Knowledge, Rationality and Market: The Market Metaphysics and Governance Discourse of Academic Capitalism

Abstract

Academic capitalism represents a capitalist system deeply intertwined with neoliberal ideology and educational policy reform. Both academic capitalism and neoliberalism seek to consolidate market dominance and provide unlimited access to capital through the privatization and commodification of academic activities, transforming academia into a capitalist sphere. Neoliberalism reshapes nations of knowledge, rationality, and free discourse within a market-oriented narrative, while new managerialism within universities has codified the theoretical and practical foundations of the academic market. Academic capital is a particular form of capital, and academia is a distinct public sphere linked to the transmission of culture and the development of civilization; therefore, it is essential to recognize the risks and inequalities that result from the polarization of academic capital under the influence of global academic capitalism. A market-based governance model has emerged that tends to detach itself from traditional civilization and national frameworks. This research confirms that an effective academic governance system must be an embedded governance system that coordinates the roles of the state, the university, and the market within an integrated national and ethical system.