (as basic needs
are). For example; there is no logical reason as to
why face wash and not soap should be used to wash
faces. Further, there is no scientific explanation as to
why men and women need different kinds of face
wash made exclusively for their skins. However,
advertisements extolling the use of face wash and
pitching for why it is important for men and women
to use different kinds of face wash have led to a
craze for it among youngsters. Today, face wash can
be seen in every household with male and female
members using its different varieties. A classical
example of a symbolic need becoming a basic one.
Going by these definitions, cities like New York,
Hongkong, Singapore, etc; can be considered new
word cities which have become a hub of all kinds of
technological an economical activities. The rise of
these world cities can be attributed to the growth of
symbolic economy.
Moxie, fusion and thirst for new: While speaking in
a seminar in Hongkon, Sharon Zukin once quoted a
famous New York fashion journalist to define three
key elements necessary for the growth of world
cities and symbolic economy. These elements,
according to the journo, were moxie (an American
slang for nerve, courage), existence of fusion culture
and an unquenchable thirst for new. Any place with
these three elements can provide a right platform for
symbolic economy to grow.
The third factor that contributes to the rise of
symbolic economy is entertainment. With life
becoming extremely fast, people look for escape in
the realm of entertainment and spend on it as much
as they shell out on their basic needs. This growing
importance of entertainment has led to creations of
many new ways of entertainment. The proliferation
of theme parks, sports clubs, multiplexes, etc;
indicates the way in which entertainment industry is
tightening its grip on people.
DISNEY WORLD’S SYMBOLIC ECONOMY
Disneyland and Disney World are two of the most
significant public spaces of the later 20th century
(Zukin, 2006). They transcend ethnic, class and
regional identities to offer a national public culture
based on aestheticizing differences and controlling
fear. The Disney Company is an innovator of global
dimensions in the symbolic economy of technology
and entertainment; it also exerts enormous influence
It is urban: Symbolic economy thrives in an urban
atmosphere. Cash rich people with an access to
technologies and comforts of life are the ones who
serve its interests. The urban class work hard, spend
a lot and party hard, claims Zukin in her book.
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on the symbolic economy of places in Anaheim and
Orlando.
Disney created a symbolic economy of its own
through various strategies. The main component
among them was the creation of cartoon character,
Mickey Mouse. Mickey Mouse and his friends, since
its introduction, have ruled the imagination of
people from across the world. Further, with the
launch of theme parks, special Disney merchandise,
toys, and clothes; the company has used the symbol
of Disney to woo customers from everywhere and
seen its business flourish by leaps and bounds.
years, Indian brand of yoga has become a smash hit
in the west. Whether it is Iyenger School of yoga or
Ashtanga Yoga or for that matter Hath Yoga, people in
the west have lapped it up. The rage for yoga among
the western people can be gauged from the fact that
famous international music band, the Beetles stayed
in the ashram of Indian yog guru, Mahesh Yogi
during the 1960s. In the recent times, Baba Ramdev
took yoga to every household in the country
through TV channels. Despite yoga being an Indian
concept, India has failed to become a major player in
its business. According to a report published in the
Economic Times, even though over half of the 200
million yoga practitioners in the world are Indians,
the US is the world’s largest yoga industry worth
well over $27 billion. India, the report further says,
accounts for just 3 per cent or 4 per cent of sales.
Disney World’s success has helped the city of
Orlando establish itself as a centre of business
activities as well. Since Disney Opened its theme
park here, it received a legitimacy of sort in
American social and business circle as people started
visiting the city and setting up business there
leading to its growth.
It is in the business of yoga that India’s prospect lies
in developing a commodity of symbolic economy of
its own. Yoga in the country is still an unorganised
industry. If it can be projected as a commodity
specific to India and advertised well, it can develop
into a hugely successful brand. It can also be
projected as a kind of Indian value in the same way
Mickey Mouse came to represent American spirit.
Disney’s symbolic economy thus is a success story
which results from a blend of symbolic needs of
entertainment with business activities.
