Abstract The development of human society has entered the digital age, and the digital economy is reshaping the social production mode with unprecedented and powerful momentum. In this context, digital platforms, as an important component of the digital economy and an important carrier for the proliferation of digital capital, so the capital functions are worth paying attention to. From the perspective of Marx’s industrial capital theory, a comprehensive analysis of the dual functional forms of digital platforms can be conducted, further examining the dilemmas caused by labor displacement and shrinking profits in the real economy. This may provide a new perspective for promoting the integrated development of the digital economy and the real economy.In his study of the logic of capital, Marx focused on the mode of capital circulation, including: comprehensively expounded the theory of industrial capital, in the overall process of capital circulation, the form of capital value will present three forms: monetary capital, productive capital, and commodity capital. which are successively followed in time and coexist with each other in space to ensure the continuity of the circulation. A deep analysis of the evolution of commercial capital reveals that , in the process of commodity circulation, driven by the need for the realization of capitalist surplus value , commodity capital, which originally played a leading role, has transformed into a subordinate force. In the circulation domain, it has evolved into independent commercial capital engaged in the realization and division of surplus value. In the current era, digital platforms also exhibit a functional duality similar to that of industrial capital and commercial capital.Firstly, in terms of industrial capital function, digital platforms fulfill their monetary capital function by hiring technical personnel and seeking independent contractors, by obtaining and processing data elements, producing digital goods to fulfill its productive capital function. These platforms also practice the commodity capital function by promoting the products or services on the platform at low prices or providing free promotions. The cycle repeats itself to keep the digital platform running.Secondly, in terms of commercial capital function, digital platforms utilize computing power and algorithm to timely capture market supply and demand information, thereby improving the speed of commodity circulation and obtaining revenue. Moreover, due to the “dumbbell-shaped” structure of the digital platforms in the proportion of industrial capital function in the early stage of operation model under the influence of strong monetization advantages in the middle and late stages of operation, which will lead to the strengthening of the proportion of commercial capital functions until it obtains a dominant position.The dual capital function of digital platforms has a variety of impacts on the real economy. The main manifestations are: promoting the digital transformation of means of production and the gig transformation of producers in the production mode of the real economy through the function of industrial capital, so as to improve labor productivity, reduce labor costs, and create a large number of relatively surplus population. Intensifying the dependence of the real economy through the function of commercial capital to obtain distribution discourse power, to continuously divide the profits of the real economy while increasing the total amount of social surplus value, leading to the shrinkage of the real economy.Based on China’s practice, it is necessary to start from the dual functions of digital capital, strengthen the guidance and regulation of the drawbacks of digital platform capital, and mobilize and promote the benefits of digital platform elements; accelerate the exploration of platform-entity integration points from the inside, and improve the benefit distribution model from the outside, etc., so as to seek breakthroughs in multiple aspects.
Liu Yong,Xiang Nan,Zhou Shaodong. Digital Platforms from the Perspective of Marx’s Industrial Capital Theory: Dual Capital Functions and the Shrinkage of the Real Economy[J]. JOURNAL OF ZHEJIANG UNIVERSITY, 2025, 55(1): 46-60.
2025, Vol. 55 
