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class="vector-main-menu-container"> <div id="mw-navigation"> <nav id="mw-panel" class="vector-main-menu-landmark" aria-label="Site"> <div id="vector-main-menu-pinned-container" class="vector-pinned-container"> </div> </nav> </div> </div> <div class="vector-sticky-pinned-container"> <nav id="mw-panel-toc" aria-label="Contents" data-event-name="ui.sidebar-toc" class="mw-table-of-contents-container vector-toc-landmark"> <div id="vector-toc-pinned-container" class="vector-pinned-container"> <div id="vector-toc" class="vector-toc vector-pinnable-element"> <div class="vector-pinnable-header vector-toc-pinnable-header vector-pinnable-header-pinned" data-feature-name="toc-pinned" data-pinnable-element-id="vector-toc" > <h2 class="vector-pinnable-header-label">Contents</h2> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-pin-button" data-event-name="pinnable-header.vector-toc.pin">move to sidebar</button> <button class="vector-pinnable-header-toggle-button vector-pinnable-header-unpin-button" data-event-name="pinnable-header.vector-toc.unpin">hide</button> </div> <ul class="vector-toc-contents" id="mw-panel-toc-list"> <li id="toc-mw-content-text" class="vector-toc-list-item vector-toc-level-1"> <a href="#" class="vector-toc-link"> <div class="vector-toc-text">(Top)</div> </a> </li> <li id="toc-Basic_explanation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Basic_explanation"> <div class="vector-toc-text"> 1 Basic explanation </div> </a> <button aria-controls="toc-Basic_explanation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Basic explanation subsection </button> <ul id="toc-Basic_explanation-sublist" class="vector-toc-list"> <li id="toc-Value_relation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Value_relation"> <div class="vector-toc-text"> 1.1 Value relation </div> </a> <ul id="toc-Value_relation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Commodity_form" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Commodity_form"> <div class="vector-toc-text"> 1.2 Commodity form </div> </a> <ul id="toc-Commodity_form-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Metamorphosis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Metamorphosis"> <div class="vector-toc-text"> 1.3 Metamorphosis </div> </a> <ul id="toc-Metamorphosis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Primitive_exchange" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Primitive_exchange"> <div class="vector-toc-text"> 1.4 Primitive exchange </div> </a> <ul id="toc-Primitive_exchange-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Social_relations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Social_relations"> <div class="vector-toc-text"> 1.5 Social relations </div> </a> <ul id="toc-Social_relations-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Genesis_of_the_forms_of_value" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Genesis_of_the_forms_of_value"> <div class="vector-toc-text"> 2 Genesis of the forms of value </div> </a> <button aria-controls="toc-Genesis_of_the_forms_of_value-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Genesis of the forms of value subsection </button> <ul id="toc-Genesis_of_the_forms_of_value-sublist" class="vector-toc-list"> <li id="toc-Simple_form_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Simple_form_of_value"> <div class="vector-toc-text"> 2.1 Simple form of value </div> </a> <ul id="toc-Simple_form_of_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Expanded_form_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Expanded_form_of_value"> <div class="vector-toc-text"> 2.2 Expanded form of value </div> </a> <ul id="toc-Expanded_form_of_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-General_form_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General_form_of_value"> <div class="vector-toc-text"> 2.3 General form of value </div> </a> <ul id="toc-General_form_of_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Money-form_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Money-form_of_value"> <div class="vector-toc-text"> 2.4 Money-form of value </div> </a> <ul id="toc-Money-form_of_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Credit_money" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Credit_money"> <div class="vector-toc-text"> 2.5 Credit money </div> </a> <ul id="toc-Credit_money-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Implications" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Implications"> <div class="vector-toc-text"> 2.6 Implications </div> </a> <ul id="toc-Implications-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Generalized_commodity_production" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Generalized_commodity_production"> <div class="vector-toc-text"> 2.7 Generalized commodity production </div> </a> <ul id="toc-Generalized_commodity_production-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Reification" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Reification"> <div class="vector-toc-text"> 2.8 Reification </div> </a> <ul id="toc-Reification-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marketisation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Marketisation"> <div class="vector-toc-text"> 2.9 Marketisation </div> </a> <ul id="toc-Marketisation-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Value-form_and_price-form" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Value-form_and_price-form"> <div class="vector-toc-text"> 3 Value-form and price-form </div> </a> <button aria-controls="toc-Value-form_and_price-form-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Value-form and price-form subsection </button> <ul id="toc-Value-form_and_price-form-sublist" class="vector-toc-list"> <li id="toc-Price-form" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Price-form"> <div class="vector-toc-text"> 3.1 Price-form </div> </a> <ul id="toc-Price-form-sublist" class="vector-toc-list"> <li id="toc-Latin_root" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Latin_root"> <div class="vector-toc-text"> 3.1.1 Latin root </div> </a> <ul id="toc-Latin_root-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Value_vs._price" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Value_vs._price"> <div class="vector-toc-text"> 3.1.2 Value vs. price </div> </a> <ul id="toc-Value_vs._price-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Real_prices_and_ideal_prices" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Real_prices_and_ideal_prices"> <div class="vector-toc-text"> 3.1.3 Real prices and ideal prices </div> </a> <ul id="toc-Real_prices_and_ideal_prices-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Sources" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Sources"> <div class="vector-toc-text"> 4 Sources </div> </a> <button aria-controls="toc-Sources-sublist" 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and the Soviet Union </div> </a> <ul id="toc-Engels,_Dühring,_and_the_Soviet_Union-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Issues_of_interpretation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Issues_of_interpretation"> <div class="vector-toc-text"> 5 Issues of interpretation </div> </a> <button aria-controls="toc-Issues_of_interpretation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Issues of interpretation subsection </button> <ul id="toc-Issues_of_interpretation-sublist" class="vector-toc-list"> <li id="toc-Common_difficulties" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Common_difficulties"> <div class="vector-toc-text"> 5.1 Common difficulties </div> </a> <ul id="toc-Common_difficulties-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Problematic" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Problematic"> <div class="vector-toc-text"> 5.2 Problematic </div> </a> <ul id="toc-Problematic-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Althusserian_interpretation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Althusserian_interpretation"> <div class="vector-toc-text"> 5.3 Althusserian interpretation </div> </a> <ul id="toc-Althusserian_interpretation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Fetishism" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Fetishism"> <div class="vector-toc-text"> 5.4 Fetishism </div> </a> <ul id="toc-Fetishism-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criticism" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Criticism"> <div class="vector-toc-text"> 6 Criticism </div> </a> <ul id="toc-Criticism-sublist" class="vector-toc-list"> </ul> </li> <li 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id="toc-Erosion_of_the_value-form_and_energy-sublist" class="vector-toc-list"> <li id="toc-Market_corrosion" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_corrosion"> <div class="vector-toc-text"> 9.1 Market corrosion </div> </a> <ul id="toc-Market_corrosion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Loss_of_value" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Loss_of_value"> <div class="vector-toc-text"> 9.2 Loss of value </div> </a> <ul id="toc-Loss_of_value-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Price_volatility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Price_volatility"> <div class="vector-toc-text"> 9.3 Price volatility </div> </a> <ul id="toc-Price_volatility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Unreliable_valuations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" 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id="toc-Organizational_instability" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Organizational_instability"> <div class="vector-toc-text"> 9.8 Organizational instability </div> </a> <ul id="toc-Organizational_instability-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_informal_circuit" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_informal_circuit"> <div class="vector-toc-text"> 9.9 The informal circuit </div> </a> <ul id="toc-The_informal_circuit-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Alternatives" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Alternatives"> <div class="vector-toc-text"> 9.10 Alternatives </div> </a> <ul id="toc-Alternatives-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Prospects" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Prospects"> <div class="vector-toc-text"> 9.11 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href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks" style="border-spacing:0.2em 0;"><tbody><tr><td class="sidebar-pretitle" style="padding-bottom:0.1em;">Part of <a href="/wiki/Category:Marxian_critique_of_political_economy" title="Category:Marxian critique of political economy">a series</a> on the</td></tr><tr><th class="sidebar-title-with-pretitle" style="background:#B60202;padding-bottom:0;font-size:175%;font-weight:normal;color:white;"><a href="/wiki/Marxian_critique_of_political_economy" class="mw-redirect" title="Marxian critique of political economy">Marxian critique of political economy</a></th></tr><tr><td class="sidebar-image" style="padding:0.5em 0 1.0em;"><a href="/wiki/Karl_Marx" title="Karl Marx"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Karl_Marx_001.jpg/110px-Karl_Marx_001.jpg" decoding="async" width="110" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Karl_Marx_001.jpg/165px-Karl_Marx_001.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d4/Karl_Marx_001.jpg/220px-Karl_Marx_001.jpg 2x" data-file-width="1428" data-file-height="2048" /></a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Concepts</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top:0;"><div class="hlist"> <ul><li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist mode of production</a></li> <li><a href="/wiki/Capital_(Marxism)" title="Capital (Marxism)">Capital</a></li> <li><a href="/wiki/Commodity_(Marxism)" title="Commodity (Marxism)">Commodity</a></li> <li><a href="/wiki/Abstract_labour_and_concrete_labour" title="Abstract labour and concrete labour">Concrete and abstract labour</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Means_of_production#Marxism_and_Marxist_theory_of_class" title="Means of production">Means of production</a></li> <li><a href="/wiki/Mode_of_production" title="Mode of production">Mode of production</a></li> <li><a href="/wiki/Productive_forces" title="Productive forces">Productive forces</a></li> <li><a href="/wiki/Relations_of_production" title="Relations of production">Relations of production</a></li> <li><a href="/wiki/Socially_necessary_labour_time" title="Socially necessary labour time">Socially necessary labour time</a></li> <li><a href="/wiki/Socialization_(Marxism)" title="Socialization (Marxism)">Socialization</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li> <li><a href="/wiki/Wertkritik" class="mw-redirect" title="Wertkritik">Wertkritik</a></li> <li><a href="/wiki/Wertkritik" class="mw-redirect" title="Wertkritik">Wertabspaltungskritik</a></li> <li><a class="mw-selflink selflink">Value-form</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Topics</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top:0;"><div class="hlist"> <ul><li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Theory_of_imperialism" class="mw-redirect" title="Theory of imperialism">Imperialism</a></li> <li><a href="/wiki/Historical_materialism" title="Historical materialism">Historical materialism</a></li> <li><a href="/wiki/Technological_unemployment" title="Technological unemployment">Technological unemployment</a></li> <li><a href="/wiki/Tendency_of_the_rate_of_profit_to_fall" title="Tendency of the rate of profit to fall">Falling profit-rate tendency</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">Works</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top:0;;font-style:italic;"><div class="plainlist"> <ul><li><a href="/wiki/Outlines_of_a_Critique_of_Political_Economy" title="Outlines of a Critique of Political Economy">Outlines of a Critique of Political Economy</a></li> <li><div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><a href="/wiki/Economic_and_Philosophical_Manuscripts_of_1844" class="mw-redirect" title="Economic and Philosophical Manuscripts of 1844">Economic and Philosophical Manuscripts of 1844</a></div></li> <li><a href="/wiki/Wage_Labour_and_Capital" title="Wage Labour and Capital">Wage Labour and Capital</a></li> <li><div style="display:inline-block; padding:0.2em 0.4em; line-height:1.2em;"><a href="/wiki/A_Contribution_to_the_Critique_of_Political_Economy" title="A Contribution to the Critique of Political Economy">A Contribution to the Critique of Political Economy</a></div></li> <li><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></li> <li><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></li> <li><a href="/wiki/Theories_of_Surplus_Value" title="Theories of Surplus Value">Theories of Surplus Value</a></li> <li><a href="/wiki/Value,_Price_and_Profit" title="Value, Price and Profit">Value, Price and Profit</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;text-align:center;;color: var(--color-base)">People</div><div class="sidebar-list-content mw-collapsible-content" style="padding-top:0;"><div class="hlist"> <ul><li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a></li> <li><a href="/wiki/Paul_Lafargue" title="Paul Lafargue">Paul Lafargue</a></li> <li><a href="/wiki/Roman_Rosdolsky" title="Roman Rosdolsky">Roman Rosdolsky</a></li> <li><a href="/wiki/%C3%89tienne_Balibar" title="Étienne Balibar">Étienne Balibar</a></li> <li><a href="/wiki/Robert_Kurz_(philosopher)" class="mw-redirect" title="Robert Kurz (philosopher)">Robert Kurz</a></li> <li><a href="/wiki/Mark_Fisher" title="Mark Fisher">Mark Fisher</a></li> <li><a href="/wiki/Claus_Peter_Ortlieb" title="Claus Peter Ortlieb">Claus Peter Ortlieb</a></li> <li><a href="/w/index.php?title=Geoff_Pilling&action=edit&redlink=1" class="new" title="Geoff Pilling (page does not exist)">Geoff Pilling</a></li> <li><a href="/wiki/Moishe_Postone" title="Moishe Postone">Moishe Postone</a></li></ul> NML: <ul><li><a href="/wiki/Hans-Georg_Backhaus" title="Hans-Georg Backhaus">Hans-Georg Backhaus</a></li> <li><a href="/wiki/Helmut_Reichelt" title="Helmut Reichelt">Helmut Reichelt</a></li> <li><a href="/wiki/Hans-J%C3%BCrgen_Krahl" title="Hans-Jürgen Krahl">Hans-Jürgen Krahl</a></li></ul> </div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Marxism" title="Category:Marxism">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="font-size:175%;"><a href="/wiki/Marxism" title="Marxism">Marxism</a></th></tr><tr><td class="sidebar-image"><a href="/wiki/File:Marx_Engels_icon.svg" class="mw-file-description" title="Karl Marx and Friedrich Engels"><img alt="Karl Marx and Friedrich Engels" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/75px-Marx_Engels_icon.svg.png" decoding="async" width="75" height="75" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/113px-Marx_Engels_icon.