{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","title":"Digital Capitalism","author":null,"edition":null,"publisher":null,"year":null,"isbn":"2021022153","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","id":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","uuid":"50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","title":"Digital Capitalism","normalized_title":"digitalcapitalism","author":null,"edition":null,"publisher":null,"year":null,"isbn":"2021022153","isbns":["2021022153","9781032119182","9781032119205","9781003222149","2405518376"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":343,"navigation_url":"https://workshop.closeclaw.top/ai/book/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","title_url":"https://workshop.closeclaw.top/ai/title/Digital%20Capitalism","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed","page_url":"https://workshop.closeclaw.top/api/ai/books/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/page","search_url":"https://workshop.closeclaw.top/api/ai/books/50b7f922-b940-4a05-8eb0-c4dc0d8ec9ed/search"},"page":{"printed_page":25,"pdf_page":39,"physical_index":39,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"9b904c7a873687d7f454fce7df522cc3ea03c169f50fc312b6567e89422bac5a"},"chapter":"DIGITAL CAPITALISM","content":"Furthermore, one should add to Heilbroner’s understanding that in capitalism, individual capitalists are compelled to compete for investment opportunities and the cheapening of resources, that there is a capitalist dialectic of economic competition and monopoly so that competition creates oligopolies and monopolies, and that the political economy of capitalist globalisation not just includes the global search for cheap raw materials, cheap labour and commodity markets but also the global search for opportunities for capital export and investment so that new realms of accumulation are created, and warfare as international and global means for the defence and expansion of capitalism’s logic. Furthermore, one should also add to Heilbroner’s understanding of capitalism the importance of finance capital that follows the accumulation cycle M-M’ in capitalism.\n\nHeilbroner stresses that capitalism is not simply an economic system but a type of society. This is why he speaks of capitalism as a historical formation, social system of domination, “capitalist society” (Heilbroner 2018, 1380), and also as a “social formation” (see Heilbroner 1985, chapter 1). Importantly, Heilbroner stresses that there are economic, political and cultural dimensions of capitalist society. For Heilbroner, the economic logic of capital accumulation determines the roles of the state and of ideology in capitalist society, which means that he reduces politics and culture to the logic of capital accumulation: “All the foregoing aspects of the system can be traced to its inner metabolism, the money–commodity–money circuit” (Heilbroner 2018, 1387). What is missing in Heilbroner’s understanding of capitalism is the dialectic of the economic and the non-economic: the logic of accumulation originated in the capitalist economy and has shaped all realms of capitalist society, where the logic of accumulation takes on specific forms that have relative autonomy such as the accumulation of decision-power in capitalist society’s state system and the accumulation of reputation and definition-power in capitalist society’s cultural system (see Fuchs 2020a).\n\n1.4 What is Digital Capitalism?\n\nThe notion of digital capitalism originated in the context of the eulogisation of finance capitalism: The earliest mentioning of the term “digital capitalism” that I was able to trace was in a 1993 article in Forbes magazine, where Forbes then-senior editor Robert Lenzner, a Forbes senior editor, and Forbes reporter William Heuslein wrote the issue’s cover story titled “The Age of Digital Capitalism” (Lenzner and Heuslein 1993). The article describes “computerized financial instruments” (Lenzner and Heuslein 1993, 63), derivatives such as options, futures, currency forwards, interest-rates swaps, options on futures and swaps, etc. “Computers make all this magic [of derivatives] possible. […] Think of all this as an adult Nintendo game with big dollar signs attached” (Lenzner and Heuslein 1993, 63). Digital technologies have played an important role in finance capitalism. Ironically, the financial instruments that Forbes celebrated at the time of the popularisation of the World Wide Web 15 years later played an important role in the global economic crisis that started in 2008.\n\nChapter One | Introduction: What is Digital Capitalism?\n\n25\n\nWhat is Digital Capitalism?","previous_page":24,"next_page":26}