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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”.

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.

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.

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.

Henryk Grossman was the first person to systematically explore Marx’s explanation of capitalist crises in terms of the tendency for the rate of profit to fall and to place it in the context of the distinction between use and exchange value. His “The Law of Accumulation and Breakdown of the Capitalist System” remains an important reference point in the Marxist literature on economic crises. That literature has been plagued by distortions of Grossman’s position which derive from early hostile reviews of his book. These accused Grossman of a mechanical approach to the end of capitalism and of neglecting factors which boost profit rates. Grossman, in fact, contributed a complementary economic element to the recovery of Marxism undertaken by Lenin (particularly in the area of Marxist politics) and Lukács (in philosophy). In both published and unpublished work, Grossman also dealt with and even anticipated criticisms of his methodology and treatment of countertendencies to the tendency for the rate of profit to fall. Far from being mechanical, his economic analysis can still assist the struggle for working class self-emancipation.

This article tries to introduce product innovation into Marxist theory of capital accumulation. Although in Grundrisse Marx has already foreseen the importance of product innovation in overcoming the limits to capital originated from the production of relative surplus value, mainstream Marxist theories of capital accumulation have up till now made few endeavours to envisage this problem. It is argued in this chapter that to introduce product innovation into Marxist theory of accumulation depends on a reconstruction of the fundamental contradictions in capital accumulation, that is the contradiction between production of surplus value and realisation of surplus value, combined with the contradiction between exchange value and use value as the driving force in its development. The production of relative surplus value based on process innovation and consequent productivity enhancement, given any specific use value, will lead to overproduction, that is the intensification of those fundamental contradictions in accumulation, which nevertheless could be mitigated by introducing product innovation. In evaluating critically the contribution by Mandel in his long waves theory, we further argue, following the lead of neo-Schumpeterians, that there is a possibility for radical product innovations to be at least semi-endogenously induced in capital accumulation, and thus paving the way for a long boom of capitalism.

This chapter offers a Marxist analysis of forms of value in capitalist economies, and their implications for accumulation, (in)stability, and economic policy. The study focuses on seven key categories: money, capital, credit, interest-bearing capital, fictitious capital, the domestic public debt, and macroeconomic management through monetary and fiscal policy. It argues, first, that there is an intrinsic tendency toward the growing complexity of value forms in capitalism. Its examination helps to locate the contradictions of accumulation at increasingly complex levels, and the emergence of specifically financial forms of instability. Second, state management of accumulation through fiscal and monetary policy and the domestic public debt are essential for the stabilization of the economy, but their effectiveness remains limited. Third, monetary and financial structures, their relationship with production, and capacity to stretch, transform, and (de)stabilize accumulation are historically and institutionally specific. Fourth, public policy can influence the level and composition of output and employment, and the distributional and other outcomes of accumulation. Examination of the capital relation from this angle can shed light upon the drivers and modalities of accumulation of real and financial assets, and the imperatives, forms, and limitations of state regulation of accumulation.

In Volume I of Capital, Marx offers actual data from a Manchester spinning factory describing that business. In Volume II, he offers schemes of reproduction to help understand accumulation of capital while mentioning numbers that actually suggest correlation to the spinning factory data. Nevertheless, Marx seems to slide over the costs of new machinery when analyzing accumulation, instead focusing on wear and tear (depreciation). In this chapter, we offer a modeling of accumulation that takes account of modern estimates of the composition of capital, that is, the relation of labor time invested in constant capital compared to the labor time employed with that constant capital, relying principally upon U.S. and Canadian estimates.

We find empirically that the composition of capital fluctuates but does not show much trend. We also consider levels of the rate of exploitation and of utilization of surplus value required for achieving actual historical levels of accumulation of capital, and include consideration of the turnover of capital. We find that only a small portion of surplus value, perhaps 10%, is required for actually achieved accumulation. This suggests that a focus on the utilization of surplus value for the accumulation of capital misses vast other terrains for the utilization of surplus value.

Our result is suggestive of an overemphasis within Marxist political economy on accumulation of capital.