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e9/Marx_Engels_icon.svg/150px-Marx_Engels_icon.svg.png 2x" data-file-width="333" data-file-height="333" /></a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed plainlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_bibliography" title="Marxist bibliography">Theoretical works</a></div><div class="sidebar-list-content mw-collapsible-content" style="font-style:italic;"> <ul><li><a href="/wiki/Economic_and_Philosophic_Manuscripts_of_1844" title="Economic and Philosophic Manuscripts of 1844">Economic and Philosophic Manuscripts of 1844</a></li> <li><a href="/wiki/The_Condition_of_the_Working_Class_in_England" title="The Condition of the Working Class in England">The Condition of the Working Class in England</a></li> <li><a href="/wiki/The_German_Ideology" title="The German Ideology">The German Ideology</a></li> <li><a href="/wiki/The_Communist_Manifesto" title="The Communist Manifesto">The Communist Manifesto</a></li> <li><a href="/wiki/The_Eighteenth_Brumaire_of_Louis_Bonaparte" title="The Eighteenth Brumaire of Louis Bonaparte">The Eighteenth Brumaire of Louis Bonaparte</a></li> <li><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></li> <li><a href="/wiki/Das_Kapital" title="Das Kapital">Capital</a></li> <li><a href="/wiki/Critique_of_the_Gotha_Programme" title="Critique of the Gotha Programme">Critique of the Gotha Programme</a></li> <li><a href="/wiki/Dialectics_of_Nature" title="Dialectics of Nature">Dialectics of Nature</a></li> <li><a href="/wiki/The_Origin_of_the_Family,_Private_Property_and_the_State" title="The Origin of the Family, Private Property and the State">The Origin of the Family, Private Property and the State</a></li> <li><a href="/wiki/What_Is_to_Be_Done%3F" title="What Is to Be Done?">What Is to Be Done?</a></li> <li><a href="/wiki/The_Accumulation_of_Capital" title="The Accumulation of Capital">The Accumulation of Capital</a></li> <li><a href="/wiki/Philosophical_Notebooks" title="Philosophical Notebooks">Philosophical Notebooks</a></li> <li><a href="/wiki/Terrorism_and_Communism" title="Terrorism and Communism">Terrorism and Communism</a></li> <li><a href="/wiki/The_State_and_Revolution" title="The State and Revolution">The State and Revolution</a></li> <li><a href="/wiki/Essays_on_Marx%27s_Theory_of_Value" title="Essays on Marx's Theory of Value">Essays on Marx's Theory of Value</a></li> <li><a href="/wiki/History_and_Class_Consciousness" title="History and Class Consciousness">History and Class Consciousness</a></li> <li><a href="/wiki/Prison_Notebooks" title="Prison Notebooks">Prison Notebooks</a></li> <li><a href="/wiki/The_Black_Jacobins" title="The Black Jacobins">The Black Jacobins</a></li> <li><a href="/wiki/On_Practice" title="On Practice">On Practice</a></li> <li><a href="/wiki/Theses_on_the_Philosophy_of_History" title="Theses on the Philosophy of History">Theses on the Philosophy of History</a></li> <li><a href="/wiki/Dialectic_of_Enlightenment" title="Dialectic of Enlightenment">Dialectic of Enlightenment</a></li> <li><a href="/wiki/A_Critique_of_Soviet_Economics" title="A Critique of Soviet Economics">A Critique of Soviet Economics</a></li> <li><a href="/wiki/The_Long_Revolution" title="The Long Revolution">The Long Revolution</a></li> <li><a href="/wiki/Guerrilla_Warfare_(book)" class="mw-redirect" title="Guerrilla Warfare (book)">Guerrilla Warfare</a></li> <li><a href="/wiki/The_Wretched_of_the_Earth" title="The Wretched of the Earth">The Wretched of the Earth</a></li> <li><a href="/wiki/Reading_Capital" title="Reading Capital">Reading Capital</a></li> <li><a href="/wiki/The_Society_of_the_Spectacle" title="The Society of the Spectacle">The Society of the Spectacle</a></li> <li><a href="/wiki/Pedagogy_of_the_Oppressed" title="Pedagogy of the Oppressed">Pedagogy of the Oppressed</a></li> <li><a href="/wiki/Ideology_and_Ideological_State_Apparatuses" title="Ideology and Ideological State Apparatuses">Ideology and Ideological State Apparatuses</a></li> <li><a href="/wiki/Ways_of_Seeing" title="Ways of Seeing">Ways of Seeing</a></li> <li><a href="/wiki/How_Europe_Underdeveloped_Africa" title="How Europe Underdeveloped Africa">How Europe Underdeveloped Africa</a></li> <li><a href="/wiki/Social_Justice_and_the_City" title="Social Justice and the City">Social Justice and the City</a></li> <li><a href="/wiki/Women,_Race_and_Class" title="Women, Race and Class">Women, Race and Class</a></li> <li><a href="/wiki/Marxism_and_the_Oppression_of_Women" title="Marxism and the Oppression of Women">Marxism and the Oppression of Women</a></li> <li><a href="/wiki/Imagined_Communities" title="Imagined Communities">Imagined Communities</a></li> <li><a href="/wiki/Hegemony_and_Socialist_Strategy" title="Hegemony and Socialist Strategy">Hegemony and Socialist Strategy</a></li> <li><a href="/wiki/The_Sublime_Object_of_Ideology" title="The Sublime Object of Ideology">The Sublime Object of Ideology</a></li> <li><a href="/wiki/Time,_Labor_and_Social_Domination" title="Time, Labor and Social Domination">Time, Labor and Social Domination</a></li> <li><a href="/wiki/The_Age_of_Extremes" title="The Age of Extremes">The Age of Extremes</a></li> <li><a href="/wiki/The_Origin_of_Capitalism" title="The Origin of Capitalism">The Origin of Capitalism</a></li> <li><a href="/wiki/Empire_(Hardt_and_Negri_book)" title="Empire (Hardt and Negri book)">Empire</a></li> <li><a href="/wiki/Late_Victorian_Holocausts" title="Late Victorian Holocausts">Late Victorian Holocausts</a></li> <li><a href="/wiki/Change_the_World_Without_Taking_Power" title="Change the World Without Taking Power">Change the World Without Taking Power</a></li> <li><a href="/wiki/Caliban_and_the_Witch" title="Caliban and the Witch">Caliban and the Witch</a></li> <li><a href="/wiki/An_Introduction_to_the_Three_Volumes_of_Karl_Marx%27s_Capital" title="An Introduction to the Three Volumes of Karl Marx's Capital">An Introduction to the Three Volumes of Karl Marx's Capital</a></li> <li><a href="/wiki/Capitalist_Realism" title="Capitalist Realism">Capitalist Realism</a></li> <li><a href="/wiki/Capital_in_the_Anthropocene" title="Capital in the Anthropocene">Capital in the Anthropocene</a></li> <li><a href="/wiki/Towards_Socialism_or_Capitalism%3F" title="Towards Socialism or Capitalism?">Towards Socialism or Capitalism?</a></li> <li><a href="/wiki/The_Revolution_Betrayed" title="The Revolution Betrayed">The Revolution Betrayed</a></li> <li><a href="/wiki/Literature_and_Revolution" title="Literature and Revolution">Literature and Revolution</a></li> <li><a href="/wiki/The_Struggle_Against_Fascism_in_Germany" title="The Struggle Against Fascism in Germany">The Struggle Against Fascism in Germany</a></li> <li><a href="/wiki/Their_Morals_and_Ours:_The_class_foundations_of_moral_practice" title="Their Morals and Ours: The class foundations of moral practice">Their Morals and Ours: The class foundations of moral practice</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_philosophy" title="Marxist philosophy">Philosophy</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Marx%27s_theory_of_alienation" title="Marx's theory of alienation">Alienation</a></li> <li><a href="/wiki/Dialectical_materialism" title="Dialectical materialism">Dialectical materialism</a></li> <li><a href="/wiki/Ideology#Marxist_interpretation" title="Ideology">Ideology</a></li> <li><a href="/wiki/Marxist_philosophy_of_nature" class="mw-redirect" title="Marxist philosophy of nature">Philosophy of nature</a></li> <li><a href="/wiki/Philosophy_in_the_Soviet_Union" title="Philosophy in the Soviet Union">Philosophy in the Soviet Union</a></li> <li><a href="/wiki/Reification_(Marxism)" title="Reification (Marxism)">Reification</a></li> <li><a href="/wiki/Marxist_ethics" title="Marxist ethics">Marxist ethics</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Capital_(Marxism)" title="Capital (Marxism)">Capital</a> (<a href="/wiki/Capital_accumulation" title="Capital accumulation">accumulation</a>)</li> <li><a href="/wiki/Crisis_theory" title="Crisis theory">Crisis theory</a></li> <li><a href="/wiki/Commodity_(Marxism)" title="Commodity (Marxism)">Commodity</a></li> <li><a href="/wiki/Abstract_labour_and_concrete_labour" title="Abstract labour and concrete labour">Concrete and abstract labor</a></li> <li><a href="/wiki/Factors_of_production#Marxism" title="Factors of production">Factors of production</a></li> <li><a href="/wiki/Tendency_of_the_rate_of_profit_to_fall" title="Tendency of the rate of profit to fall">Falling profit-rate tendency</a></li> <li><a href="/wiki/Means_of_production" title="Means of production">Means of production</a></li> <li><a href="/wiki/Mode_of_production" title="Mode of production">Mode of production</a> <ul><li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist</a></li> <li><a href="/wiki/Socialist_mode_of_production" title="Socialist mode of production">Socialist</a></li></ul></li> <li><a href="/wiki/Productive_forces" title="Productive forces">Productive forces</a></li> <li><a href="/wiki/Scientific_socialism" title="Scientific socialism">Scientific socialism</a></li> <li><a href="/wiki/Surplus_product" title="Surplus product">Surplus product</a></li> <li><a href="/wiki/Socially_necessary_labour_time" title="Socially necessary labour time">Socially necessary labour time</a></li> <li><a class="mw-selflink selflink">Value-form</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_sociology" title="Marxist sociology">Sociology</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Base_and_superstructure" title="Base and superstructure">Base and superstructure</a></li> <li><a href="/wiki/Bourgeoisie#Marxist_theory" title="Bourgeoisie">Bourgeoisie</a></li> <li><a href="/wiki/Marxian_class_theory" title="Marxian class theory">Class</a></li> <li><a href="/wiki/Class_consciousness" title="Class consciousness">Class consciousness</a></li> <li><a href="/wiki/Classless_society" title="Classless society">Classless society</a></li> <li><a href="/wiki/Commodity_fetishism" title="Commodity fetishism">Commodity fetishism</a></li> <li><a href="/wiki/Communist_society" title="Communist society">Communist society</a></li> <li><a href="/wiki/Critical_theory" title="Critical theory">Critical theory</a></li> <li><a href="/wiki/Cultural_hegemony" title="Cultural hegemony">Cultural hegemony</a></li> <li><a href="/wiki/Democracy_in_Marxism" title="Democracy in Marxism">Democracy</a> <ul><li><a href="/wiki/Dictatorship_of_the_proletariat" title="Dictatorship of the proletariat">Dictatorship of the proletariat</a></li> <li><a href="/wiki/Soviet_democracy" title="Soviet democracy">Soviet</a></li> <li><a href="/wiki/Radical_democracy" title="Radical democracy">Radical</a></li> <li><a href="/wiki/Democratic_centralism" title="Democratic centralism">Democratic centralism</a></li></ul></li> <li><a href="/wiki/Exploitation_of_labour#Marxist_theory" title="Exploitation of labour">Exploitation</a></li> <li><a href="/wiki/False_consciousness" title="False consciousness">False consciousness</a></li> <li><a href="/wiki/Marx%27s_theory_of_human_nature" title="Marx's theory of human nature">Human nature</a></li> <li><a href="/wiki/Immiseration_thesis" title="Immiseration thesis">Immiseration</a></li> <li><a href="/wiki/Theory_of_imperialism#Marx" class="mw-redirect" title="Theory of imperialism">Imperialism</a></li> <li><a href="/wiki/Lumpenproletariat" title="Lumpenproletariat">Lumpenproletariat</a></li> <li><a href="/wiki/Metabolic_rift" title="Metabolic rift">Metabolic rift</a></li> <li><a href="/wiki/Proletariat" title="Proletariat">Proletariat</a></li> <li><a href="/wiki/Private_property" title="Private property">Private property</a></li> <li><a href="/wiki/Relations_of_production" title="Relations of production">Relations of production</a></li> <li><a href="/wiki/Marx%27s_theory_of_the_state" title="Marx's theory of the state">State theory</a></li> <li><a href="/wiki/Working_class" title="Working class">Working class</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed plainlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Historical_materialism" title="Historical materialism">History</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Class_conflict" title="Class conflict">Class struggle</a></li> <li><a href="/wiki/Historical_determinism" title="Historical determinism">Historical determinism</a></li> <li><a href="/wiki/Primitive_accumulation_of_capital" title="Primitive accumulation of capital">Primitive accumulation</a></li> <li><a href="/wiki/Proletarian_revolution" title="Proletarian revolution">Proletarian revolution</a></li> <li><a href="/wiki/World_revolution" title="World revolution">World revolution</a></li> <li><a href="/wiki/Theory_of_historical_trajectory" title="Theory of historical trajectory">Theory of historical trajectory</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Aspects</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Marxist_aesthetics" title="Marxist aesthetics">Aesthetics</a></li> <li><a href="/wiki/Marxist_archaeology" title="Marxist archaeology">Archaeology</a></li> <li><a href="/wiki/Marxist_criminology" title="Marxist criminology">Criminology</a></li> <li><a