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The purpose of this chapter is to determine the basic characteristics of information economy, including consideration of the theoretical features and distinguishing the analytical aspects of functioning of this phenomenon under modern conditions. The authors offer a hypothesis that basic characteristics of information economy are transformed under the influence of digitization and the change in telecommunication interaction.

The following methodological tools were used: analytical introspection (determining estimate phenomena of the studied object with the help of practical materials analysis), theoretical cognition (grouping and synthesis of scientific studies of foreign and Russian scholars in the sphere of information economy), and group evaluation of phenomena (studying the modern regularities of information economy development).

The following conclusions are made: the theory of information economy is based on presenting information as a tool of economy management (information is the main economic value that creates national wealth); the modern idea of information economy is connected to the aspects of digital and telecommunication interaction; the information economy of the twenty-first century is aimed at monetization of information on households; and a new basic direction of information economy is information and program economy.

The sphere of application of the received results is rather wide. They will be of interest for practitioners, government employees, and researchers in the sphere of macro-economic development of the country during the period of transformation of the paradigm of economic growth. The main direction of future research is substantiation of approaches to formation of a new economic thought based on information and digital technologies.

Peru’s recent macro-economic success has not translated into significant changes in the capabilities of the state to shape economic activities like Information and Communication Technologies (ICT) through specific policies, even though the country has drafted a national action plan, Agenda Digital del Perú, with stakeholders’ participation, as well as a National Broadband Plan. While there are some state programs that have been considered successes and are potentially examples for Peru and the region, the intent of having a full set of “information society” policies, as in the European Union, has failed.

The paper explores two sets of issues: the diffusion of internationally sourced policies and the capabilities of governments to impact the use of ICT. In the Peruvian case, the state has not been capable of both designing its own set of policies while still following the lead proposed at international fora. To understand the lack of success, it is necessary to differentiate between the shortcomings of local policy-making and the international agenda. Policy makers’ insistence on an “information society” approach is particularly prominent, as the term has been ever present as a policy objective while still lacking actual meaning.

This paper will explore the role of policy-making and the failures of digital policies. It will also consider the contradictory nature of a policy-making process that privileges policies stemming from international bodies over locally driven understandings of ICT policy needs.