IDEAS home Printed from https://ideas.repec.org/p/pav/wpaper/127.html
   My bibliography  Save this paper

Cognitive Capitalism as a Financial Economy of Production

Author

Listed:
  • Andrea Fumagalli

    (Department of Economics and Quantitative Methods, University of Pavia)

  • Stefano Lucarelli

    (Department of Economics “Hyman P. Minsky”, University of Bergamo)

Abstract

The structural changes that occurred in the last 30 years have substantially modified the capitalistic organization of society, both at national and international level. A new regime of accumulation devoid of a stable mode of regulation and centred on financial valorisation of new socio-economic growth perspectives has been consolidating. Conditions imposed by financial markets in order to create the shareholder's value consisted of promoting downsizing, reengineering, outsourcing and M&A processes. The flexibilization of labour force and precarization of existence has thus been the result of the established valorization norm. But why should the corporate restructuring sustain the enterprise value by creating income stock ? The definition of a new regime of accumulation involves a research on the criteria of valorisation and the prevailing technological paradigm. The main changes of new capitalism concern mainly two spheres: the role played by knowledge in the new technological paradigm and valorisation process and the importance of finance. The dominant technological paradigm and the role played by knowledge within it are not enough to explain the evolution of the accumulation regime. It is needed to introduce further elements necessary to explain the expectations that sustain the investment choices made by capitalists; these are the conventions or collective beliefs. Then, after describing the main features of the accumulation paradigm that many scholars have not hesitated to name as Cognitive Capitalism , we shall attempt to provide a theoretical framework of it intended as a financial economy of production. We shall therefore proceed to the reformulation of the schemes of monetary circuit (Graziani 2003).

Suggested Citation

  • Andrea Fumagalli & Stefano Lucarelli, 2010. "Cognitive Capitalism as a Financial Economy of Production," Quaderni di Dipartimento 127, University of Pavia, Department of Economics and Quantitative Methods.
    • Handle: RePEc:pav:wpaper:127
    as

