Attributes and Trends of Rentified Capitalism

In: Italian economic journal: official peer-reviewed journal of the Italian Economic Association

Abstract

AbstractWhat is rentified capitalism? And, how can we characterise its unfolding into the socio-economic sphere? This paper theoretically and empirically defines attributes and trends of rentified capitalism, that we shall argue, it is more than a stage of capitalism, but it rather represents a new socio-economic paradigm characterised by the primacy of rent accumulation. The functioning of rentified capitalism is based on three mechanisms, namely, appropriation, exclusion and commodification. From income distribution, to financialization, from housing to intellectual property rights, the definition of the ownership structure is nowadays progressively favouring the power of rentiers in the production and redistribution spheres, as such jeopardizing the very capacity of capitalism as a system able to generate new economic value and a social and equitable prosperity.