href="/wiki/Marxist_cultural_analysis" title="Marxist cultural analysis">Cultural analysis</a></li> <li><a href="/wiki/Cultural_studies" title="Cultural studies">Cultural Studies</a></li> <li><a href="/wiki/Marxist_ethics" title="Marxist ethics">Ethics</a></li> <li><a href="/wiki/Marxist_film_theory" title="Marxist film theory">Film theory</a></li> <li><a href="/wiki/Marxist_geography" title="Marxist geography">Geography</a></li> <li><a href="/wiki/Marxist_historiography" title="Marxist historiography">Historiography</a></li> <li><a href="/wiki/Marxist_literary_criticism" title="Marxist literary criticism">Literary criticism</a></li> <li><a href="/wiki/Marxism_and_religion" title="Marxism and religion">Marxism and religion</a></li> <li><a href="/wiki/Marxist_sociology" title="Marxist sociology">Sociology</a></li> <li><a href="/wiki/Marxist_philosophy" title="Marxist philosophy">Philosophy</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Common variants</div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> <a href="/wiki/Structural_Marxism" title="Structural Marxism">Structural</a></th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Autonomism" title="Autonomism">Autonomist</a></li> <li><a href="/wiki/Marxism%E2%80%93Leninism" title="Marxism–Leninism">Marxism–Leninism</a> <ul><li><a href="/wiki/Guevarism" title="Guevarism">Guevarism</a></li> <li><a href="/wiki/Maoism" title="Maoism">Maoism</a></li> <li><a href="/wiki/Titoism" title="Titoism">Titoism</a></li> <li><a href="/wiki/Trotskyism" title="Trotskyism">Trotskyism</a></li></ul></li> <li><a href="/wiki/Neo-Gramscianism" title="Neo-Gramscianism">Neo-Gramscianism</a></li> <li><a href="/wiki/Regulation_school" title="Regulation school">Regulation school</a></li> <li><a href="/wiki/Maoism%E2%80%93Third_Worldism" title="Maoism–Third Worldism">Third-worldist</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> <a href="/wiki/History_and_Class_Consciousness#Summary" title="History and Class Consciousness">Hegelian</a></th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Budapest_School" title="Budapest School">Budapest School</a></li> <li><a href="/wiki/Frankfurt_School" title="Frankfurt School">Frankfurt School</a></li> <li><a href="/wiki/Marxist_humanism" title="Marxist humanism">Humanist</a></li> <li><a href="/wiki/Neue_Marx-Lekt%C3%BCre" title="Neue Marx-Lektüre">Neue Marx-Lektüre</a></li> <li><a href="/wiki/Open_Marxism" title="Open Marxism">Open</a></li> <li><a href="/wiki/Political_Marxism" title="Political Marxism">Political</a></li> <li><a href="/wiki/Praxis_School" title="Praxis School">Praxis School</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="padding-top:0.2em;font-style:italic;font-weight:normal;border-bottom:1px solid #ccc;"> Both</th></tr><tr><td class="sidebar-content plainlist hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Black_radical_tradition" title="Black radical tradition">Black</a></li> <li><a href="/wiki/Classical_Marxism" title="Classical Marxism">Classical</a></li> <li><a href="/wiki/Communization" title="Communization">Communization</a></li> <li><a href="/wiki/Marxist_feminism" title="Marxist feminism">Feminist</a></li> <li><a href="/wiki/Leninism" title="Leninism">Leninism</a></li> <li><a href="/wiki/Neo-Marxism" title="Neo-Marxism">Neo</a></li> <li><a href="/wiki/Post-Marxism" title="Post-Marxism">Post</a></li> <li><a href="/wiki/Western_Marxism" title="Western Marxism">Western</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/Marxist_schools_of_thought" title="Marxist schools of thought">Other variants</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Analytical_Marxism" title="Analytical Marxism">Analytical</a></li> <li><a href="/wiki/Austromarxism" title="Austromarxism">Austromarxism</a></li> <li><a href="/wiki/Centrist_Marxism" title="Centrist Marxism">Centrist</a></li> <li><a href="/wiki/Council_communism" title="Council communism">Council communism</a></li> <li><a href="/wiki/Eurocommunism" title="Eurocommunism">Eurocommunism</a></li> <li><a href="/wiki/Instrumental_Marxism" title="Instrumental Marxism">Instrumental</a></li> <li><a href="/wiki/Marxism%E2%80%93Leninism%E2%80%93Maoism" title="Marxism–Leninism–Maoism">Marxism–Leninism–Maoism</a></li> <li><a href="/wiki/Nkrumaism" title="Nkrumaism">Nkrumaism</a></li> <li><a href="/wiki/Orthodox_Marxism" title="Orthodox Marxism">Orthodox</a></li> <li><a href="/wiki/Revisionism_(Marxism)" title="Revisionism (Marxism)">Revisionist</a></li> <li><a href="/wiki/Situationist" class="mw-redirect" title="Situationist">Situationist</a></li> <li><a href="/wiki/Socialism_with_Chinese_characteristics" title="Socialism with Chinese characteristics">Socialism with Chinese characteristics</a></li> <li><a href="/wiki/Wertkritik" class="mw-redirect" title="Wertkritik">Wertkritik</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)"><a href="/wiki/List_of_contributors_to_Marxist_theory" title="List of contributors to Marxist theory">People</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels</a></li> <li><a href="/wiki/William_Morris" title="William Morris">Morris</a></li> <li><a href="/wiki/Paul_Lafargue" title="Paul Lafargue">Lafargue</a></li> <li><a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Rubin</a></li> <li><a href="/wiki/Karl_Kautsky" title="Karl Kautsky">Kautsky</a></li> <li><a href="/wiki/Georgi_Plekhanov" title="Georgi Plekhanov">Plekhanov</a></li> <li><a href="/wiki/W._E._B._Du_Bois" title="W. E. B. Du Bois">Du Bois</a></li> <li><a href="/wiki/James_Connolly" title="James Connolly">Connolly</a></li> <li><a href="/wiki/Vladimir_Lenin" title="Vladimir Lenin">Lenin</a></li> <li><a href="/wiki/Rosa_Luxemburg" title="Rosa Luxemburg">Luxemburg</a></li> <li><a href="/wiki/Karl_Liebknecht" title="Karl Liebknecht">Liebknecht</a></li> <li><a href="/wiki/Alexandra_Kollontai" title="Alexandra Kollontai">Kollontai</a></li> <li><a href="/wiki/Alexander_Bogdanov" title="Alexander Bogdanov">Bogdanov</a></li> <li><a href="/wiki/Joseph_Stalin" title="Joseph Stalin">Stalin</a></li> <li><a href="/wiki/Leon_Trotsky" title="Leon Trotsky">Trotsky</a></li> <li><a href="/wiki/Henryk_Grossman" title="Henryk Grossman">Grossman</a></li> <li><a href="/wiki/Grigory_Zinoviev" title="Grigory Zinoviev">Zinoviev</a></li> <li><a href="/wiki/Ernst_Bloch" title="Ernst Bloch">Bloch</a></li> <li><a href="/wiki/Gy%C3%B6rgy_Luk%C3%A1cs" title="György Lukács">Lukács</a></li> <li><a href="/wiki/Karl_Korsch" title="Karl Korsch">Korsch</a></li> <li><a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Bukharin</a></li> <li><a href="/wiki/Ho_Chi_Minh" title="Ho Chi Minh">Ho</a></li> <li><a href="/wiki/Victor_Serge" title="Victor Serge">Serge</a></li> <li><a href="/wiki/Antonio_Gramsci" title="Antonio Gramsci">Gramsci</a></li> <li><a href="/wiki/Mirsaid_Sultan-Galiev" title="Mirsaid Sultan-Galiev">Galiev</a></li> <li><a href="/wiki/Evgeny_Pashukanis" title="Evgeny Pashukanis">Pashukanis</a></li> <li><a href="/wiki/Amadeo_Bordiga" title="Amadeo Bordiga">Bordiga</a></li> <li><a href="/wiki/Walter_Benjamin" title="Walter Benjamin">Benjamin</a></li> <li><a href="/wiki/Mao_Zedong" title="Mao Zedong">Mao</a></li> <li><a href="/wiki/Jyoti_Basu" title="Jyoti Basu">Basu</a></li> <li><a href="/wiki/Jos%C3%A9_Carlos_Mari%C3%A1tegui" title="José Carlos Mariátegui">Mariátegui</a></li> <li><a href="/wiki/Max_Horkheimer" title="Max Horkheimer">Horkheimer</a></li> <li><a href="/wiki/R._Palme_Dutt" title="R. Palme Dutt">Dutt</a></li> <li><a href="/wiki/Bertolt_Brecht" title="Bertolt Brecht">Brecht</a></li> <li><a href="/wiki/Herbert_Marcuse" title="Herbert Marcuse">Marcuse</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Erich_Fromm" title="Erich Fromm">Fromm</a></li> <li><a href="/wiki/Oliver_Cox" title="Oliver Cox">Cox</a></li> <li><a href="/wiki/Henri_Lefebvre" title="Henri Lefebvre">Lefebvre</a></li> <li><a href="/wiki/C._L._R._James" title="C. L. R. James">James</a></li> <li><a href="/wiki/Theodor_W._Adorno" title="Theodor W. Adorno">Adorno</a></li> <li><a href="/wiki/George_Padmore" title="George Padmore">Padmore</a></li> <li><a href="/wiki/Jean-Paul_Sartre" title="Jean-Paul Sartre">Sartre</a></li> <li><a href="/wiki/Isaac_Deutscher" title="Isaac Deutscher">Deutscher</a></li> <li><a href="/wiki/Enver_Hoxha" title="Enver Hoxha">Hoxha</a></li> <li><a href="/wiki/Simone_de_Beauvoir" title="Simone de Beauvoir">Beauvoir</a></li> <li><a href="/wiki/Werner_Sombart" title="Werner Sombart">Sombart</a></li> <li><a href="/wiki/Kwame_Nkrumah" title="Kwame Nkrumah">Nkrumah</a></li> <li><a href="/wiki/Paul_Sweezy" title="Paul Sweezy">Sweezy</a></li> <li><a href="/wiki/Arghiri_Emmanuel" title="Arghiri Emmanuel">Emmanuel</a></li> <li><a href="/wiki/Christopher_Hill_(historian)" title="Christopher Hill (historian)">Hill</a></li> <li><a href="/wiki/Charles_Bettelheim" title="Charles Bettelheim">Bettelheim</a></li> <li><a href="/wiki/Hal_Draper" title="Hal Draper">Draper</a></li> <li><a href="/wiki/Claudia_Jones" title="Claudia Jones">Jones</a></li> <li><a href="/wiki/Eric_Hobsbawm" title="Eric Hobsbawm">Hobsbawm</a></li> <li><a href="/wiki/Louis_Althusser" title="Louis Althusser">Althusser</a></li> <li><a href="/wiki/William_H._Hinton" title="William H. Hinton">Hinton</a></li> <li><a href="/wiki/Raymond_Williams" title="Raymond Williams">Williams</a></li> <li><a href="/wiki/Paulo_Freire" title="Paulo Freire">Freire</a></li> <li><a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Mandel</a></li> <li><a href="/wiki/Ambalavaner_Sivanandan" title="Ambalavaner Sivanandan">Sivanandan</a></li> <li><a href="/wiki/Ralph_Miliband" title="Ralph Miliband">Miliband</a></li> <li><a href="/wiki/Am%C3%ADlcar_Cabral" title="Amílcar Cabral">Cabral</a></li> <li><a href="/wiki/E._P._Thompson" title="E. P. Thompson">Thompson</a></li> <li><a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Bauman</a></li> <li><a href="/wiki/Frantz_Fanon" title="Frantz Fanon">Fanon</a></li> <li><a href="/wiki/Karel_Kos%C3%ADk" title="Karel Kosík">Kosik</a></li> <li><a href="/wiki/John_Berger" title="John Berger">Berger</a></li> <li><a href="/wiki/Fidel_Castro" title="Fidel Castro">Castro</a></li> <li><a href="/wiki/Che_Guevara" title="Che Guevara">Guevara</a></li> <li><a href="/wiki/Marcel_Liebman" title="Marcel Liebman">Liebman</a></li> <li><a href="/wiki/Agnes_Heller" class="mw-redirect" title="Agnes Heller">Heller</a></li> <li><a href="/wiki/F%C3%A9lix_Guattari" title="Félix Guattari">Guattari</a></li> <li><a href="/wiki/Istv%C3%A1n_M%C3%A9sz%C3%A1ros_(philosopher)" title="István Mészáros (philosopher)">Mészáros</a></li> <li><a href="/wiki/James_O%27Connor_(academic)" title="James O'Connor (academic)">O'Connor</a></li> <li><a href="/wiki/Immanuel_Wallerstein" title="Immanuel Wallerstein">Wallerstein</a></li> <li><a href="/wiki/Maria_Mies" title="Maria Mies">Mies</a></li> <li><a href="/wiki/Mario_Tronti" title="Mario Tronti">Tronti</a></li> <li><a href="/wiki/Guy_Debord" title="Guy Debord">Debord</a></li> <li><a href="/wiki/Samir_Amin" title="Samir Amin">Amin</a></li> <li><a href="/wiki/Stuart_Hall_(cultural_theorist)" title="Stuart Hall (cultural theorist)">Hall</a></li> <li><a href="/wiki/Tom_Nairn" title="Tom Nairn">Nairn</a></li> <li><a href="/wiki/Michael_Parenti" title="Michael Parenti">Parenti</a></li> <li><a href="/wiki/Antonio_Negri" title="Antonio Negri">Negri</a></li> <li><a href="/wiki/Fredric_Jameson" title="Fredric Jameson">Jameson</a></li> <li><a href="/wiki/Abimael_Guzm%C3%A1n" title="Abimael Guzmán">Gonzalo</a></li> <li><a href="/wiki/Enrique_Dussel" title="Enrique Dussel">Dussel</a></li> <li><a href="/wiki/David_Harvey" title="David Harvey">Harvey</a></li> <li><a href="/wiki/Ernesto_Laclau" title="Ernesto Laclau">Laclau</a></li> <li><a href="/wiki/Rudolf_Bahro" title="Rudolf Bahro">Bahro</a></li> <li><a href="/wiki/Nicos_Poulantzas" title="Nicos Poulantzas">Poulantzas</a></li> <li><a href="/wiki/Gianni_Vattimo" title="Gianni Vattimo">Vattimo</a></li> <li><a href="/wiki/Alain_Badiou" title="Alain Badiou">Badiou</a></li> <li><a href="/wiki/Marta_Harnecker" title="Marta Harnecker">Harnecker</a></li> <li><a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Altvater</a></li> <li><a href="/wiki/Perry_Anderson" title="Perry Anderson">Anderson</a></li> <li><a href="/wiki/Michael_L%C3%B6wy" title="Michael Löwy">Löwy</a></li> <li><a href="/wiki/Lise_Vogel" title="Lise Vogel">Vogel</a></li> <li><a href="/wiki/Jose_Maria_Sison" title="Jose Maria Sison">Sison</a></li> <li><a href="/wiki/Antony_Easthope" title="Antony Easthope">Easthope</a></li> <li><a href="/wiki/Jacques_Ranci%C3%A8re" title="Jacques Rancière">Rancière</a></li> <li><a href="/wiki/Marshall_Berman" title="Marshall Berman">Berman</a></li> <li><a href="/wiki/Adam_Przeworski" title="Adam Przeworski">Przeworski</a></li> <li><a href="/wiki/G._A._Cohen" title="G. A. Cohen">Cohen</a></li> <li><a href="/wiki/G%C3%B6ran_Therborn" title="Göran Therborn">Therborn</a></li> <li><a href="/wiki/Domenico_Losurdo" title="Domenico Losurdo">Losurdo</a></li> <li><a href="/wiki/Stokely_Carmichael" title="Stokely Carmichael">Ture</a></li> <li><a href="/wiki/Moishe_Postone" title="Moishe Postone">Postone</a></li> <li><a href="/wiki/Walter_Rodney" title="Walter Rodney">Rodney</a></li> <li><a href="/wiki/Himani_Bannerji" title="Himani Bannerji">Bannerji</a></li> <li><a href="/wiki/Gayatri_Chakravorty_Spivak" title="Gayatri Chakravorty Spivak">Spivak</a></li> <li><a href="/wiki/Huey_P._Newton" title="Huey P. Newton">Newton</a></li> <li><a href="/wiki/Settlers:_The_Mythology_of_the_White_Proletariat" title="Settlers: The Mythology of the White Proletariat">Sakai</a></li> <li><a href="/wiki/Ellen_Meiksins_Wood" title="Ellen Meiksins Wood">Wood</a></li> <li><a href="/wiki/Silvia_Federici" title="Silvia Federici">Federici</a></li> <li><a href="/wiki/Richard_D._Wolff" title="Richard D. Wolff">Wolff</a></li> <li><a href="/wiki/%C3%89tienne_Balibar" title="Étienne Balibar">Balibar</a></li> <li><a href="/wiki/Terry_Eagleton" title="Terry Eagleton">Eagleton</a></li> <li><a href="/wiki/Robert_Kurz" title="Robert Kurz">Kurz</a></li> <li><a href="/wiki/Nancy_Hartsock" title="Nancy Hartsock">Hartsock</a></li> <li><a href="/wiki/Sheila_Rowbotham" title="Sheila Rowbotham">Rowbotham</a></li> <li><a href="/wiki/Chantal_Mouffe" title="Chantal Mouffe">Mouffe</a></li> <li><a href="/wiki/Norman_Geras" title="Norman Geras">Geras</a></li> <li><a href="/wiki/Robert_Brenner" title="Robert Brenner">Brenner</a></li> <li><a href="/wiki/Angela_Davis" title="Angela Davis">Davis</a></li> <li><a href="/wiki/Doreen_Massey_(geographer)" title="Doreen Massey (geographer)">Massey</a></li> <li><a href="/wiki/Harry_Cleaver" title="Harry Cleaver">Cleaver</a></li> <li><a href="/wiki/Maurice_Bishop" title="Maurice Bishop">Bishop</a></li> <li><a href="/wiki/Donna_Haraway" title="Donna Haraway">Haraway</a></li> <li><a href="/wiki/Leo_Panitch" title="Leo Panitch">Panitch</a></li> <li><a href="/wiki/Simon_Clarke_(sociologist)" title="Simon Clarke (sociologist)">Clarke</a></li> <li><a href="/wiki/Bob_Jessop" title="Bob Jessop">Jessop</a></li> <li><a href="/wiki/Mike_Davis_(scholar)" title="Mike