“Capitalism without Capital” or “Technofeudalism”? Preliminary Thoughts toward a Theory of Knowledge Monopolization

Abstract

This article engages with the arguments that the rise of intangible assets, digital platforms, and knowledge monopolies represents either a fundamental transformation of capitalism or the emergence of “technofeudalism.” Drawing from Marxian economic theory, I propose a conceptual framework based on three appearances of knowledge in the economy: commodity, capital, and barriers to entry. Knowledge commodities challenge traditional Marxian value theory because of their infinite reproducibility and near-zero reproduction costs, enabling firms to extract rents rather than directly create new value. Intangible assets increasingly function as capital, intensifying labor exploitation and enabling surveillance and control. Finally, knowledge monopolization reinforces capitalist accumulation and monopolization tendencies by creating barriers to entry. The analysis underscores the persistence of core capitalist logic while highlighting new contradictions posed by digitalization, intangible assets, and intellectual property rights.JEL Classification: B51, O33, O34, L86. © 2025 Elsevier B.V., All rights reserved.