Production of Cyberspace

Smith's account of the development of social space and absolute space in terms of Marxist theory begs some intriguing questions about where the Internet fits into such an analysis. Assuming we can agree that the Internet is a form of space as Smith defines it, Internet populists might argue that the Web has thus far developed as primarily social space and at this point neither the market nor the state have managed to establish authority and dominate it. (Dear & Flusty refer to this phenomenon as "hyperspace.") Others would likely contend, however, that cyberspace has for all intents and purposes now been largely carved up among the competing commercial forces and thus has become absolute space as Smith defines this phenomenon of capitalism, especially in the wake of the .dot com market crash as counterhegemonic economic and cultural players dropped out of the picture. Which picture do you think is more accurate?