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

See all articles by Ugo Pagano

Ugo Pagano

University of Siena - Department of Economics

Multiple version iconThere are 2 versions of this paper

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

Pagano, Ugo, The Crisis of Intellectual Monopoly Capitalism (April 10, 2012). University of Siena, Department of Economics and Statistics, No. 634, February 2012 , Available at SSRN: https://ssrn.com/abstract=2037742 or http://dx.doi.org/10.2139/ssrn.2037742

Ugo Pagano (Contact Author)

University of Siena - Department of Economics ( email )

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