The global dynamic, built on a foundation of technological advancements, is changing. Globalization has accelerated at a pace never before seen. There are those who contend we are living in a new society, which is emerging - or has already emerged throughout the world. Riding in the wake of an information technology revolution, social change is occurring as a result of new media of communication coinciding with globalization. Globalization has been defined as the ability of an institution or system to function on a global scale, in real-time, utilizing technological and organizational components. Societies and nations of the world are increasingly becoming interdependent through economic and technological forces, politics, and governance. As a result of today's global paradigm, an old form of social organization, the network, has increased in value and importance. A network in its most basic form can be described as a set or group of interconnected or interrelated nodes. However, the networks which have, and continue to emerge throughout the globe, are becoming increasingly complicated. Within these networks each node may represent an individual actor, a community, an organization, or a government. As will be described in this paper, networks can be utilized for numerous reasons and have gained significance as a result of the expansive contemporary global climate. With the rapid burst in populations, advances in technology, and dependence on foreign markets and economies the internationalization of issues is on the rise. As a result, the need to combine expertise, knowledge, and information has arisen to find solutions to problems and address issues. Networks are ideal for these types of situations; they combine expertise, transfer knowledge and allow nodes (or actors) within the network to build upon the ideas of others. Such networks can exist where the combining and sharing of knowledge can occur and benefit those involved. Further, the sharing and building of knowledge within a network leads to an overall collective knowledge, from which value can be extracted. The value of this collective knowledge has been described as social capital.
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