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Attributes and trends of rentified capitalism

Author

Listed:
  • Giovanni Dosi
  • Lucrezia Fanti
  • Maria Enrica Virgillito
Abstract
The current phase of capitalism has been defined in many alternative ways, ranging from techno-capitalism, turbo-capitalism, unbridled capitalism, unleashed capitalism, managerial capitalism. In this paper we put forward the notion of rentified capitalism defined as a configuration of capitalism based on the progressive rentification of the socio-economic fabric acting via three mechanisms: Appropriation, Exclusion and Commodification. Delving into a classical political economy distinction of rents from a distributive versus a production perspective, we ask the following research questions: are rents simply a form of functional income source or rather a process of redefinition of property rights allowing for unjust resource accumulation? What are the attributes and trends of a rentified capitalism? How can we distinguish realms and spaces under the process of rentification? How can we measure the degree of rentification of an economy? In order to address the latter questions we identify realms and spaces of rentified capitalism (e.g., resource distribution; economic crises; finance and pseudo wealth; finance vs welfare state; housing; IPRs and Big Pharma) distinguishing countries characterised by different social and economic architectures (US, Germany, Italy) as representative of a variety of capitalisms approach. We conclude that economists are in need of a new analytical thinking advancing on the understanding of the causes and consequences of rentified capitalism.

Suggested Citation

  • Giovanni Dosi & Lucrezia Fanti & Maria Enrica Virgillito, 2024. "Attributes and trends of rentified capitalism," LEM Papers Series 2024/01, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    • Handle: RePEc:ssa:lemwps:2024/01
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    Cited by:

    1. Giovanni Dosi & Davide Usula & Maria Enrica Virgillito, 2024. "Increasing returns and labor markets in a predator–prey model," Journal of Evolutionary Economics, Springer, vol. 34(2), pages 375-402, April.
    2. Giovanni Dosi & Marcelo C. Pereira & Andrea Roventini & Maria Enrica Virgillito, 2024. "The political economy of complex evolving systems: the case of declining unionization and rising inequalities," LEM Papers Series 2024/13, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

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    More about this item

    Keywords

    Rents; political economy; modern capitalism; accumulation regime; power asymmetry;
    All these keywords.

    JEL classification:

    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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