Davis (scholar)">Davis</a></li> <li><a href="/wiki/Erik_Olin_Wright" title="Erik Olin Wright">Wright</a></li> <li><a href="/wiki/Nancy_Fraser" title="Nancy Fraser">Fraser</a></li> <li><a href="/wiki/Michael_Burawoy" title="Michael Burawoy">Burawoy</a></li> <li><a href="/wiki/John_Holloway_(sociologist)" title="John Holloway (sociologist)">Holloway</a></li> <li><a href="/wiki/Gillian_Rose" title="Gillian Rose">Rose</a></li> <li><a href="/wiki/Ernesto_Screpanti" title="Ernesto Screpanti">Screpanti</a></li> <li><a href="/wiki/G%C3%A1sp%C3%A1r_Mikl%C3%B3s_Tam%C3%A1s" title="Gáspár Miklós Tamás">Tamás</a></li> <li><a href="/wiki/Fred_Hampton" title="Fred Hampton">Hampton</a></li> <li><a href="/wiki/Alfonso_Cano" title="Alfonso Cano">Cano</a></li> <li><a href="/wiki/Slavoj_%C5%BDi%C5%BEek" title="Slavoj Žižek">Žižek</a></li> <li><a href="/wiki/Franco_Berardi" title="Franco Berardi">Berardi</a></li> <li><a href="/wiki/Thomas_Sankara" title="Thomas Sankara">Sankara</a></li> <li><a href="/wiki/Rosemary_Hennessy" title="Rosemary Hennessy">Hennessy</a></li> <li><a href="/wiki/John_McDonnell" title="John McDonnell">McDonnell</a></li> <li><a href="/wiki/Costas_Douzinas" title="Costas Douzinas">Douzinas</a></li> <li><a href="/wiki/David_Roediger" title="David Roediger">Roediger</a></li> <li><a href="/wiki/John_Bellamy_Foster" title="John Bellamy Foster">Foster</a></li> <li><a href="/wiki/Cornel_West" title="Cornel West">West</a></li> <li><a href="/wiki/Anuradha_Ghandy" title="Anuradha Ghandy">Ghandy</a></li> <li><a href="/wiki/Subcomandante_Marcos" title="Subcomandante Marcos">Marcos</a></li> <li><a href="/wiki/Michael_Heinrich" title="Michael Heinrich">Heinrich</a></li> <li><a href="/wiki/Vijay_Prashad" title="Vijay Prashad">Prashad</a></li> <li><a href="/wiki/Robin_Kelley" title="Robin Kelley">Kelley</a></li> <li><a href="/wiki/Jodi_Dean" title="Jodi Dean">Dean</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Lordon" title="Frédéric Lordon">Lordon</a></li> <li><a href="/wiki/%C3%81lvaro_Garc%C3%ADa_Linera" title="Álvaro García Linera">Linera</a></li> <li><a href="/wiki/Mark_Fisher" title="Mark Fisher">Fisher</a></li> <li><a href="/wiki/Li_Minqi" title="Li Minqi">Li</a></li> <li><a href="/wiki/Glen_Coulthard" title="Glen Coulthard">Coulthard</a></li> <li><a href="/wiki/Andreas_Malm" title="Andreas Malm">Malm</a></li> <li><a href="/wiki/Richard_Seymour_(21st-century_writer)" title="Richard Seymour (21st-century writer)">Seymour</a></li> <li><a href="/wiki/Alberto_Toscano" title="Alberto Toscano">Toscano</a></li> <li><a href="/wiki/Tithi_Bhattacharya" title="Tithi Bhattacharya">Bhattacharya</a></li> <li><a href="/wiki/J._Moufawad-Paul" title="J. Moufawad-Paul">Moufawad-Paul</a></li> <li><a href="/wiki/Nick_Srnicek" title="Nick Srnicek">Srnicek</a></li> <li><a href="/wiki/Sre%C4%87ko_Horvat" title="Srećko Horvat">Horvat</a></li> <li><a href="/wiki/Agon_Hamza" title="Agon Hamza">Hamza</a></li> <li><a href="/wiki/Kohei_Saito" title="Kohei Saito">Saito</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed hlist"><div class="sidebar-list-title" style="background:transparent;border-top:1px solid #aaa;;color: var(--color-base)">Journals</div><div class="sidebar-list-content mw-collapsible-content" style="font-style:italic;"> <ul><li><a href="/wiki/Antipode_(journal)" title="Antipode (journal)">Antipode</a></li> <li><a href="/wiki/Capital_%26_Class" title="Capital & Class">Capital & Class</a></li> <li><a href="/wiki/Capitalism_Nature_Socialism" title="Capitalism Nature Socialism">Capitalism Nature Socialism</a></li> <li><a href="/wiki/Constellations_(journal)" title="Constellations (journal)">Constellations</a></li> <li><a href="/wiki/Critique:_Journal_of_Socialist_Theory" title="Critique: Journal of Socialist Theory">Critique: Journal of Socialist Theory</a></li> <li><a href="/wiki/Historical_Materialism_(journal)" title="Historical Materialism (journal)">Historical Materialism</a></li> <li><a href="/wiki/Mediations_(journal)" title="Mediations (journal)">Mediations</a></li> <li><a href="/wiki/Monthly_Review" title="Monthly Review">Monthly Review</a></li> <li><a href="/wiki/New_Left_Review" title="New Left Review">New Left Review</a></li> <li><a href="/wiki/Race_%26_Class" title="Race & Class">Race & Class</a></li> <li><a href="/wiki/Rethinking_Marxism" title="Rethinking Marxism">Rethinking Marxism</a></li> <li><a href="/wiki/Science_%26_Society" title="Science & Society">Science & Society</a></li> <li><a href="/wiki/Socialist_Register" title="Socialist Register">Socialist Register</a></li></ul></div></div></td> </tr><tr><td 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//upload.wikimedia.org/wikipedia/commons/thumb/c/cd/Socrates.png/21px-Socrates.png 2x" data-file-width="326" data-file-height="500" /> <a href="/wiki/Portal:Philosophy" title="Portal:Philosophy">Philosophy portal</a></li> <li><a href="/wiki/File:Red_flag_II.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/16px-Red_flag_II.svg.png" decoding="async" width="16" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/24px-Red_flag_II.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/52/Red_flag_II.svg/32px-Red_flag_II.svg.png 2x" data-file-width="466" data-file-height="411" /></a> <a href="/wiki/Portal:Socialism" title="Portal:Socialism">Socialism portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Marxism_sidebar" title="Template:Marxism sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Marxism_sidebar" title="Template talk:Marxism sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Marxism_sidebar" title="Special:EditPage/Template:Marxism sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> The value-form or form of value ("Wertform" in German) <a href="#cite_note-1">[1]</a> is an important concept in <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>'s critique of political economy, discussed in the first chapter of Capital, Volume 1.<a href="#cite_note-2">[2]</a> It refers to the social forms of tradeable things as symbols of value, which contrast with their physical features, as objects which can satisfy human needs or serve a useful purpose.<a href="#cite_note-3">[3]</a> The physical appearance or the price tag of a traded object may be directly observable, but the meaning of its social form (as an object of value) is not.<a href="#cite_note-4">[4]</a> Playfully narrating the paradoxical oddities and metaphysical niceties of ordinary things when they become instruments of trade,<a href="#cite_note-5">[5]</a> Marx provides a brief social morphology of the category of economic value as such—what its substance really is, the forms which this substance takes, and how its magnitude is determined or expressed. He analyzes the forms of value in the first instance<a href="#cite_note-6">[6]</a> by considering the meaning of the value-relationship that exists between two quantities of traded objects. The value-form concept has been the subject of numerous theoretical controversies among researchers in the Marxian tradition,<a href="#cite_note-7">[7]</a> giving rise to many different interpretations (see <a href="/wiki/Criticism_of_value-form_theory" title="Criticism of value-form theory">Criticism of value-form theory</a>). Especially from the late 1960s<a href="#cite_note-8">[8]</a> and since the rediscovery of <a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Isaac Rubin</a>'s Essays on Marx's theory of value,<a href="#cite_note-9">[9]</a> the theory of the value-form has been appraised by many Western Marxist scholars<a href="#cite_note-10">[10]</a> as well as by <a href="/wiki/Frankfurt_School" title="Frankfurt School">Frankfurt School</a> theorists<a href="#cite_note-11">[11]</a> and <a href="/wiki/Post-Marxism" title="Post-Marxism">Post-Marxist theorists</a>.<a href="#cite_note-12">[12]</a> There has also been considerable discussion about the value-form concept by Japanese Marxian scholars.<a href="#cite_note-13">[13]</a> A brief overview of the main criticisms of Marx's theory of the form of value is provided in the <a href="/wiki/Criticism_of_value-form_theory" title="Criticism of value-form theory">Criticism of value-form theory</a> article.<a href="#cite_note-14">[14]</a> The debates about Marx’s value-form idea often seem obscure, complicated or hyper-abstract. Nevertheless, they continue to have a theoretical importance for the foundations of economic theory and its critique. What position is taken on the issues involved, influences how the relationships of value, prices, money, labour and capital are understood. It will also influence how the historical evolution of trading systems is perceived, and how the reifying effects associated with commerce are interpreted.<a href="#cite_note-15">[15]</a> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Basic_explanation">Basic explanation</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=1" title="Edit section: Basic explanation">edit</a>]</div> When the concept of the form of value is introduced in the first chapter of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>,<a href="#cite_note-16">[16]</a> Marx clarifies that economic value becomes manifest in an objectified way only through the form of value established by the exchange of products. People know very well that any product represents a value, i.e. that there is an normal economic cost of supply (an average current replacement cost) for the product - some people have to work to produce and supply it, so that others can use it. But according to Marx, various further questions arise about that simple insight, such as: how much value is that, exactly? How does that value exist, or what really determines that value? What is the source of that value? How can value be expressed? What explains differences in value? Answering these sorts of questions convincingly turns out to be more challenging than one might think at first sight. <div class="mw-heading mw-heading3"><h3 id="Value_relation">Value relation</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=2" title="Edit section: Value relation">edit</a>]</div> What something is economically "worth" can be expressed only relatively, by relating, weighing, comparing and equating it to amounts of other <a href="/wiki/Commodity" title="Commodity">tradeable objects</a> (or to the labour effort, resources or sum of money those objects represent).<a href="#cite_note-17">[17]</a> The value of products is expressed by their "exchange-value": what they can trade for, but that exchange-value can be expressed in many different ways. Since exchange-value is most often expressed by a "money-price", it then seems that "exchange value", "value", "price" and "money" are really all the same thing. But Marx argues they are not the same things at all.<a href="#cite_note-18">[18]</a> For Marx, this point is absolutely vital for a scientifically adequate understanding of economic value and markets. Precisely because the political economists kept conflating and confusing the most basic economic categories, Marx argued, they were unable to provide a fully consistent theory of the economy. One might be able to quantify and measure economic phenomena, but that does not necessarily mean that they are measured in a way that they are fully understood. In a preface to the first edition of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Marx stated: <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">I have popularised the passages concerning the substance of value and the magnitude of value as much as possible. The value-form, whose fully developed shape is the money-form, is very simple and slight in content. Nevertheless, the human mind has sought in vain for more than 2,000 years to get to the bottom of it.<a href="#cite_note-19">[19]</a></blockquote> Marx gives various reasons for this ancient puzzle. The main obstacle seems to be that trading relations refer to social relations which are not directly observable. What these social relations are, has to be conceptualized with abstract ideas. The trading ratios between commodities and money are certainly observable, via prices and transaction data. Yet how exactly the things being traded get the value they have, is not observable. It seems like "the market" does that, but what the market is, and how that happens, remains rather vague. This story does not get much further than the idea, that things have value, because people want to have them, and are prepared to pay money for them. Marx's comment clarifies, that according to Marx the value-form of commodities is not simply a feature of industrial capitalism. It is associated with the whole history of commodity trade ("more than 2,000 years").<a href="#cite_note-20">[20]</a> Marx claimed that the origin of the money-form of value had never before been explained by bourgeois economics, and that "the mystery of money will immediately disappear" once the evolution of value-relations has been traced out from its simplest beginnings.<a href="#cite_note-21">[21]</a> This was probably a vain hope; even today economists and economic historians cannot agree about what is the correct theory of money. <a href="/wiki/Wolfgang_Streeck" title="Wolfgang Streeck">Wolfgang Streeck</a> states that "money is easily the most unpredictable and least governable human institution we have ever known".<a href="#cite_note-22">[22]</a> Put another way, the possibilities for arranging any type of trade or deal are extremely diverse; the only operative requirement is that the trading partners agree to the terms of the arrangement, however simple or complicated it may be. It follows that, what specific role money has in the given arrangement, can vary greatly. In addition, new kinds of credit instruments and types of money-tokens keep emerging that were previously unheard of. Only when market production and its corresponding legal system are highly developed, does it becomes possible to understand what "economic value" actually means in a comprehensive and theoretically consistent way, separate from other sorts of value (like <a href="/wiki/Aesthetic_value" class="mw-redirect" title="Aesthetic value">aesthetic value</a> or <a href="/wiki/Moral_value" class="mw-redirect" title="Moral value">moral value</a>). The reason is that, to a large extent, the different kinds of value have become practically separated in reality and become increasingly universal in their applications. When Marx considers "value" as such or in itself, as a general social form in the economic history of humans, i.e. "the form of value as such", he is abstracting from all the particular expressions it might have. Marx admitted that the form of value was a somewhat difficult notion, but he assumed "a reader who is willing to learn something new and therefore to think for himself."<a href="#cite_note-23">[23]</a> In a preface to the second edition of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Marx claimed that he had "completely revised" his treatment, because his friend Dr. <a href="/wiki/Louis_Kugelmann" title="Louis Kugelmann">Louis Kugelmann</a> had convinced him that a "more didactic exposition of the form of value" was needed.