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Next Stage of Global Capitalism: Digital Platforms and Rentier Capitalism

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  • Duygu Özlük

Abstract

This paper examines the concentration of wealth and power in the networked ecosystem of digital platforms in light of the Marxist theory of rent, which views rental income as a form of economic gain without engaging in productive labor. The article discusses the dominance of digital platforms and their transformative effects of platform capitalism on labor markets, highlighting the growth of gig economies and the challenges of labor rights, income security, and regulatory frameworks in this new paradigm. Since platforms enabled by advancements in technology and digital connectivity, they have revolutionized traditional business models and reshaped the ways in which value is created, distributed, and captured. These platforms, while revolutionizing economic interactions and information exchange, also reflect elements of rent extraction identified in Marxist thought. This amplifies concerns over economic inequality and the accumulation of power, mirroring the Marxist critique of rent as an exploitative mechanism. By scrutinizing digital platforms through a Marxist rent theory framework, this study aims to comprehend how these platforms fit into the broader landscape of capitalist relations, shedding light on the complex interplay between technological innovation, economic structures, and the perpetuation of class divisions.

Suggested Citation

  • Duygu Özlük, 2023. "Next Stage of Global Capitalism: Digital Platforms and Rentier Capitalism," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 8(4), pages 681-695.
    • Handle: RePEc:ahs:journl:v:8:y:2023:i:4:p:681-695
    DOI: 10.30784/epfad.1350739
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    References listed on IDEAS

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    1. Aleksynska, Mariya & Bastrakova, Anastasia & Kharchenko, Natalia Nikolaevna, 2019. "Working Conditions on Digital Labour Platforms: Evidence from a Leading Labour Supply Economy," IZA Discussion Papers 12245, Institute of Labor Economics (IZA).
    2. David Cayla, 2022. "How the Digital Economy Challenges the Neoliberal Agenda: Lessons from the Antitrust Policies," Journal of Economic Issues, Taylor & Francis Journals, vol. 56(2), pages 546-553, April.
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    More about this item

    Keywords

    Theory of Rent; Platform Capitalism; Rentier Capitalism;
    All these keywords.

    JEL classification:

    • F50 - International Economics - - International Relations, National Security, and International Political Economy - - - General
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist

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