The Crisis of Intellectual Monopoly Capitalism
University of Siena, Department of Economics and Statistics, No. 634, February 2012
24 Pages Posted: 10 Apr 2012 Last revised: 14 Dec 2014
There are 2 versions of this paper
The Crisis of Intellectual Monopoly Capitalism
Date Written: April 10, 2012
Abstract
The 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.
Keywords: intellectual monopoly, great depression, eclecticism
JEL Classification: F55, G01, B52, E11, E12
Suggested Citation: Suggested Citation
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