<a href="#cite_note-24">[24]</a> Usually Marx-scholars refer to both versions anyhow, because each of them provides some extra information which does not occur in the other version.<a href="#cite_note-25">[25]</a> <div class="mw-heading mw-heading3"><h3 id="Commodity_form">Commodity form</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=3" title="Edit section: Commodity form">edit</a>]</div> Marx calls the commodity form, as a basic form of value, "the economic cell-form of bourgeois society", meaning it is the simplest economic unit out of which the "body" of West European capitalist civilization was developed and built up, across six centuries.<a href="#cite_note-26">[26]</a> Wares trade for money, money trades for wares, more and more money is made from this trade, and the markets reach more and more areas – transforming society into the world of business. The capitalist mode of production is viewed as "generalized" (or universalized) commodity production, i.e. the production of commodities by means of commodities, in a circular self-reproducing flow of actions and transactions (money is exchanged for commodities (including the commodity <a href="/wiki/Labour_power" title="Labour power">labour power</a>), used to produce new commodities exchanged for more money, financing more production and consumption).<a href="#cite_note-27">[27]</a> Already in his <a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a> manuscript of 1858, Marx worked out his insight that "The first category in which bourgeois wealth presents itself is that of the commodity"<a href="#cite_note-28">[28]</a> and that became the opening sentence of his 1859 Critique and the first volume of Capital (1867). The "forms of value" of commodities are only the first of a series of social forms which Marx analyzes in <a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a>, such as the forms of money, the forms of capital, the forms of wages, and the forms of profit.<a href="#cite_note-29">[29]</a> All of these are different forms of value, normally expressed by prices, yet they all presuppose the exchange of tradeable wares. In Marx's dialectical story,<a href="#cite_note-30">[30]</a> each of these forms is shown to grow out of (or "transform" into)<a href="#cite_note-31">[31]</a> other forms, and so all the forms are connected with each other, step by step, logically and historically.<a href="#cite_note-32">[32]</a> Each form is expressed with categories, the content of which evolves or mutates to some degree in response to new distinctions or circumstances.<a href="#cite_note-33">[33]</a> At the end of the story, all the forms appear seamlessly integrated with each other in a self-reproducing, constantly expanding capitalist system, of which the distant historical origin has become hidden and obscure; the fully developed system appears other than it really is, and does not transparently disclose its real nature. If the workings of the capitalist system were perfectly obvious and transparent, Marx argues, then there would be no need for any special economic "science"; one would just be stating platitudes.<a href="#cite_note-34">[34]</a> They prompt further inquiry, because they turn out to be not as obvious as they seem, and indeed become rather puzzling or even mindboggling, on further reflection. Economists are constantly trying to "second-guess" what the market will do, and what the overall effects might be of transaction patterns, but in truth they often don't succeed any better than astrologers.<a href="#cite_note-35">[35]</a> A critical re-examination is then called for, of precisely those ordinary phenomena which were previously taken for granted. After his first cryptic attempt at telling the story (in 168 pages) flopped when he published it in Germany,<a href="#cite_note-36">[36]</a> Marx resolved to tell it another time, in a much more interesting, intriguing and elaborate way, so that people would really grasp the significance of it—beginning from exactly the same starting point. That became <a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a> (1867–1894), which is still being read and discussed today.<a href="#cite_note-37">[37]</a> Marx initially defines a product of human labour that has become a commodity (in German: Kaufware, i.e., merchandise, ware for sale) as being simultaneously: <ul><li>A useful object that can satisfy a want or need (a <a href="/wiki/Use_value" title="Use value">use value</a>); this is the object valued from the point of view of consuming or using it, referring to its observable material form, i.e., the tangible, observable characteristics it has that make it useful, and therefore valued by people, even if the use is only symbolic.</li> <li>An object of economic value generally; this is the value of the object considered from the point of view of its supply cost, commercial value, or "what you can get for it". The reference here is to the social form of the product, which is not directly observable.</li></ul> The "form of value" (also a reference to <a href="/wiki/Phenomenology_(philosophy)" title="Phenomenology (philosophy)">phenomenology</a> in the classical philosophical sense used by <a href="/wiki/Hegel" class="mw-redirect" title="Hegel">Hegel</a>)<a href="#cite_note-38">[38]</a> then refers to the specific ways of relating through which "what a commodity is worth" happens to be socially expressed in trading processes, when different products and assets are compared with each other. Practically speaking, Marx argues that the product values cannot be directly observed and can become observably manifest only as <a href="/wiki/Exchange_value" title="Exchange value">exchange-values</a>, i.e., as relative expressions, by comparing their worth to other goods they can be traded for (usually via money prices). This causes people to think value and exchange-value are the same thing, but Marx argues they are not; the content, magnitude and form of value must be distinguished, and according to the <a href="/wiki/Law_of_value" title="Law of value">law of value</a>, the exchange value of products being traded is determined and regulated by their value. His argument is, that the market prices of a commodity will oscillate around its value, and its value is the outcome of the average, normal labour requirements to produce it. <div class="mw-heading mw-heading3"><h3 id="Metamorphosis">Metamorphosis</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=4" title="Edit section: Metamorphosis">edit</a>]</div> Marx argues that the forms of value are not "static" or "fixed once and for all", but rather, that they develop logically and historically<a href="#cite_note-39">[39]</a> in trading processes from very simple, primitive expressions to very complicated or sophisticated expressions. Subsequently, he also examines the various forms taken by capital, the forms of wages, the forms of profit and so forth. In each case, the form denotes how a specific social or economic relationship among people is expressed or symbolized.<a href="#cite_note-40">[40]</a> In the process of circulation, production, distribution, and consumption, value metamorphoses from one form to another.<a href="#cite_note-41">[41]</a> Different forms of value – currencies, commodities and capitals – all trade for each other, where buyers and sellers convert money into goods, and goods into money, or convert one type of capital asset into another type of capital asset, in markets where prices fluctuate all the time. According to Marx, the individual acts of exchange in themselves cannot alter the underlying value of goods and assets, at least not in the ordinary situation.<a href="#cite_note-42">[42]</a> One reason is that value is ordinarily conserved with living labour through successive acts of exchange (a "conservation principle") even although the forms that value takes can change. If goods and assets did not at least hold their value upon exchange, then warehousing, freighting and commercial trade itself would very likely break down. That insight existed already in ancient times.<a href="#cite_note-43">[43]</a> Another reason is that the value of goods and assets really refers not to the labour they "embody", but to their average current replacement cost in labour time (a social reproduction cost).<a href="#cite_note-44">[44]</a> In <a href="/wiki/Speculation" title="Speculation">speculative activity</a>, the principle of value conservation is, however, not always true.<a href="#cite_note-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="Primitive_exchange">Primitive exchange</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=5" title="Edit section: Primitive exchange">edit</a>]</div> Initially, in primitive exchange,<a href="#cite_note-46">[46]</a> the form that economic value takes does not involve any <a href="/wiki/Price" title="Price">prices</a>, since what something is "worth" is very simply expressed in (a quantity of) some other good (an occasional <a href="/wiki/Barter" title="Barter">barter</a> relationship).<a href="#cite_note-47">[47]</a> Some scholars, such as <a href="/wiki/Hans-Georg_Backhaus" title="Hans-Georg Backhaus">Hans-Georg Backhaus</a>, argue that for this reason value simply did not exist in societies where money was not used, or where it played only a marginal role.<a href="#cite_note-48">[48]</a> The old <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a> claimed that "in <a href="/wiki/Primitive_communism" title="Primitive communism">primitive communism</a> value was unknown", because there was no regular commodity trade.<a href="#cite_note-49">[49]</a> Marx, though, acknowledged that product-values "of a sort" did exist in primitive economies, although value did not exist as a separate "thing" in such communities. Establishing "how much products were worth", he says, followed "customary practices", rather than purely a comparison with the value of other products, or reckoning with money; thus, the valuation of products was expressed in a different way (see also <a href="/wiki/Archaeology_of_trade" title="Archaeology of trade">archaeology of trade</a>). An "economy of labour-time" existed, although no supremely exact measures were available for work effort, time, storage and energy.<a href="#cite_note-50">[50]</a> All the time, that is, people knew quite well that their products had value, because it cost work-effort to replace them, and, consequently, they also valued their products. They could hardly afford to trade products on very unfavourable terms, because that would take them beyond the limits of their own available work-time; that mattered, because average labour productivity was low – it took a lot of time to produce food, clothing, shelter, tools and weapons. Whatever the trading custom was, it had to be at least compatible with survival requirements. If not, the custom would die out because people died out. <ul><li>In the most primitive (simplest) situation, people acquire objects for which they have a use by borrowing, trading or bartering, in exchange for other goods that they don't particularly have a need for themselves. They value things directly because of their useful qualities and because it takes work-time to get them (their own work and/or the work of others). In the process, customary norms develop for what counts as a normal, balanced exchange. There isn't just one way to trade a good, goods could be traded on all kinds of terms, but to pick the appropriate method, all kinds of factors might have to be taken in consideration.<a href="#cite_note-51">[51]</a> If a good was traded in the wrong way, for example because cultural conventions were not respected, it might have consequences that the traders were not really looking for.</li> <li>At the most abstract, developed level though, the value form is only a purely monetary relationship between objects, or an abstract earnings potential or credit provision, based on some assumptions, which may not even refer to any tangible object of trade anymore at all. There is, for example, only a number on a computer screen. At that point, it appears that the value of an asset is simply determined by the amount of capital (the outlay + net profit) that could be obtained if the asset were traded under certain conditions, and within a given time interval.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Social_relations">Social relations</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=6" title="Edit section: Social relations">edit</a>]</div> By analyzing the forms of value, Marx aims to show that when people bring their products into relation with each other in market trade, they are also <a href="/wiki/Social_relation" title="Social relation">socially related</a> in specific ways (whether they like it or not, and whether they are aware of it or not), and that this fact very strongly influences the very way in which they think about how they are related.<a href="#cite_note-52">[52]</a> It influences how they will view the whole human interactive process of giving and receiving, taking and procuring, sharing and relinquishing, accepting and rejecting—and how to balance all that (see also <a href="/wiki/Norm_of_reciprocity" title="Norm of reciprocity">Norm of reciprocity</a>).<a href="#cite_note-53">[53]</a> Some social relations we choose and make ourselves, but we are also socially related simply by being part of a community and a nation (or part of a family, an organization, a business etc.), whether we like that or not. In trading roles, people have to deal with both of these kinds of social relations – simultaneously competing to get the best deal, and co-operating to obtain what they want.<a href="#cite_note-54">[54]</a> The trading process has both a voluntary aspect (freedoms, things to choose) and an involuntary aspect (constraints, things that have to be worked with to make a deal). To make the trade, buyers and sellers must respect each other's right to their own property, and their right to do with their own property what they want, within the framework of laws, customs and norms (Marx discusses the formal equality of market actors in exchange more in chapter 2 of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a><a href="#cite_note-55">[55]</a> and the <a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a>).<a href="#cite_note-56">[56]</a> If the market actors simply grabbed stuff from others, that would not be trade, but robbery (which would not qualify as civilized conduct, and carries a <a href="/wiki/Reputational_risk" class="mw-redirect" title="Reputational risk">reputational risk</a> as well as being subject to legal sanctions). The forms of value of products do not merely refer to a "trading valuation of objects"; they refer also to a certain way of relating or interacting, and a <a href="/wiki/Mentality" class="mw-redirect" title="Mentality">mentality</a>,<a href="#cite_note-57">[57]</a> among human subjects who internalize the forms of value, so that the manifestations of economic value become regarded as completely normal, natural and self-evident in human interactions (a "market culture," which is also reflected in language use).