The rise of both negative and positive externalities together with their growing interference in transaction cost--and therefore in the institutions charged with minimising their cost--are substantial trends. Political economy can no longer report them merely in passing, without saying more, as if they were exceptions and picturesque curiosities. Especially since the new production model, which has been emerging for thirty years now, is, furthermore, characterised by the rise of immaterial labour and collective intelligence as a primary factor of production and as the real substance of wealth and value. [...]