Next Stage of Global Capitalism: Digital Platforms and Rentier Capitalism

Abstract

This paper examines the concentration of wealth and power in the networked ecosystem of digital platforms in light of the Marxist theory of rent, which views rental income as a form of economic gain without engaging in productive labor. The article discusses the dominance of digital platforms and their transformative effects of platform capitalism on labor markets, highlighting the growth of gig economies and the challenges of labor rights, income security, and regulatory frameworks in this new paradigm. Since platforms enabled by advancements in technology and digital connectivity, they have revolutionized traditional business models and reshaped the ways in which value is created, distributed, and captured. These platforms, while revolutionizing economic interactions and information exchange, also reflect elements of rent extraction identified in Marxist thought. This amplifies concerns over economic inequality and the accumulation of power, mirroring the Marxist critique of rent as an exploitative mechanism. By scrutinizing digital platforms through a Marxist rent theory framework, this study aims to comprehend how these platforms fit into the broader landscape of capitalist relations, shedding light on the complex interplay between technological innovation, economic structures, and the perpetuation of class divisions.