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From the Institutional to the Platform Economy

Author

Listed:
  • Aleksandr P. SUKHODOLOV

    (Baikal State University)

  • Yury M. BERYOZKIN

    (Baikal State University)

Abstract

The article analyses the processes that are widely known in the literature as “the financial-technological revolution”, or FinTech. It shows that these processes derive from the global financial crisis of 2007–2008 that turned out to be a crisis of the institutional economy, or “the economy of transactions”. The authors determine the main directions for overcoming the crisis which over the past 10 years have formed new mainstream: a transition to Impact Investing aimed at implementing not only market values, but also socio-economic ones – Shared/Blended Values. The technological basis for new mainstream was the development of the third-level machines and technologies that are above energy and information technologies, i.e. value machines, or Intangible. In practice, FinTech is already undergoing rapid development in China and the West on the basis of digital platforms that eliminate transaction costs and generate added value and capitalization of property. The authors formulate the anticipated consequences of FinTech.

Suggested Citation

  • Aleksandr P. SUKHODOLOV & Yury M. BERYOZKIN, 2018. "From the Institutional to the Platform Economy," Upravlenets, Ural State University of Economics, vol. 9(3), pages 8-13, June.
    • Handle: RePEc:url:upravl:v:9:y:2018:i:3:p:8-13
    DOI: 10.29141/2073-1019-2018-9-3-2
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    References listed on IDEAS

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    1. Harold Demsetz, 1968. "The Cost of Transacting," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(1), pages 33-53.
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    Cited by:

    1. Sergey V. Shkodinsky & Mihail N. Dudin & Daler I. Usmanov, 2021. "Analysis and Assessment of Cyberthreats to the National Financial System of Russia in the Digital Economy," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 3, pages 38-53, June.
    2. Andrey V. Misyura, 2019. "High-tech industrial company: A normative and a positive approach to the definition," Journal of New Economy, Ural State University of Economics, vol. 20(4), pages 88-107, September.

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    Keywords

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    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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