Platform power: monopolisation and financialisation in the era of big tech
从垄断资本学派的理论出发，结合中国平台公司的证据，分析了平台经济中企业权力的层级结构及其对收入不平等、产能过剩和金融不稳定的宏观影响。
Abstract This paper addresses the questions of corporate power represented by digital platforms. We undertake a conceptual analysis of platform power so that it can provide an explanation of key motivations and behaviours for monopolisation in the platform economy. We argue that there emerges a hierarchical power structure in which platform companies relentlessly pursue power over users, and small platforms increasingly depend on big tech and financial capital. Drawing theoretical insights from the monopoly capital school and empirical evidence from platform companies in China, this paper further explores the macroeconomic implications of platform monopolisation and financialisation. It is demonstrated that the hierarchical power structure in the platform economy may increase income inequality, exacerbate overcapacity and generate financial instability.