The becoming-rent of profit

Rent is the revenue that can be extracted from exclusive ownership of a resource, where value is contingent on its availability with respect to demand (Harvey, 2001). Industrial capitalism concerned direct intervention in the production process, and subsequently in the generation of profit. In industrial capitalism, therefore, rent is characterised as external to production and distinct from profit. Industrial capitalism constituted a shifting emphasis from immobile to movable property, corresponding to a shift from primitive accumulation towards profit. Rent was largely understood as a pre-capitalist legacy, traditionally associated with immobile forms of property such as land. Where ‘rent’ is the primary locus of value, the rentier is thought to be external to the production of value, merely extracting the economic rent produced by other means. The generation of profit, in contrast, requires the direct intervention of the capitalist in the production and circulation of material commodities. It is associated with the ability to generate and extract surplus (Vercellone, 2008, 2010). This transformation from rent to profit, many theorists argue, is emblematic of a passage from primitive accumulation to capitalist productive power in industrial capitalism (Hardt, 2010). In contrast, capitalist accumulation is today characterised by a shift from the productive forms of capitalism that characterised the industrial era towards new modalities in which rent is no longer cast in opposition to profit. Through the growing role of property in extracting value from a position external to production, and the manipulation of the social and political environment in which economic activities occur, such as the management of scarcity and the increasingly speculative nature of capital itself, the core tenets of ‘rent’ are confused with ‘profit’. This is described in the Post-Operaismo theory of the ‘becoming-rent of profit’, an economic theory specular to the communism of capital.

Rent, as Pasquinelli (2008) maintains, is the flipside of the commons. Through the rent applied over proprietary frameworks that flank the digital commons, the material surplus of immaterial labour is opened to extraction.

Excerpt from Rachel O’Dwyer, “Spectre of the commons: Spectrum regulation in the communism of capital” (2013)

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