Big tech and platform-enabled multinational corporate capital(ism): the socialisation of capital, and the private appropriation of social value. (14th September 2022)

• Record Type: Journal Article
• Authors: Pitelis, Christos
• Is Part Of: Cambridge journal of economics. Volume 46:Number 6(2022)
• Page Start: 1243
• Page End: 1268
• Publication Date: 2022-09-14
• Subjects: Big Tech Platforms -- Sharing Economy -- Unicorns -- Financialisation; Economics -- Periodicals; Economic history -- Periodicals; 330
• DOI: 10.1093/cje/beac042
• Languages: English
• ISSNs: 0309-166X

Abstract

Abstract: I explore the relationship between theory and prediction in political economy and organisational economics, employing the works of Keith Cowling and Stephen Hymer as case examples of prediction-aiding good theory. I develop the insights of the two scholars by leveraging key ideas from classical economics and applying the result to the platform-enabled, market-assisted organisational economy. Based on that I suggest that the emergence and rise of platform-enabled Big Tech, unicorns and the 'sharing economy' are both aligned with and partly predictable. I go on to hazard some further predictions about the future of the corporation and capitalism and discuss research opportunities.