This theoretical essay critically examines the intricate relationship between academic
knowledge production, academic capital accumulation, and the pervasive influence of
neo-liberalization within the contemporary knowledge-based society and economy. After
introducing the concepts of academic capital and academic labor, the paper identifies
a concerning emphasis on academic capital in the world system of academic knowledge
production, where qualifications from prestigious institutions disproportionately
influence career opportunities, mobility, and research funds. The essay argues that
while there is ongoing criticism regarding the neo-liberalization of academia, a related
phenomenon, namely the prestige economy, remains oftentimes uncovered. The paper ultimately
highlights the adverse consequences of a capital-centric academic environment, urging
for a more balanced approach that prioritizes knowledge diversity, internationalization,
and localized research initiatives, countering the homogenizing forces of the prestige
economy within global higher education, and puts more emphasis on the production of
labor than on academic capital.
