The Karl Marx Problem in Contemporary New Media Economy

Abstract

This article focuses on five flaws of Christian Fuchs’ approach of Web 2.0 economy. Here, Fuchs’ views on immaterial production, productivity of labor, commodification of users’ data, underestimation of financial aspects of digital economy, and the violation of Marx’s laws of value production, rate of exploitation, fall tendency of profit rate, and overproduction crisis are put into question. This article defends the thesis Fuchs fails to apply Marxian political economy to the contemporary phenomena of Web 2.0 economy. It is possible to avoid Fuchs’ errors, and another approach is possible to remake Marxism relevant for an analysis of the new media economy.