Industrial strategy in a transforming capitalism

Patrizio Bianchi and Sandrine Labory

Cambridge Journal of Economics, 2022, vol. 46, issue 6, 1481-1497

Abstract: Monopoly capitalism stressed the inevitable tendency of monopolisation of economies based on market capitalism, due to the strategic behaviour of firms aiming at reducing competition and preventing entry. The growth of Big Tech in the last decades just confirms this result. However, the digital economy and the development of online platforms reflect deep economic transformations, whereby the nature of competition in markets considerably changes. This paper shows that Cowling’s insights are not undermined as a result, rather the contrary. In particular, we suggest that industrial strategy in the digital economy could be usefully focused on economic governance, as suggested by Cowling. The new regulatory paradigm proposed in the EU with the Digital Markets Act (DMA) seems to follow this suggestion.

Keywords: Monopoly capitalism; Big Tech; Digital economy; Industrial strategy (search for similar items in EconPapers)
Date: 2022
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/10.1093/cje/beac049 (application/pdf)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:cambje:v:46:y:2022:i:6:p:1481-1497.

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

Cambridge Journal of Economics is currently edited by Jacqui Lagrue

More articles in Cambridge Journal of Economics from Cambridge Political Economy Society Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().