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Article
Publication date: 13 March 2024

Keanu Telles

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some…

Abstract

Purpose

The paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.

Design/methodology/approach

The author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.

Findings

The systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.

Originality/value

In the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.

Details

EconomiA, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1517-7580

Keywords

Abstract

Details

A Neoliberal Framework for Urban Housing Development in the Global South
Type: Book
ISBN: 978-1-83797-034-6

Article
Publication date: 27 February 2023

Bhabani Shankar Nayak and Nigel Walton

The paper argues that the classical Marxist theory of capitalist accumulation is inadequate to understand new forms of capitalism and their accumulation processes determined by…

Abstract

Purpose

The paper argues that the classical Marxist theory of capitalist accumulation is inadequate to understand new forms of capitalism and their accumulation processes determined by “platforms” and “big data”. Big data platforms are shaping the processes of production, labour, the price of products and market conditions. “Digital platforms” and “big data” have become an integral part of the processes of production, distribution and exchange relations. These twin pillars are central to the capitalist accumulation processes. The article argues that the classical Marxist theory of capitalist accumulation is inadequate to understand new forms of capitalism and their accumulation processes determined by “platforms” and “big data”.

Design/methodology/approach

As a conceptual paper, this paper follows critical methodological lineages and traditions based on non-linear historical narratives around the conceptualisation, construction and transition of the “Marxist theory of capital accumulation” in the age of platform economy. This paper follows a discourse analysis (Fairclough, 2003) to locate the way in which an artificial intelligence (AI)-led platform economy helps identify and conceptualise new forms of capitalist accumulation. It engages with Jørgensen and Phillips' (2002) contextual and empirical discursive traditions to undertake a qualitative comparative analysis by exploring a broad range of complex factors with case studies and examples from leading firms within the platform economy. Finally, it adopts two steps of “Theory Synthesis and Theory Adaptation” as outlined by Jaakkola (2020) to synthesise, adopt and expand the Marxist theory of capital accumulation under platform capitalism.

Findings

This article identifies new trends and forms of data driven capitalist accumulation processes within the platform capitalism. The findings suggest that an AI led platform economy creates new forms of capitalist accumulation. The article helps to develop theoretical understanding and conceptual frameworks to understand and explain these new forms of capital accumulation.

Originality/value

This study builds upon the limited theorisation on the AI and new capitalist accumulation processes. This article identifies new trends and forms of data driven capitalist accumulation processes within platform capitalism. The article helps to understand digital and platform capitalisms in the lens of digital labour and expands the theory of capitalist accumulation and its new forms in the age of datafication. While critiquing the Marxist theory of capitalist accumulation, the article offers alternative approaches for the future.

Details

Information Technology & People, vol. 37 no. 2
Type: Research Article
ISSN: 0959-3845

Keywords

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