Platforms and the Critique of Political Economy

The study of platforms, or multi-sided markets, has seen exponential growth in economics, media studies, social sciences, and humanities. However, the critical political economy of media has been relatively quiet, with notable exceptions in areas such as platform capitalism, imperialism and especially platform labour and gig work. However, traditional Marxian production, often taken as the starting point, relies on the labour theory of value and struggles to capture all platform specificities. Due to their integrated understanding of production and circulation of value, I will argue that New Readings of Marx and Open Marxism help study platforms as linchpins of internet user lifeworlds and the global economy. In this literature, capitalism is analysed as a historically specific social form of production. Additionally, these approaches can address some theoretical problems that occasionally occur with related Marxian theories, such as unpaid digital labour, rent, and techno-feudalism. In that sense, this paper aims to contribute to the critical political economy of the media and the study of platforms by bringing previously neglected theoretical approaches to the centre stage and unpacking platforms as social forms of production and circulation in contemporary capitalism.