<a href="#cite_note-58">[58]</a> Marx himself refers surrealistically to "the language of commodities",<a href="#cite_note-59">[59]</a> the talk and signals they send and receive in the topsy-turvy world (in German: verkehrte Welt, literally "the world turned upside down" or "inverted world")<a href="#cite_note-60">[60]</a> of trading processes, and he adds satirically in a footnote that "in a certain sense, people are in the same situation as commodities…".<a href="#cite_note-61">[61]</a> The suggestion is that, by analogy, the recognition of a person's identity and worth occurs only through contact with other people, and that one person becomes the species-model for another, just as commodities need to relate to each other and to money to establish what the magnitude of their value is. Marx's description of what goes on in commodity exchanges highlights not only that value relationships appear to exist between commodities quite independently of the valuers, but also that people accept that these relationships exist, even although they do not understand exactly what they are, or why they exist at all.<a href="#cite_note-62">[62]</a> We know that a particular market exists, if there are buyers and sellers. With experience, we can identify them, and estimate a normal turnover. However, the totality of interactions and transactions in all markets combined simultaneously, can easily appear as an unfathomable abstraction.<a href="#cite_note-63">[63]</a> <div class="mw-heading mw-heading2"><h2 id="Genesis_of_the_forms_of_value">Genesis of the forms of value</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=7" title="Edit section: Genesis of the forms of value">edit</a>]</div> Marx distinguishes between four successive steps in the process of trading products, i.e., in the circulation of commodities, through which fairly stable and objective value proportionalities (Wertverhältnisse in German) are formed that express "what products are worth". These steps are: <ul><li>1. The simple form of value, an expression that contains the duality of relative value and equivalent value.</li> <li>2. The expanded or total form of value, a quantitative "chaining together" of the simple forms of expressing value.</li> <li>3. The general form of value, i.e., the expression of the worth of all products reckoned in a general equivalent which functions as a standard of value.</li> <li>4. The money-form of value, which is a general equivalent used in trading (a medium of exchange) that is universally exchangeable.</li></ul> These forms are different ways of symbolizing and representing what goods are worth, to facilitate trade and cost/benefit calculations. The simple form of value does not (or not necessarily) involve a money-referent at all, and the expanded and general forms are intermediary expressions between a non-monetary and a monetary expression of economic value. The four steps are an abstract summary of what essentially happens to the trading relationship when the trade in products grows and develops beyond incidental barter. There is some similarity with the concept of the "<a href="/wiki/Double_coincidence_of_wants" class="mw-redirect" title="Double coincidence of wants">double coincidence of wants</a>" later formulated by <a href="/wiki/Stanley_Jevons" class="mw-redirect" title="Stanley Jevons">Stanley Jevons</a> in Money and the Mechanism of Exchange (1875), but the intention of Marx's idea is different. <div class="mw-heading mw-heading3"><h3 id="Simple_form_of_value">Simple form of value</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=8" title="Edit section: Simple form of value">edit</a>]</div> The value relationship in Marx's economic sense (which in the first instance concerns reproducible commodities) begins to emerge, when we are able to state that one bundle of use-values is "worth the same" as another bundle of (different) use-values. That happens when the bundles of products are regularly traded for each other, and thus are regarded as instruments of trade. It is a quantitative relationship between quantities, implicitly expressed in the same unit of measurement. The simplest expression of the form of value can be stated as the following equation: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">X quantity of commodity A is worth Y quantity of commodity B</blockquote> where the value of X{A} is expressed relatively, as being equal to a certain quantity of B, meaning that X{A} is the relative form of value and Y{B} the equivalent form of value, so that B is effectively the value-form of (expresses the value of) A. If we ask "how much is X quantity of commodity A worth?" the answer is "Y quantity of commodity B". This simple equation, expressing a simple value proportion between products, however permits several possibilities of differences in valuation emerging within the circulation of products: <ul><li>the absolute value of X{A} changes, but the absolute value of Y{B} stays constant; in this case, the change in the relative value of X{A} depends only on a change in the absolute value of A (The absolute value, Marx argues, is the total labour cost on average implicated in making a commodity).</li> <li>the absolute value of X{A} stays constant, but the absolute value of Y{B} changes; in this case, the relative value of X{A} fluctuates in inverse relation to changes in the absolute value of B, meaning that if Y{B} goes down then X{A} goes up, while if Y{B} goes up then X{A} goes down.</li> <li>the values of X{A} and Y{B} both change in the same direction and in the same proportion. In this case, the equation still holds, but the change in absolute value is noticeable only if X{A} and Y{B} are compared with a commodity C, where C's value stays constant. If all commodities increase or decrease in value by the same amount, then their relative values all remain exactly the same.</li> <li>the values of X{A} and Y{B} change in the same direction, but not by the same amount, or vary in opposite directions.</li></ul> These possible changes in valuation enable us to understand already that what any particular product will trade for is delimited by what other products will trade for, quite independently of how much the buyer would like to pay, or how much the seller would like to get in return. Value should not be confused with price here, however, because products can be traded at prices above or below what they are worth (implying value-price deviations; this complicates the picture and is elaborated only in the third volume of <a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a>). There are value-structures and price-structures. For simplicity's sake, Marx assumes initially that the money-price of a commodity will be equal to its value (ordinarily, price-value deviations would not be very great); but in <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a> it becomes clear that the sale of goods above or below their value has a crucial effect on aggregate profits. For a simple example, depending on market conditions, the profit from selling a lot of goods very fast below their value can be higher than the profit from selling a few goods above their value in the same time interval. Across longer intervals of time, the price level is however likely to approximate a normal, average value under the pressure of business competition. The main implications of the simple relative form of value are that: <ul><li>The value of an individual commodity can change relative to other commodities, although the real cost in labour of that particular commodity stays constant, and vice versa, the real labour cost of that particular commodity can vary, although its relative value remains the same; this means that goods can be devalued or revalued depending on what happens elsewhere in the trading system and on changes in the conditions of producing them elsewhere. It would therefore be wrong to claim, as some Marxists (Mandel, Ollman, Carchedi)<a href="#cite_note-64">[64]</a> argue, that for Marx "economic value is labour"; rather, the economic value of products really refers to the current social valuation of average labour effort implicated in products.</li> <li>That the absolute and relative values of commodities can change constantly, in proportions which do not exactly compensate each other, or cancel each other out, via haphazard adjustments to new production and demand conditions.<a href="#cite_note-65">[65]</a></li></ul> Marx also argues that, at the same time, such an economic equation accomplishes two other things: <ul><li>the value of specific labour activities is implicitly related in proportion to the value of labour in general, and</li> <li>private labour activities, carried out independently of each other, are socially recognized as being a fraction of society's total labour.</li></ul> Effectively, a social nexus (a societal connection or bond) is established and affirmed via the value-comparisons in the marketplace, which makes relative labour costs (the expenditures of human work energy) the real substance of product-value. Obviously, some assets are not produced by human labour at all, but how they are valued commercially will nevertheless refer, explicitly or implicitly, directly or indirectly, to the comparative cost structure of related assets that are labour-products. A tree in the middle of the <a href="/wiki/Amazon_Rain_Forest" class="mw-redirect" title="Amazon Rain Forest">Amazon Rain Forest</a> has no commercial value where it stands. We can estimate its value only by estimating what it would cost to cut it down, what it would sell for in markets, or what income we could currently get from it — or how much we could charge people to look at it. Imputing an "acceptable price" to the tree, assumes that there already exists a market in timber, or in forests, that tells us what the tree would normally be worth.<a href="#cite_note-66">[66]</a> <div class="mw-heading mw-heading3"><h3 id="Expanded_form_of_value">Expanded form of value</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=9" title="Edit section: Expanded form of value">edit</a>]</div> In the expanded form of value, the equation process between quantities of different commodities is simply continued serially, so that their values relative to each other are established, and they can all be expressed in some or other commodity-equivalent. The expanded value-form expression really represents only an extension of the simple value form, where products alternate as relative and equivalent forms in order to be equated to each other. Marx argues that, as such, the expanded form of value is practically inadequate, because to express what any commodity is worth might now require the calculation of a whole "chain" of comparisons, i.e. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">X amount of commodity A is worth Y commodity B, is worth Z commodity C ... etc.</blockquote> What this means is, that if A is normally traded for B, and B is normally traded for C, then to find out how much A is worth in terms of C, we first have to convert the amounts into B (and maybe many more intermediate steps). This is obviously inefficient if many goods are traded at the same time. <div class="mw-heading mw-heading3"><h3 id="General_form_of_value">General form of value</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=10" title="Edit section: General form of value">edit</a>]</div> The practical solution in trade is therefore the emergence of a general form of value, in which the values of all kinds of bundles of commodities can be expressed in amounts of one standard commodity (or just a few standards) which function as a general equivalent. The general equivalent has itself no relative form of value in common with other commodities; instead its value is expressed only in a myriad of other commodities. <math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\begin{bmatrix}either&A&amount&of&commodity&B\\or,&C&amount&of&commodity&D\\or,&E&amount&of&commodity&F\\or,&G&amount&of&commodity&H\\or,&J&amount&of&commodity&K\\\end{bmatrix}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mrow> <mo>[</mo> <mtable rowspacing="4pt" columnspacing="1em"> <mtr> <mtd> <mi>e</mi> <mi>i</mi> <mi>t</mi> <mi>h</mi> <mi>e</mi> <mi>r</mi> </mtd> <mtd> <mi>A</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>B</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>C</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>D</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>E</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>F</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>G</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>H</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>J</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>K</mi> </mtd> </mtr> </mtable> <mo>]</mo> </mrow> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\begin{bmatrix}either&A&amount&of&commodity&B\\or,&C&amount&of&commodity&D\\or,&E&amount&of&commodity&F\\or,&G&amount&of&commodity&H\\or,&J&amount&of&commodity&K\\\end{bmatrix}}}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2b5583b84fc712c787ee56c9533a61f0c84938dc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -7.338ex; width:47.279ex; height:15.843ex;" alt="{\displaystyle {\begin{bmatrix}either&A&amount&of&commodity&B\\or,&C&amount&of&commodity&D\\or,&E&amount&of&commodity&F\\or,&G&amount&of&commodity&H\\or,&J&amount&of&commodity&K\\\end{bmatrix}}}"> = <math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\begin{bmatrix}X&amount&of&commodity&Y\end{bmatrix}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mrow> <mo>[</mo> <mtable rowspacing="4pt" columnspacing="1em"> <mtr> <mtd> <mi>X</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>Y</mi> </mtd> </mtr> </mtable> <mo>]</mo> </mrow> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\begin{bmatrix}X&amount&of&commodity&Y\end{bmatrix}}}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/120b601fd7af6262dfd36ad4f3afb2eb837ce9c2" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:36.813ex; height:2.843ex;" alt="{\displaystyle {\begin{bmatrix}X&amount&of&commodity&Y\end{bmatrix}}}"> In ancient civilizations where considerable market trade occurred, there were usually a few types of goods that could function as a general standard of value. This standard served for value comparisons; it did not necessarily mean that goods were actually traded for the standard commodity.