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Big tech and platform-enabled multinational corporate capital(ism): the socialisation of capital, and the private appropriation of social value

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  • Christos Pitelis

Abstract

I explore the relationship between theory and prediction in political economy and organisational economics, employing the works of Keith Cowling and Stephen Hymer as case examples of prediction-aiding good theory. I develop the insights of the two scholars by leveraging key ideas from classical economics and applying the result to the platform-enabled, market-assisted organisational economy. Based on that I suggest that the emergence and rise of platform-enabled Big Tech, unicorns and the ‘sharing economy’ are both aligned with and partly predictable. I go on to hazard some further predictions about the future of the corporation and capitalism and discuss research opportunities.

Suggested Citation

  • Christos Pitelis, 2022. "Big tech and platform-enabled multinational corporate capital(ism): the socialisation of capital, and the private appropriation of social value," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(6), pages 1243-1268.
    • Handle: RePEc:oup:cambje:v:46:y:2022:i:6:p:1243-1268.
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    References listed on IDEAS

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    1. Cowling, Keith & Sugden, Roger, 1989. "Exchange Rate Adjustment and Oligopoly Pricing Behaviour," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 13(3), pages 373-393, September.
    2. Christos N. Pitelis & David J. Teece, 2018. "The New MNE: ‘Orchestration’ Theory as Envelope of ‘Internalisation’ Theory," Management International Review, Springer, vol. 58(4), pages 523-539, August.
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    6. Christos Pitelis, 2012. "Clusters, entrepreneurial ecosystem co-creation, and appropriability: a conceptual framework," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 21(6), pages 1359-1388, December.
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    10. George Argitis & Christos Pitelis, 2008. "Global Finance and Systemic Instability," Contributions to Political Economy, Cambridge Political Economy Society, vol. 27(1), pages 1-11.
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    18. John H Dunning & Christos N Pitelis, 2008. "Stephen Hymer's contribution to international business scholarship: an assessment and extension," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 39(1), pages 167-176, January.
    19. Christos N. Pitelis & David J. Teece, 2010. "Cross-border market co-creation, dynamic capabilities and the entrepreneurial theory of the multinational enterprise," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 19(4), pages 1247-1270, August.
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