Profit and Gift in the Digital Economy

Dave Elder-Vass argues that dominant approaches to the economy miss much of what happens in real economies and that the rise of the digital economy has made this problem more evident. He proposes a new framework to analyse diverse economic systems, and applies it to cases drawn from the digital economy.

Our economy is neither overwhelmingly capitalist, as Marxist political economists argue, nor overwhelmingly a market economy, as mainstream economists assume. Both approaches ignore vast swathes of the economy, including the gift, collaborative and hybrid forms that coexist with more conventional capitalism in the new digital economy. Drawing on economic sociology, anthropology of the gift and heterodox economics, this book proposes a groundbreaking framework for analysing diverse economic systems: a political economy of practices. The framework is used to analyse Apple, Wikipedia, Google, YouTube and Facebook, showing how different complexes of appropriative practices bring about radically different economic outcomes. Innovative and topical, Profit and Gift in the Digital Economy focusses on an area of rapid social change while developing a theoretically and politically radical framework that will be of continuing long-term relevance. It will appeal to students, activists and academics in the social sciences.