<a href="#cite_note-auto-67">[67]</a> This rather cumbersome approach is solved with the introduction of money—the owner of a product can sell it for money, and buy another product he wants with money, without worrying anymore about whether the thing offered in exchange for his own product is indeed the product that he wants himself. Now, the only limit to trade is the development and growth rate of the market. <div class="mw-heading mw-heading3"><h3 id="Money-form_of_value">Money-form of value</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=11" title="Edit section: Money-form of value">edit</a>]</div> Just because quantities of goods can be expressed in amounts of a general equivalent, which acts as a referent, this does not mean that they can necessarily all be traded for that equivalent. The general equivalent may only be a sort of yardstick used to compare what goods are worth. Hence, the general equivalent form in practice gives way to the <a href="/wiki/Money" title="Money">money</a>-commodity, which is a universal equivalent, meaning that (provided people are willing to trade) it possesses the characteristic of direct and universal exchangeability in precisely measured quantities. <math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\begin{bmatrix}either&A&amount&of&commodity&B\\or,&C&amount&of&commodity&D\\or,&E&amount&of&commodity&F\\or,&G&amount&of&commodity&H\\or,&J&amount&of&commodity&K\\\end{bmatrix}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mrow> <mo>[</mo> <mtable rowspacing="4pt" columnspacing="1em"> <mtr> <mtd> <mi>e</mi> <mi>i</mi> <mi>t</mi> <mi>h</mi> <mi>e</mi> <mi>r</mi> </mtd> <mtd> <mi>A</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>B</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>C</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>D</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>E</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>F</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>G</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>H</mi> </mtd> </mtr> <mtr> <mtd> <mi>o</mi> <mi>r</mi> <mo>,</mo> </mtd> <mtd> <mi>J</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>c</mi> <mi>o</mi> <mi>m</mi> <mi>m</mi> <mi>o</mi> <mi>d</mi> <mi>i</mi> <mi>t</mi> <mi>y</mi> </mtd> <mtd> <mi>K</mi> </mtd> </mtr> </mtable> <mo>]</mo> </mrow> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\begin{bmatrix}either&A&amount&of&commodity&B\\or,&C&amount&of&commodity&D\\or,&E&amount&of&commodity&F\\or,&G&amount&of&commodity&H\\or,&J&amount&of&commodity&K\\\end{bmatrix}}}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/2b5583b84fc712c787ee56c9533a61f0c84938dc" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -7.338ex; width:47.279ex; height:15.843ex;" alt="{\displaystyle {\begin{bmatrix}either&A&amount&of&commodity&B\\or,&C&amount&of&commodity&D\\or,&E&amount&of&commodity&F\\or,&G&amount&of&commodity&H\\or,&J&amount&of&commodity&K\\\end{bmatrix}}}"> = <math xmlns="http://www.w3.org/1998/Math/MathML" alttext="{\displaystyle {\begin{bmatrix}X&amount&of&money\end{bmatrix}}}"> <semantics> <mrow class="MJX-TeXAtom-ORD"> <mstyle displaystyle="true" scriptlevel="0"> <mrow class="MJX-TeXAtom-ORD"> <mrow> <mo>[</mo> <mtable rowspacing="4pt" columnspacing="1em"> <mtr> <mtd> <mi>X</mi> </mtd> <mtd> <mi>a</mi> <mi>m</mi> <mi>o</mi> <mi>u</mi> <mi>n</mi> <mi>t</mi> </mtd> <mtd> <mi>o</mi> <mi>f</mi> </mtd> <mtd> <mi>m</mi> <mi>o</mi> <mi>n</mi> <mi>e</mi> <mi>y</mi> </mtd> </mtr> </mtable> <mo>]</mo> </mrow> </mrow> </mstyle> </mrow> <annotation encoding="application/x-tex">{\displaystyle {\begin{bmatrix}X&amount&of&money\end{bmatrix}}}</annotation> </semantics> </math><img src="https://wikimedia.org/api/rest_v1/media/math/render/svg/8b7545337aeebbf64e9a24292044f50c7b8e46be" class="mwe-math-fallback-image-inline mw-invert skin-invert" aria-hidden="true" style="vertical-align: -0.838ex; width:28.163ex; height:2.843ex;" alt="{\displaystyle {\begin{bmatrix}X&amount&of&money\end{bmatrix}}}"> But for most of the history of human civilization, currencies were not universally used as means of exchange, because (1) the prevailing systems of property rights and cultural <a href="/wiki/Mores" title="Mores">custom</a> did not allow many goods to be sold for money, (2) many products were distributed and traded without using money through forms of barter or reciprocal obligations, and (3) several different currencies were often used side by side. Marx himself believed that <a href="/wiki/Nomadic" class="mw-redirect" title="Nomadic">nomadic</a> peoples were the first to develop the money-form of value (in the sense of a universal equivalent in trade) because all their possessions were mobile, and because they were regularly in contact with different communities, which encouraged the exchange of products.<a href="#cite_note-68">[68]</a> When money is generally used in trade, money becomes the general expression of the form of value of goods being traded; usually this is associated with the emergence of a state authority issuing legal currency. At that point the form of value appears to have acquired a fully independent, separate existence from any particular traded object (behind this autonomy, however, is the power of state authorities or private agencies to enforce financial claims). Marx concludes about the money-form of value that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"It is not money that renders the commodities commensurable. Quite the contrary. Because all commodities, as values, are objectified human labour, and therefore in themselves commensurable, their values can be communally measured in one and the same specific commodity, and this commodity can be converted into the common measure of their values, that is into money. Money as a measure of value is the necessary form of appearance of the measure of value which is immanent in commodities, namely labour-time."<a href="#cite_note-69">[69]</a></blockquote> He adds that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"The difficulty lies not in comprehending that money is a commodity, but in discovering how, why and by what means a commodity becomes money. (...) What appears to happen is not that a particular commodity becomes money because all other commodities express their values in it, but, on the contrary, that all other commodities universally express their values in a particular commodity because it is money. The movement through which the process has been mediated vanishes in its own result, leaving no trace behind."<a href="#cite_note-70">[70]</a></blockquote> As soon as a stable currency exists that is generally used, it really looks like (1) that it is money which renders commodities commensurable in exchange, and (2) that commodities have value because they have a money-price. It looks like everything that can be priced has a value. The more the money-form of value develops and expands, the more the historical origin of the money-form of value disappears from view. According to Marx, money originated as a standard commodity that functions as a currency. But when <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a> replaces a commodity-currency, the exchange process appears completely regulated by money prices which rise and fall according to the forces of supply and demand. The origin of value is henceforth explained by the origin of money, as a better alternative to bartering. The classical idea that price-levels and cost-prices for products are regulated by labour-values no longer seems credible, because these labour-values are not directly visible, while money-prices are directly visible as transaction data. The very idea, that behind visible commodity-prices there exist labour-expenditures that regulate price-levels looks implausible, because labour-values cannot be directly observed. For Marx, erroneous perceptions about trade do not emerge primarily from false theories about trade, but out of the real development of trading practices themselves. <div class="mw-heading mw-heading3"><h3 id="Credit_money">Credit money</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=12" title="Edit section: Credit money">edit</a>]</div> Once the money-commodity (e.g., <a href="/wiki/Gold" title="Gold">gold</a>, <a href="/wiki/Silver" title="Silver">silver</a>, <a href="/wiki/Bronze" title="Bronze">bronze</a>) is securely established as a stable medium of exchange, symbolic money-tokens (e.g., <a href="/wiki/Bank_notes" class="mw-redirect" title="Bank notes">bank notes</a> and debt claims) issued by the state, trading houses or corporations can in principle substitute paper money or debt obligations for the "real thing" on a regular basis. At first, these "paper claims" (legal tender) are by law convertible on demand into quantities of gold, silver etc., and they circulate alongside precious metals. But gradually currencies come into use that are not so convertible, i.e., "fiduciary money" or <a href="/wiki/Fiat_money" title="Fiat money">fiat money</a> which relies on social trust that people will honor their transactional obligations. These kinds of fiduciary money rely not on the value of money-tokens themselves (as in <a href="/wiki/Commodity_money" title="Commodity money">commodity money</a>), but on the ability to enforce financial claims and contracts, principally by means of the power and laws of the state, but also by other institutional methods. Eventually, as Marx already anticipated in 1844, precious metals play very little role anymore in the monetary system.<a href="#cite_note-71">[71]</a> Alongside fiat money, credit money also develops more and more. Credit money, although expressed in currency units, does not consist of money tokens. It consists rather of financial claims, including of all kinds of debt certificates (promissory notes) which entitle the holder to future income under contractually specified conditions. These claims can themselves be traded for profit. Credit arrangements existed already in the ancient world,<a href="#cite_note-72">[72]</a> but there was no very large-scale trade in debt obligations. In the modern world, the majority of money no longer consists of money tokens, but of credit money.<a href="#cite_note-73">[73]</a> Marx was quite aware of the role of credit money, but he did not analyze it in depth. His concern was only with how the credit system directly impacted on the capitalist production process. The ultimate universal equivalent according to Marx is "world money", i.e., financial instruments that are accepted and usable for trading purposes everywhere, such as <a href="/wiki/Bullion" title="Bullion">bullion</a>.<a href="#cite_note-74">[74]</a> In the world market, the value of commodities is expressed by a universal standard, so that their "independent value-form" appears to traders as "universal money".<a href="#cite_note-75">[75]</a> Nowadays the <a href="/wiki/US_dollar" class="mw-redirect" title="US dollar">US dollar</a>,<a href="#cite_note-76">[76]</a> the <a href="/wiki/Euro" title="Euro">Euro</a>, and the Japanese <a href="/wiki/Yen" class="mw-redirect" title="Yen">Yen</a> are widely used as "world currencies" providing a near-universal standard and measure of value. They are used as a means of exchange worldwide, and consequently most governments have significant reserves or claims to these currencies. <div class="mw-heading mw-heading3"><h3 id="Implications">Implications</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=13" title="Edit section: Implications">edit</a>]</div> Marx's four steps in the development of the form of value are mainly an analytical or logical progression, which may not always conform to the actual historical processes by which objects begin to acquire a relatively stable value and are traded as commodities.<a href="#cite_note-77">[77]</a> Three reasons are: <ul><li>Various different methods of trade (including <a href="/wiki/Counter-trade" class="mw-redirect" title="Counter-trade">counter-trade</a>) may always exist and persist side by side.<a href="#cite_note-78">[78]</a> Thus, simpler and more developed expressions of value may be used in trade at the same time, or combined (for example, in order to fix a rate of exchange, traders may have to reckon how much of commodity B can be acquired, if commodity A is traded).</li> <li>Market and non-market methods of allocating resources may combine, and they can combine in rather unusual ways. The act of sale, for example, may not only give the new owner of a good possession of it, but also grant or deny access to other goods. The actual distinction between selling and barter may not be so easy to draw, and all kinds of "deals" can be done in which the trade of one thing has consequences for the possession of other things.</li> <li>Objects that previously had no socially accepted value at all, may acquire it in a situation where money is already used, simply by imputing or attaching a money-price to them. In this way, objects can acquire the form of value "all at once"—they are suddenly integrated in an already existing market (the only prerequisite is, that somebody owns the trading rights for those objects). <a href="/wiki/Bertram_Schefold" title="Bertram Schefold">Bertram Schefold</a> notes that in medieval Japan, the <a href="/wiki/Empress_Genmei" title="Empress Genmei">Empress Genmei</a> simply decreed the introduction of <a href="/wiki/Japanese_currency" title="Japanese currency">minted coinage</a> one day in 708 CE (the so-called <a href="/wiki/Wad%C5%8Dkaichin" title="Wadōkaichin">wadōkaichin</a>), to "lighten the burden of carrying around commodity equivalents" such as arrowheads, rice and gold.<a href="#cite_note-79">[79]</a></li></ul> It is just that, typically, what the socially accepted value of a wholly new kind of object will be, requires the practical "test" of a regular trading process, assuming a regular supply by producers and a regular demand for it, which establishes a trading "norm" consistent with production costs. A new object that wasn't traded previously may be traded far above or below its real value, until the supply and demand for it stabilizes, and its exchange-value fluctuates only within relatively narrow margins (in orthodox economics, this process is acknowledged as a form of <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>).<a href="#cite_note-80">[80]</a> The development of the form of value through the growth of trading processes involves a continuous dual equalization & relativization process (this is sometimes referred to as a type of "market adjustment"): <ul><li>the worth of products and assets relative to each other is established with increasingly precise equations, creating a structure of relative values;</li> <li>the comparative labour efforts required to make the products are also valued in an increasingly standardized way at the same time. For almost any particular type of labour, it can then be specified, fairly accurately, how much money it would take, on average, to employ that labour and get the use out of that labour. To get any type of job done, there is then a normal price tag for the labour involved.<a href="#cite_note-81">[81]</a></li></ul> Six main effects of this are: <ul><li>The process of market-expansion, involving the circulation of more and more goods, services and money, leads to the development of the form of value of products, which includes and transforms more and more aspects of human life, until almost everything is structured by the forms of value;<a href="#cite_note-82">[82]</a></li> <li>That it increasingly seems as though economic value ("what things are worth") is a natural, intrinsic characteristic of products and assets (just like the characteristics that make them useful) rather than a social effect created by labour-cooperation and human effort;</li> <li>what any particular kind of labour is worth, becomes largely determined by the value of the tradeable product of the labour, and labour becomes organized according to the value it produces.