Following Braudel's conceptualization of capitalism and Arrighi's periodization of systemic cycles of accumulation, the authors focus on the patterns of recurrence of financial expansions enabling capitalism to revitalize itself through crisis; in this, crisis is considered in both aspects — crisis‐as‐restructuring and crisis‐as‐rupture. The ways in which finance aided by the blocks of governmental and business agencies in the present stage affects investment and business cycles result in a progressive increase of inequality between rich and poor countries, as well as inequality within the most developed countries. The authors tackle the crisis phenomenon through a genealogical analysis of the formation, consolidation and disintegration of the successive regimes of accumulation on a world scale through which the capital economy expands. They furthermore examine the crisis of capitalist accumulation through the relation of money and the state, which leads them to the field of debates on the changed relationship between the global economy and the national state. However, the crisis is also marked by a milestone which, despite dangers and pitfalls, opens up endless possibilities. They end the paper with a critique of the politics of money and advocate a socially responsible finance management, which will pave the way for a structure of society in which humanity will exist as an end in itself, rather than as a resource for the accumulation of money.

Following Braudel’s conceptualization of capitalism and Arrighi’s periodization of systemic cycles of accumulation, the authors focus on the patterns of recurrence of financial expansions enabling capitalism to revitalize itself through crisis; in this, crisis is considered in both aspects ‐ crisis‐as‐restructuring and crisis‐as‐rupture. The ways in whichfinance aided by the blocks of governmental and business agencies in the present stage affects investment and business cycles result in a progressive increase of inequality between rich and poor countries, as well as inequality within the most developed countries. The authors tackle the crisis phenomenon through a genealogical analysis of the formation, consolidation and disintegration of the successive regimes of accumulation on a world scale through which the capital economy expands. They furthermore examine the crisis of capitalist accumulation through the relation of money and the state, which leads them to the field of debates on the changed relationship between the global economy and the national state. However, the crisis is also marked by a milestone which, despite dangers and pitfalls, opens up endless possibilities. They end the paper with a critique of the politics of money and advocate a socially responsible finance management, which will pave the way for a structure of society in which humanity will exist as an end in itself, rather than as a resource for the accumulation of money.

Traditionally, demographic factors have been recognized as important factors of social capital accumulation. Owing to the differences in social structure and relationships resulted from the Internet development, the social capital accumulation mechanism is likely different. Hence, this study investigated the significance of the demographic factors and the Internet-related factors (Internet mobilization, collective identity, and digital literacy) of social capital accumulation nowadays, so as to understand the factors contributing to social capital accumulation nowadays, and reflect upon the applicability of traditional social capital accumulation mechanism.

There were 1,747 participants aged between 13 and 30 taking part in this quantitative study. Correlation analysis was performed to find out the relationship of participants' demographic background and Internet-related factors with offline and online social capital. Structural equation modeling, hierarchical regression analysis, and mediation analysis was performed to investigate how these factors were related to the social capital accumulated from the Internet.

Results showed that demographic background and engagement in Internet activities affected the acquisition of social capital from the Internet. Digital literacy displayed the largest mediating effect on online social capital accumulation. Corresponding implications were discussed.

Informed by the literature and theories of social capital, this study investigates the mechanism of online social capital accumulation by exploring its contributing factors.

This article provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence wages, reserve army, and capital accumulation in his investigation of economic development. The Lewis 1954 development model is compared to other models advanced at the time by Harrod, Domar, Swan, Kaldor, Solow, von Neumann, Nurkse, Rosenstein-Rodan, Myint, and others. Lewis applied the notion of economic duality to open and closed economies.

This chapter explores the origins, development, and organization of the main Portuguese capitalist groups throughout the fascist dictatorship, the Carnation Revolution, and the neoliberal European integration until the onset of the financial crisis of 2008. The Portuguese experience confirms that, far from the usual neoliberal view that presents the process of accumulation and concentration of capital as the result of fair market mechanisms, large capitalist groups emerge as a combination of three factors: privileged access to finance, State protection, and family inheritance. Furthermore, it is argued that, if capital is considered as embodiment of power relations and not as factor of production, the link between concentration/accumulation of capital and economic growth is appropriately lost. Concentration strategies can have a detrimental effect on the economy. In Portugal, the dominance of these large economic groups contributed to the development of a rentist economic structure that was contrary to the goals of productive and economic development.