The Crisis of Intellectual Monopoly Capitalism
AbstractThe last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences among its different national varieties, a common characteristic of this species can be found in the global monopolization of knowledge. This monopolization involves hierarchical relations among firms and between capital and labor because the capital of some firms includes the exclusive ownership of much of the knowledge used in production. Since the 1994 TRIPS agreements, the growing commoditization of knowledge has extended the role of closed science and closed markets at the expense of open science and open markets. The intrinsic long-term dynamics of this species of capitalism are increasingly characterized by inequality and stagnation. In order to exit from the current crisis, we must change many features of Intellectual Monopoly Capitalism and rely on an eclectic approach that draws insights from the Liberal, the Keynesian and the Marxian traditions
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Bibliographic InfoPaper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 634.
Date of creation: Feb 2012
Date of revision:
intellectual monopoly; great depression; eclecticism;
Find related papers by JEL classification:
- F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
- G01 - Financial Economics - - General - - - Financial Crises
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-07-01 (All new papers)
- NEP-HME-2012-07-01 (Heterodox Microeconomics)
- NEP-HPE-2012-07-01 (History & Philosophy of Economics)
- NEP-IPR-2012-07-01 (Intellectual Property Rights)
- NEP-KNM-2012-07-01 (Knowledge Management & Knowledge Economy)
- NEP-PKE-2012-07-01 (Post Keynesian Economics)
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