    Download full text from publisher

    File URL: http://dem-web.unipv.it/web/docs/dipeco/quad/ps/RePEc/pav/wpaper/q127.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, September.
    2. Francesco Venturini, 2005. "How Much Does IT Consumption Matter for Growth? Evidence from National Accounts," Rivista di Politica Economica, SIPI Spa, vol. 95(1), pages 57-110, January-F.
    3. Arvidsson, Adam, 2007. "The logic of the brand," European Journal of Economic and Social Systems, Lavoisier, vol. 20(1), pages 99-115.
    4. Carlo Vercellone, 2007. "From Formal Subsumption to General Intellect: Elements for a Marxist Reading of the Thesis of Cognitive Capitalism, in Historical Materialism," Post-Print halshs-00263661, HAL.
    5. Graziani,Augusto, 2009. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521104173, September.
    6. Andrea Fumagalli & Stefano Lucarelli, 2011. "Instability and Uncertainty in Cognitive Capitalism," Chapters, in: Claude Gnos & Louis-Philippe Rochon (ed.), Credit, Money and Macroeconomic Policy, chapter 15, Edward Elgar Publishing.
    7. Richard Arena & Agnès Festré & Nathalie Lazaric, 2012. "Handbook of Knowledge and Economics," Post-Print halshs-00721485, HAL.
    8. Benjamin Coriat & Pascal Petit & Geneviève Schméder (ed.), 2006. "The Hardship of Nations," Books, Edward Elgar Publishing, number 4089.
    9. Vladimir Cvijanovic & Andrea Fumagalli & Carlo Vercellone, 2010. "Cognitive Capitalism and its Reflections in South-Eastern Europe," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00542947, HAL.
    10. Andrea Fumagalli & Carlo Vercellone, 2007. "Le capitalisme cognitif. Apports et perspectives," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00629203, HAL.
    11. Carlo Vercellone, 2007. "From Formal Subsumption to General Intellect: Elements for a Marxist Reading of the Thesis of Cognitive Capitalism, in Historical Materialism," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00263661, HAL.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ivan Siqueira, 2012. "Education and Learning in the 21st Century: An Emergency Agenda for Sustainable Development," Journal of Education and Vocational Research, AMH International, vol. 3(10), pages 313-318.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Jeon, Heesang, 2015. "Knowledge and Contemporary Capitalism in Light of Marx's Value Theory," Thesis Commons g5njk, Center for Open Science.
    2. repec:vrs:joheec:v:1:y:2014:i:1:p:79-99:n:4 is not listed on IDEAS
    3. Monnier Jean-Marie & Vercellone Carlo, 2014. "The Foundations and Funding of Basic Income as Primary Income," Basic Income Studies, De Gruyter, vol. 9(1-2), pages 59-77, December.
    4. Carlo Vercellone, 2008. "La thèse du capitalisme cognitif : une mise en perspective historique et théorique," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00401880, HAL.
    5. Fumagalli, Andrea & Lucarelli, Stefano, 2007. "A model of cognitive capitalism. A preliminary analysis," European Journal of Economic and Social Systems, Lavoisier, vol. 20(1), pages 117-133.
    6. Bruno Tinel, 2013. "Why and how do capitalists divide labor? From Marglin and back again through Babbage and Marx," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00763837, HAL.
    7. Katarzyna Gruszka & Manuel Scholz-Wäckerle & Ernest Aigner, 2020. "Planetary carambolage: The evolutionary political economy of technology, nature and work," Review of Evolutionary Political Economy, Springer, vol. 1(3), pages 273-293, November.
    8. Karakilic, Emrah, 2019. "Rethinking intellectual property rights in the cognitive and digital age of capitalism: An autonomist Marxist reading," Technological Forecasting and Social Change, Elsevier, vol. 147(C), pages 1-9.
    9. Laurent Baronian & Carlo Vercellone, 2013. "Moneta del comune e reddito sociale garantito," Post-Print halshs-00819014, HAL.
    10. Pesenti, Amos, 2016. "The meaning of monetary stability," FSES Working Papers 475, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    11. Emrah Karakilic, 2022. "Why Do Humans Remain Central to the Knowledge Work in the Age of Robots? Marx’s Fragment on Machines and Beyond," Work, Employment & Society, British Sociological Association, vol. 36(1), pages 179-189, February.
    12. Bruno Tinel, 2013. "Why and How Do Capitalists Divide Labour? From Marglin and Back again through Babbage and Marx," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 254-272, April.
    13. Carlo Vercellone, 2008. "La thèse du capitalisme cognitif : une mise en perspective historique et théorique," Post-Print halshs-00401880, HAL.
    14. Bruno Tinel, 2013. "Why and how do capitalists divide labor? From Marglin and back again through Babbage and Marx," Post-Print hal-00763837, HAL.
    15. Jean-Marie Monnier & Carlo Vercellone, 2017. "Basic income as primary income [Le revenu de base comme revenu primaire]," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01486202, HAL.
    16. Allen J. Scott, 2008. "Resurgent Metropolis: Economy, Society and Urbanization in an Interconnected World," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 32(3), pages 548-564, September.
    17. Andrea Fumagalli & Stefano Lucarelli & Elena Musolino & Giulia Rocchi, 2018. "Digital Labour in the Platform Economy: The Case of Facebook," Sustainability, MDPI, vol. 10(6), pages 1-16, May.
    18. Ivan Siqueira, 2012. "Education and Learning in the 21st Century: An Emergency Agenda for Sustainable Development," Journal of Education and Vocational Research, AMH International, vol. 3(10), pages 313-318.
    19. Ben Fine, Heesang Jeon, Gong H. Gimm, 2019. "Value is as Value Does: Twixt Knowledge and the World Economy," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue s1.
    20. Rotta, Tomás N. & Teixeira, Rodrigo A., 2018. "The commodification of knowledge and information," Greenwich Papers in Political Economy 19448, University of Greenwich, Greenwich Political Economy Research Centre.
    21. Adriano Giannola, 2014. "Orthodoxy and etherodoxy in graziani?s thought," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2014(112), pages 143-155.

    More about this item

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pav:wpaper:127. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Paolo Bonomolo (email available below). General contact details of provider: https://edirc.repec.org/data/dppavit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.