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Attributes and Trends of Rentified Capitalism

Author

Listed:
  • Giovanni Dosi

    (Scuola Superiore Sant’Anna)

  • Lucrezia Fanti

    (Università Cattolica del Sacro Cuore)

  • Maria Enrica Virgillito

    (Scuola Superiore Sant’Anna)

Abstract

What is rentified capitalism? And, how can we characterise its unfolding into the socio-economic sphere? This paper theoretically and empirically defines attributes and trends of rentified capitalism, that we shall argue, it is more than a stage of capitalism, but it rather represents a new socio-economic paradigm characterised by the primacy of rent accumulation. The functioning of rentified capitalism is based on three mechanisms, namely, appropriation, exclusion and commodification. From income distribution, to financialization, from housing to intellectual property rights, the definition of the ownership structure is nowadays progressively favouring the power of rentiers in the production and redistribution spheres, as such jeopardizing the very capacity of capitalism as a system able to generate new economic value and a social and equitable prosperity.

Suggested Citation

  • Giovanni Dosi & Lucrezia Fanti & Maria Enrica Virgillito, 2024. "Attributes and Trends of Rentified Capitalism," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 10(2), pages 435-457, July.
    • Handle: RePEc:spr:italej:v:10:y:2024:i:2:d:10.1007_s40797-024-00279-1
    DOI: 10.1007/s40797-024-00279-1
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    Cited by:

    1. Giovanni Dosi & Marcelo C. Pereira & Andrea Roventini & Maria Enrica Virgillito, 2024. "The political economy of complex evolving systems: the case of declining unionization and rising inequalities," LEM Papers Series 2024/13, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Giovanni Dosi & Lorenzo Cresti & Federico Riccio & Maria Enrica Virgillito, 2024. "Industrial policies for global commons: why it is time to think of the ghetto rather than of the moon," LEM Papers Series 2024/32, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    3. Giovanni Dosi & Davide Usula & Maria Enrica Virgillito, 2024. "Increasing returns and labor markets in a predator–prey model," Journal of Evolutionary Economics, Springer, vol. 34(2), pages 375-402, April.

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    More about this item

    Keywords

    Rents; Political economy; Modern capitalism; Accumulation regime; Power asymmetry;
    All these keywords.

    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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