Cultural production is beginning to eclipse physical production in world commerce and trade. The old giants of the Industrial Age - Exxon, General Motors, USX, and Sears - are giving way to the new giants of cultural capitalism - Viacom, Time Warner, Disney, Sony, Seagram, Microsoft, New Corporation, General Electric, Bertelsmann A.G., and PolyGram.

These trasnational media companies are using the new digital revolution in communications to connect the world and in the process are pulling the cultural sphere inexorably into the commercial sphere, where it is being commodified in the form of customized cultural experiences, mass commercial spectacles, and personal entertainment.

In the Industrial Age, when producing goods was the most important form of economic activity, being propertied was critical to physical survival and success. In the new era, where cultural production is increasingly becoming the dominant form of economic activity, securing access to the many cultural resources and experiences that nurture one's psychological existence becomes just as important as holding on to property.