Hypercapitalism

In this article I identify specific historical trajectories that are directly contingent upon the deployment and use of new media, but that are actually hidden by a focus on the purely technological. They are: the increasingly abstract and alienated nature of economic value; the subsumption of all labour — material and intellectual — under systemic capital; and the convergence of formerly distinct spheres of analysis — the spheres of production, circulation and consumption. This article examines the implications of the knowledge economy from an historical materialist perspective. I synthesize the systemic views of Marx (1846 1972, 1875 1972, 1970, 1973, 1976, 1978, 1981), Adorno (1951 1974, 1964 1973, 1991), Horkheimer and Adorno (1947 1998), Jarvis (1998) and Bourdieu (1991, 1998) to argue for a language-focused approach to new media research and suggest aspects of Marxist thought which might be useful in researching emergent socio-technical domains. I also identify specific categories in the Marxist tradition which may no longer be analytically useful for researching the effects of new media.