Fetishism and the Theory of Value

This book demonstrates the continuing relevance of Marx's critique of the capitalist system, in which value is simply equated with market price. It includes chapters specifically on the environment and financialisation, and presents Marx's qualitative theory of value and the associated concept of fetishism in a clear and comprehensive manner. Section I demonstrates how fetishism developed in Marx's writing from a journalistic metaphor to an analytical device central to his critique. In Section II, commodity fetishism is distinguished from other forms: of money, capital and interest-bearing capital. There follows an analysis of Marx's complex attempt to distinguish his argument from that of Ricardo, and Samuel Bailey. The section ends with a discussion of the ontological status of value: as a social rather than a natural phenomenon. Section III considers the merits of understanding value by analogy with language, and critically assesses the merits of structural Marxism. Section IV challenges Marx's emphasis solely on production, and considers also exchange and consumption as social relations. Section V critically assesses recent Marx-inspired literature relating to the two key crises of our time, finance and the environment, and identifies strong similarities between the key analytical questions that have been debated in each case.

Imperative reading for anyone interested in understanding Marx's concept of commodity fetishism Analyses Marx's qualitative theory of value, and the social relations not only of production but also exchange and consumption Relates Marx's thought to contemporary debates around financialisation and the environment

Autorentext
Desmond McNeill (PhD, economics, University of London) graduated from Cambridge University in 1969. He has been a lecturer at University College London and the University of Edinburgh and recently retired from the Centre for Development and the Environment, at the University of Oslo, Norway, where he had formerly been Research Professor and Director.

Klappentext

This book demonstrates the continuing relevance of Marx s critique of the capitalist system, in which value is simply equated with market price. It includes chapters specifically on the environment and financialisation, and presents Marx s qualitative theory of value and the associated concept of fetishism in a clear and comprehensive manner. Section I demonstrates how fetishism developed in Marx s writing from a journalistic metaphor to an analytical device central to his critique. In Section II, commodity fetishism is distinguished from other forms: of money, capital and interest-bearing capital. There follows an analysis of Marx s complex attempt to distinguish his argument from that of Ricardo, and Samuel Bailey. The section ends with a discussion of the ontological status of value: as a social rather than a natural phenomenon. Section III considers the merits of understanding value by analogy with language, and critically assesses the merits of structural Marxism. Section IV challenges Marx s emphasis solely on production, and considers also exchange and consumption as social relations. Section V critically assesses recent Marx-inspired literature relating to the two key crises of our time, finance and the environment, and identifies strong similarities between the key analytical questions that have been debated in each case.

Zusammenfassung
"This book offers a profound and worthwhile consideration of value theory, fetishism, and financialization, not only from the purview of Marxist theory but from a broader range of interlocutors, whereby these themes in Marx and others are brought into fecund dialogue with the modern world." (Tony McKenna, Science & Society, Vol. 87 (4), October, 2023)
"The history of Desmond McNeill's fascinating and extraordinarily ambitious Fetishism and the Theory of Value covers nearly 40 years, and involved three stages, all of which are clearly reflected in the nature of the final result. ... he presents a very thorough and instructive summary of Marx's work in this area ... . McNeill usefully details the origins of fetishism in Marx's writings ... ." (John, McKay, Marx and Philosophy, marxandphilosophy.org.uk, January 22, 2022)

Inhalt

Chapter 1: Introduction.- Section 1: The Concept of Fetishism.- Chapter 2: The Origins of the Term in Marx's Writings.- Chapter 3: The Development of the Concept over Time.- Chapter 4: Fetishism: a Preliminary Exegesis.- Section 2: The Ontology of Fetishism.- Chapter 5: Fetishism of Money, Capital, Interest-bearing Capital and Commodities.- Chapter 6: The Form of Value: the Scylla of Bailey and the Charybdis of Hegel.- Chapter 7: Appearance and Reality: Some Ontological Issues.- Section 3: On Value and Meaning.- Chapter 8: What is Value? Marx's Use of Analogy.- Chapter 9: The Limitations of Structural Marxism.- Chapter 10: The Commodity as Sign.- Section 4: The Social Relations of Production, Exchange and Consumption.- Chapter 11: Marx's Emphasis on Production.- Chapter 12: Exchange and Reciprocity.- Chapter 13: Consumption, Need and Use-Value.- Section 5: Marx in the 21 st Century.- Chapter 14: Marx and the Environment.- Chapter 15: Marx and Financialisation.- Chapter 16: Conclusion.