The New Era of Capitalism: A Critical Review of Platform Capitalism

Abstract

N.s., the author of platform capitalism, is a prominent thinker whose work focuses on the intersection of political economy and digital technology. This part of the “theory redex” series serves as a critical intervention into popular narratives surrounding the modern economy. Shirnek’s primary aim is to provide a rigorous economic history of capitalism’s relationship with digital technology, moving beyond superficial cultural or purely political interpretations. He argues that to understand the tech giant of the day, we must view them primarily as economic actors operating within a capitalist mode of production. The book is structured to provide clarity on the contemporary moment by examining its roots in the past economic crisis. It begins with a historical overview of the “long downturn,” which the author identifies as the foundational period for our current situations. From there, it transitions into a detailed analysis of the “platform as a specific and powerful new business model” that has emerged to extract and control massive amounts of data. The book identifies five distinct types of platforms: advertising platforms, cloud platforms, industrial platforms, product platforms, and lean platforms. Each represents a different strategy for generating profit in an era where traditional manufacturing profitably has declined.