The Crisis of Intellectual Monopoly Capitalism
Cambridge Journal of Economics V. 38 pp. 1409-1431
21 Pages Posted: 14 Dec 2014
Date Written: November 13, 2014
The last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences between its national varieties, a common characteristic of this species can be found in the global monopolisation of knowledge. This monopolization involves hierarchical relations among firms and between capital and labour, because the capital of some firms includes the exclusive ownership of much of the knowledge used in production. Since the 1994 Trade-Related Aspects of Intellectual Property Rights agreements, the growing commoditisation 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 is increasingly characterized by financialisation, 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 liberal, Keynesian and Marxian traditions.
Keywords: Intellectual monopoly, Great Recession, Financialisation, Eclecticism
JEL Classification: B52, E11, E12, F55, G01
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