Commons-based peer production

Commons-based peer production is a term coined by Harvard Law School professor Yochai Benkler to describe a new model of economic production in which the creative energy of large numbers of people is coordinated (usually with the aid of the Internet) into large, meaningful projects mostly without traditional hierarchical organization (and often, but not always, without or with decentralized financial compensation). Often used interchangeably with the term social production, Benkler compares commons-based peer production to firm production (where a centralized decision process decides what has to be done and by whom) and market-based production (when tagging different prices to different jobs serves as an attractor to anyone interested in doing the job).

The term was first introduced in Benkler's seminal paper Coase's Penguin. His 2006 book, The Wealth of Networks expands significantly on these ideas. (Wikipedia)