INDIAN PROSPECTS
India, with a growing middle class ready to spend in
abundance on symbolic commodities, offers a huge
potential for symbolic economy to flourish on its
soil. Though internet access is limited to only 33
percent of people in the country, information
technology has made rapid strides in the country
especially in metropolitan and tier two cities.
Youngsters, in particular, are more tech savvy and
take a great deal of interest in spending on symbolic
commodities. The country has also a very strong
network of TNE – the factors which are at the heart
of the growth of a symbolic economy. It has more
than 400 television channels, many radio FM
stations and produces maximum number of films
besides housing a number of tourist destinations of
importance. Following are some of the areas which
India can tap to develop its own sphere of symbolic
economy.
Yoga: Yoga traces its origin in the Sanskrit word yuj.
A nearly 5000-year Indian body of knowledge, it
features many asanas (positions) which one practises
to keep one’s body fit and mind silent. Over the
Indian Premier League (IPL): The game of cricket
has a religion like following in the country. It is
often said the only time India as a country gets
united is when Team India is playing a cricket
match. IPL, a professional city-based league which
was modelled on English Premier League (EPL),
commenced in 2008 following Team India’s triumph
over
arch-rival
Pakistan
in
T-20
World
Championship in South Africa which resulted in this
shorter version of the gentleman’s game becoming a
rage in the country (Moitra, 2015). As of now, IPL is
the most watched T-20 event of the world and its
estimated brand value was worth $7.2 billion in
2014.
Over the years, IPL has developed a huge fan
following across the country with its official
broadcaster, Sony Max, describing it India ka tyohar
(India’s festival) in its promo.
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Like yoga, IPL, too has the potential to be India’s
answer to Disney World of America. It has already
established itself as an institution, and as a symbol,
it has recall value across the country. Since the
league has presence of cricketers and officials from
across the world, it has a following outside India as
well. The need of the hour is, therefore, to ensure its
popularity doesn’t dip and create a mechanism by
which people remember it throughout the year in
some way or the other. Organising promotional
events involving star cricketers, creating city-based
fan clubs apart from opening stores selling T-shirts,
toys, etc; can help in developing it as a symbol of
India’s cricketing excellence and a model of
symbolic economy.
young and daring professionals who are always in
the pursuit of new.
CONCLUSION
Victor Hugo had once said, ‘Nothing can stop the
idea whose time has come’. Symbolic economy is the
idea whose time has certainly come and there is no
way countries across the world can remain
untouched by its effect and influence. With a rise of
consumerism
culture
amid
tremendous
technological advancement, the field of tourism,
media and entertainment are going to expand
further. The culture of cities across the world will
also go through a transformation and more number
of world cities will come to the fore. All this
developments will ensure even more ideal
atmosphere for symbolic economy to flourish. India
too has potential to benefit from its proliferation as
the country has elements and a growing middle
class to keep pace with its rise and even develop its
own brand of symbolic economy centre.
The rise of symbolic economy, though, is not minus
a flip side. Irrespective of its pleasure-oozing nature,
a society operating under the umbrella of symbolic
economy would always remain prone to isolation
and chaos. Real emotions may take backseat with
plastic emotions taking the front seat to shape one’s
behaviours and social conducts. After all, everything
comes with a price. Symbolic economy is no
different. Interesting times are in the store, though.
Bengaluru as India’s world city: Among Indian
cities, Bengaluru is one city which has all the
characteristics to become a world city on the line of
New York and Hongkong (Canton, 2006). For its
role as the nation’s leading Information Technology
exporter, it has already earned a sobriquet of ‘India’s
Silicon Valley’. The city is considered technical
capital of India as it has a very active IT sector
flourishing on its soil.
The city ticks all the three boxes which are
considered essential for the creation of world city.
The city has a fusion culture as its population
consists of both insiders and outsiders. With the city
housing headquarters of a number of major IT giants
like Wipro, Infosys and ISRO, there is no shortage of
REFERENCES
Canton, N. (2006, December 6). How the 'Silicon Valley of India' is
bridging the digital divide. CNN.
Moitra, B. (2015, June 15). To Keep The Core Still. Outlook.
Zukin, S. (2006). The Culture of Cities. USA, Blackwell
Publishing.
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