Rentierism and Big Pharma — with Nick Dearden

During the pandemic and its aftermath, the world witnessed a revival of new narratives and strategies related to industrial policy in a geopolitically competitive environment. We invite Angela Wigger to reflect on the history of competition policy in the EU and provide a deeper understanding of the latest “come-back” of EU industrial policy. She will explain how EU competition policy is enshrined in the shift towards a neoliberal order since the 1980s. Angela will provide a perspective on contemporary competition policy since the financial crisis, reflecting on the role of political institutions like the European Commission. We will further ask Angela: How should we understand the concept of “competition” in the context of the EU? Whose interests do the EU’s competition policy serve, both in terms of industries and geopolitical actors? Are alternative types of competition policy feasible, and how should we shape them?

Embark on a journey encompassing Brett Christophers' latest three books in this Crash Course Episode. He provides a comprehensive overview of the ascent of rentier capitalism, observed in diverse forms across political economies, and hones in on the pivotal role of asset managers in value extraction and shaping a rentier economy. Key questions we will explore with Brett: What exactly are rents, and what sets them apart from profits within the capitalist framework? Why is this distinction crucial? How has the landscape of asset management evolved, and where does it fit into the broader narrative of the rise of rentier capitalism? In the pursuit of decarbonisation, what obstacles arise due to the dominance of monopolists in various sectors of our economies?

In this first Crash Course episode of the new series, we invite writer-activist Cory Doctorow to explore the rise of Rentier and Monopoly Capitalism in the tech sector. Is the platform economy in the last phase of what he calls Enshittification? “First, they are good to their users; then they abuse their users to make things better for their business customers; finally, they abuse those business customers to claw back all the value for themselves. Then, they die.” - Cory DoctorowWe will ask him: How do big tech companies lock out competition and lock in users? To explain his concept of Enshittification and relate it to the rise of Rentier and Monopoly Capitalism. Are there historical parallels to the current trend? If so, what can we learn from them? Are we entering a new phase of capitalism where the rentier is at the top of the food chain? If platform and productive capital interests are at odds, what possibilities exist for workers and consumers to exploit this rift? How do we stop further corporate consolidation and monopoly power and build back a different economy?

In this special one-off we focus on European fiscal policy, following FiscalMatters' week of debate in which the future of the EU fiscal framework is discussed: “Too often important policy decisions happen behind closed doors. We need an open and accessible debate on Europe’s fiscal future”. Together with Ludovic Suttor-Sorel from Finance Watch we look at the current EU fiscal rules and how they should change in order to face the challenges we face regarding climate change, a just transition, rising inequality, unemployment and public health. How can we, civil society, academics and social and environmental activists contribute to fiscal policy for the good? What are the main problems of the current EU fiscal rules, and to what extent to they hinder countries to make the necessary investments to build resilient green economies? What kind of EU fiscal framework do we need to tackle the main challenges of the 21st century? What other instruments should the EU use to promote more convergence between the member states, and is this all feasible within the euro?

Innovation economist and digital policy expert Francesca Bria joins us to talk about her experiences trying to counter the power of Big Tech and using technology for democratic decision making. Bria is the former CTO of the City of Barcelona and has been leading European Research and Innovation projects related to digital sovereignty, digital democracy and crypto platforms. In 2015 local elections in Spain were spectacular and radical democratic local forums won in many places and in some of the largest cities (Barcelona, Madrid, and others). Most prominent was the victory in Barcelona under the umbrella of Barcelona en Comú, and with the urban activist Ada Colau as mayor Francesca Bria became Barcelona’s Chief Technology and Digital Innovation Officer and has developed programs to curb the power of the tech giants and to use technology for democratic decision making. One of the international organisations that Francesca helped to develop was the Decode Project (https://decodeproject.eu/) with the aim to provide tools that put individuals in control of whether they keep their personal information private or share it for the public good. Francesca Bria is the President of the Italian National Innovation Fund. She is an Italian information technologist who lectures at various universities and is a consultant to the United Nations and the European Commission.