Bilić, Paško; Prug, Toni; Žitko, Mislav (2021) The Political Economy of Digital Monopolies: Contradictions and Alternatives to Data Commodification. Bristol University Press. ISBN 978-1529212372 (hardback). 230 pages. Also available as epub and kindle: https://bristoluniversitypress.co.uk/the-political-economy-of-digital-monopolies 


Descirption:

Digital platforms have come under intense scrutiny from scholars, policy makers, regulators, and the public for their immense and yet largely opaque influence on the social and economic sphere. This book advances value-form and social-form directions in Marxian theory, moving beyond mainstream economic reasoning that informs much of the debate. Digital monopoly platforms such as Google and Facebook are analysed in light of their profit seeking behaviour and monetary flows generated primarily through advertising and data commodification. Considering the unity of production and circulation the book argues that outputs are better understood as a collection of different types of social forms shaped by capital (pre, intermediate and final commodities) and as forms of public wealth (Copyleft Free Software, publicly financed science and research). The authors critically engage with Marxian theories that conceptualise user activities as forms of digital labour, with zero-price markets and critical legal theories, as well as with ‘internet exceptionalism’ in various forms. The role of regulation of production, especially of financial markets and monopolies is critically discussed with an empirical analysis of the development of GAFAM companies, Google’s mandatory reporting to the Securities and Exchange Commission, and of digital advertising of Google and Facebook. The book discusses contradictions of the capitalist mode of production, limits of ongoing reform initiatives, and alternatives to the logic of capital and commodity production on digital platforms.

Reviews:

"Our world has come to be dominated by a few giant high-tech corporations whose power and impact have, rightly, drawn much comment. However, rigorous analysis of their financial and monopolistic character is scarce. In this thoughtful book the authors creatively apply Marxist theory to help us understand the role and significance of these digital titans." 
Peter Golding, Northumbria University

"The utopian promises made at the start of 'the digital age' have not come true. If you wish to understand why – and why Marx remains indispensable – read this book!" 
Tony Smith, Iowa State University

"In this thoroughly researched and clearly written book, critical theory confronts the concentration of power in cyber-monopolies to advance our understanding of digital capitalism. The authors skilfully assess proposals for both reform and social transformation." 
Vincent Mosco, author of The Smart City in a Digital World 

Table of Contents:

1. Introduction: Context of Digital Monopolies
2. Production, Circulation, and the Science of Forms: Theoretical Foundations
3. Marxian Perspectives on Monopolies
4. Platforms, Advertising, and Users
5. Financialization and Regulation
6. Controlling, Processing, and Commercializing Data
7. Conclusion: Contradictions and Alternatives to Data Commodification

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