Political Economy of Accounting

Increasingly, a range of 'things' (e.g. infrastructure, data, knowledge, bodies, etc.) are configured and/or reconfigured as assets, or capitalized property. Accumulation strategies have changed as a result of this assetization process, which characterizes a particular form of technoscientific capitalism. Rather than entrepreneurial strategies based on commodity production, technoscientific capitalism is increasingly underpinned by rentiership, or the appropriation of value through ownership rights (e.g. intellectual property), monopoly conditions, and regulatory or market devices and practices (e.g. investment dispute courts, exclusivity agreements, etc.). While rentiership and rent-seeking are often presented as negative phenomena (e.g. distorting markets, unearned income) in both neoclassical and Marxist literatures – and much in-between – it is my intention in this paper to unpack rentiership as an increasingly constitutive political-economic process underpinning technoscientific capitalism. Rather than being framed as a problematic 'side-effect' of capitalism, I argue that rentiership can help us to understand how different forms of value extraction are constituted by and come to constitute different forms of technoscience. This has significant analytical, political, and normative implications for understanding the relationship between science, innovation, and business (e.g. how do rentier rationales configure research agendas, how does innovation enable rentiership, what are the consequences for social equity, etc.).

Current debates in science and technology studies emphasize that the bio-economy—or, the articulation of capitalism and biotechnology—is built on notions of commodity production, commodification, and materiality, emphasizing that it is possible to derive value from body parts, molecular and cellular tissues, biological processes, and so on. What is missing from these perspectives, however, is consideration of the political-economic actors, knowledges, and practices involved in the creation and management of value. As part of a rethinking of value in the bio-economy, this article analyzes three key political-economic processes: financialization, capitalization, and asseti-zation. In doing so, it argues that value is managed as part of a series of valuation practices, it is not inherent in biological materialities.

At a time when neoliberalism has become an accepted term in public debate to refer to the current state of modern societies and their political economies, Kean Birch critically analyses the conflicting theories that shape our understanding of ‘neoliberalism’.

With an ever-expanding variety of perspectives on the concept of neoliberalism, it is increasingly difficult to identify any commonalities. This book explores how different people understand neoliberalism, and the contradictions in thinking of neoliberalism as a market-based ethic, project, or order. Detailing the intellectual history of ‘neoliberal’ thought, the variety of critical approaches and the many analytical ambiguities, Kean Birch presents a new way to conceptualize contemporary political economy and offers potential avenues for future research through a judicious exploration of ‘neoliberal’ practices, processes, and institutions.

This work will be an essential resource for undergraduate and postgraduate students, scholars, and researchers to critically assess the concept of neoliberalism across many disciplines. The book will also serve as a general introduction to a wider audience interested in the term ‘neoliberalism’, its potential pitfalls, and its contested future.

As I read Andy Pike’s book, I found myself nodding along to almost everything he was writing, almost everything…. The only issue that kept me from fully agreeing with his arguments was that I saw it all through a very different conceptual lens. To be clear, I do not think that his theoretical treatment of the topic at hand – brands and branding – is weak or inadequate or anything along those lines; it is simpler than that. Conceptually, the book is built around an analysis of what Pike calls ‘goods and services commodities’ – a phrase that he comes back to repeatedly throughout the book. In contrast, I think that the book is really all about assets and not commodities, conceptually speaking at least, and I think this makes a major difference to how we conceptualize what is going on. In order to illustrate this line of thinking, I start this review by outlining what Pike actually puts in his book; then, I present some comments that point towards what I am calling a theory of rentiership.