</li> <li>The development of markets leads to the capitalization of money, products and services: the trade of money for goods, and goods for money, leads directly to the use of the trading process purely to "make money" from it (a practice known in classical Greece as "<a href="/wiki/Chrematistics" title="Chrematistics">chrematistics</a>"). This is what Marx regards as the true origin of capital, long before capital's conquest of the whole of production.</li> <li><a href="/wiki/Labour_power" title="Labour power">Labour power</a> that creates no commodity value or does not have the potential to do so, has no value for commercial purposes, and is therefore usually not highly valued economically, except insofar as it reduces costs that would otherwise be incurred.</li> <li>The diffusion of value relations eradicates traditional <a href="/wiki/Social_relations" class="mw-redirect" title="Social relations">social relations</a> and corrodes all social relations not compatible with commerce; the valuation that becomes of prime importance is what something will trade for. The result is the emergence of the trading circuit M-C...P...C'-M', which indicates that production has become a means for the process of making money (that is, Money [=M] buys commodities [=C] which are transformed through production [=P] into new commodities [=C'], and, upon sale, result in more money [=M'] than existed at the start).</li></ul> <div class="mw-heading mw-heading3"><h3 id="Generalized_commodity_production">Generalized commodity production</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=14" title="Edit section: Generalized commodity production">edit</a>]</div> Capital existed in the form of trading capital already thousands of years before capitalist factories emerged in the towns;<a href="#cite_note-83">[83]</a> its owners (whether rentiers, merchants, religious functionaries or state functionaries) often functioned as intermediaries between commodity producers. They facilitated exchange, for a price — they made money from trade.<a href="#cite_note-84">[84]</a> Marx defines the <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">capitalist mode of production</a> as "generalized (or universalized) commodity production", meaning that most goods and services are produced primarily for commercial purposes, for profitable market sale in a universal market.<a href="#cite_note-85">[85]</a> This has the consequence, that both the inputs and the outputs of production (including <a href="/wiki/Labour_power" title="Labour power">labour power</a>) become tradeable objects with prices, and that the whole of production is reorganized according to commercial principles. Whereas originally commercial trade occurred episodically at the boundaries of different communities, Marx argues,<a href="#cite_note-86">[86]</a> eventually commerce engulfs and reshapes the whole production process of those communities. This involves the transformation of a large part of the labour force into wage-labour (the sale of <a href="/wiki/Labour_power" title="Labour power">labour power</a> as a commodity), and the capitalization of labour employed (<a href="/wiki/Surplus_labour" title="Surplus labour">surplus labour</a> creates <a href="/wiki/Surplus_value" title="Surplus value">surplus value</a>). In turn, this means what whether or not a product will be produced, and how it will be produced, depends not simply on whether it is physically possible to produce it or on whether people need it, but on its financial cost of production, whether a sufficient amount can be sold, and whether its production yields sufficient profit income. That is also why Marx regarded the individual commodity, which simultaneously represents value and <a href="/wiki/Use-value" class="mw-redirect" title="Use-value">use-value</a> as the "cell" (or the "cell-form") in the "body" of capitalism. The seller primarily wants money for his product and is not really concerned with its consumption or use (other than from the point of view of making sales); the buyer wants to use or consume the product, and money is the means to acquire it from any convenient source. Thus the seller does not aim directly to satisfy the need of the buyer, nor does the buyer aim to enrich the seller. Rather, the buyer and the seller are the means for each other to acquire money or goods.<a href="#cite_note-87">[87]</a> As a corollary, production may become less and less a creative activity to satisfy human needs, but simply a means to make money or acquire access to goods and services. <a href="/wiki/Richard_Sennett" title="Richard Sennett">Richard Sennett</a> provides a eulogy for the vanishing art of craftsmanship in capitalist society.<a href="#cite_note-88">[88]</a> As against that, products obviously could not be sold unless people need them, and unless that need is practically acknowledged. The social effect is that the motives for trading may be hidden to some or other extent, or appear somewhat differently from what they really are (in this sense, Marx uses the concept of "<a href="/wiki/Character_mask" title="Character mask">character masks</a>"). <div class="mw-heading mw-heading3"><h3 id="Reification">Reification</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=15" title="Edit section: Reification">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Reification_(Marxism)" title="Reification (Marxism)">Reification (Marxism)</a></div> The concept of the form of value shows how, with the development of commodity trade, anything with a utility for people can be transformed into an abstract value, objectively expressible as a sum of money; but, also, how this transformation changes the organization of labour to maximize its value-creating capacity, how it changes social interactions and the very way people are aware of their interactions. However, the quantification of objects and the manipulation of quantities ineluctably leads to distortions (<a href="/wiki/Reification_(Marxism)" title="Reification (Marxism)">reifications</a>) of their qualitative properties. For the sake of obtaining a measure of magnitude, it is frequently assumed that objects are quantifiable, but in the process of quantification, various qualitative aspects are conveniently ignored or abstracted away from.<a href="#cite_note-89">[89]</a> Obviously the expression of everything in money prices is not the only valuation that can, or should, be made.<a href="#cite_note-90">[90]</a> Mathematics is enormously important for economic analysis, but it is, potentially, also a formidable source of ultimate reification (reducing an economic phenomenon to an abstract number might disregard almost everything necessary to understand the economic phenomenon). Essentially, Marx argues that if the values of things are to express social relations, then, in trading activity, people necessarily have to "act" symbolically in a way that inverts the relations among objects and subjects, whether they are aware of that or not. They have to treat a relationship as if it is a thing in its own right. In an advertisement, a financial institution might for example say "with us, your money works for you", but money does not "work", people do. A relationship gets treated as a thing, and a relationship between people is expressed as a relationship between things. <div class="mw-heading mw-heading3"><h3 id="Marketisation">Marketisation</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=16" title="Edit section: Marketisation">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Commodification" title="Commodification">Commodification</a></div> The total implications of the development of the forms of value are much more farreaching than can be described in this article, since (1) the processes by which the things people use are transformed into objects of trade (often called <a href="/wiki/Commodification" title="Commodification">commodification</a>, commercialization or marketization) and (2) the social effects of these processes, are both extremely diverse.<a href="#cite_note-91">[91]</a> A very large literature exists about the growth of business relationships in all sorts of areas, highlighting both progress, and destruction of traditional ways. For capitalism to exist, markets must grow, but market growth requires changes in the way people relate socially, and changes in property rights. This is often a problem-fraught and conflict-ridden process, as Marx describes in his story about <a href="/wiki/Primitive_accumulation" class="mw-redirect" title="Primitive accumulation">primitive accumulation</a>. During the 20th century, there was hardly a year without wars occurring somewhere in the world.<a href="#cite_note-92">[92]</a> As the global expansion of business competition broke up the traditional social structures and traditional property rights everywhere, it caused political instability and continual conflicts between social classes, ethnic groups, religions and nations, in different places, as well as a series of revolutions and <a href="/wiki/Coup_d%27%C3%A9tat" title="Coup d'état">coups d'état</a> (analyzed e.g. by sociologists like <a href="/wiki/Theda_Skocpol" title="Theda Skocpol">Theda Skocpol</a> and <a href="/wiki/Charles_Tilly" title="Charles Tilly">Charles Tilly</a>). Almost all socialist countries that appeared in the 20th century arose out of wars. Wars are generally bad for business (except for the military industry and its suppliers, or <a href="/wiki/War_profiteering" title="War profiteering">war profiteers</a>), nobody likes them,<a href="#cite_note-93">[93]</a> and governments try to prevent them,<a href="#cite_note-94">[94]</a> but in reality the marketisation of the world has often been a very aggressive, violent process. Typically, therefore, the advocates of peaceful market trade blame "everything but the market" for the explosions of mass violence that occur, with the promise that, if people would just sit down and negotiate a deal, they wouldn't have to use force to get what they want. This assumes that market trade is something quite separate from political power, because it is market-trade, i.e. a free negotiation between trading partners who are equals in the marketplace.<a href="#cite_note-95">[95]</a> <div class="mw-heading mw-heading2"><h2 id="Value-form_and_price-form">Value-form and price-form</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=17" title="Edit section: Value-form and price-form">edit</a>]</div> In his story, Marx defines the magnitude of "value" simply as the ratio of a physical quantity of product to a quantity of average labour-time, which is equal to a quantity of gold-money (in other words, a <a href="/wiki/Scalar_(mathematics)" title="Scalar (mathematics)">scalar</a>): <dl><dd><dl><dd><dl><dd><dl><dd><dl><dd>X quantity of product = Y quantity of average labour hours = Z quantity of gold-money</dd></dl></dd></dl></dd></dl></dd></dl></dd></dl> He admits early on, that the assumption of gold-money is a theoretical simplification,<a href="#cite_note-96">[96]</a> since the buying power of money tokens can vary due to causes that have nothing to do with the production system (within certain limits, X, Y and Z can vary independently of each other); but he thought it was useful to reveal the structure of economic relationships involved in the capitalist mode of production, as a prologue to analyzing the motion of the system as a whole; and, he believed that variations in the buying power of money did not alter that structure at all, insofar as the working population was forced to produce in order to survive, and in so doing entered into societal <a href="/wiki/Relations_of_production" title="Relations of production">relations of production</a> independent of their will; the basic system of property rights remained the same, irrespective of whether products and labour were traded for a higher or a lower price. As any banker or speculator knows, however, the expression of the value of something as a quantity of money-units is by no means the "final and ultimate expression of value". <ul><li>At the simplest level, the reason is that different "monies" (currencies) may be used side by side in the trading process, meaning that "what something is worth" may require expressing one currency in another currency and that one currency is traded against another, where currency exchange rates fluctuate all the time. Thus, money itself can take many different forms.<a href="#cite_note-97">[97]</a></li> <li>In more sophisticated trade, moreover, what is traded is not money itself, but rather claims to money ("financial claims" and counter-claims, for example debt obligations, borrowing facilities or stocks that provide the holder with an income).</li> <li>And in even more sophisticated trade, what is traded is the insurance of financial claims against the risk of possible monetary loss.<a href="#cite_note-98">[98]</a> In turn, money can be made just from the knowledge about the probability that a financial trend or risk will occur or will not occur (see <a href="/wiki/Prediction_market" title="Prediction market">prediction market</a>).</li></ul> Eventually financial trade becomes so complex, that what a financial asset is worth is often no longer expressible in any exact quantity of money (a "cash value") without all sorts of qualifications, and that its worth becomes entirely conditional on its expected earnings potential.<a href="#cite_note-99">[99]</a> In Capital Volume 3, which he drafted before Volume I, Marx shows he was well aware of this. He distinguished not only between "real capital" (physical, tangible capital assets) and "money capital",<a href="#cite_note-100">[100]</a> but also noted the existence of "<a href="/wiki/Fictitious_capital" title="Fictitious capital">fictitious capital</a>"<a href="#cite_note-101">[101]</a> and pseudo-commodities that strictly speaking have only symbolic value.<a href="#cite_note-102">[102]</a> Marx believed that a failure to theorize the forms of value correctly led to "the strangest and most contradictory ideas about money," which "emerges sharply... in [the theory of] banking, where the commonplace definitions of money no longer hold water".<a href="#cite_note-103">[103]</a> <div class="mw-heading mw-heading3"><h3 id="Price-form">Price-form</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=18" title="Edit section: Price-form">edit</a>]</div> Consistent with this, Marx explicitly introduced a distinction between the form of value and the price-form early on in <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>.<a href="#cite_note-104">[104]</a> Simply put, the price-form is a mediator of trade that is separate and distinct from the forms of value that products have.<a href="#cite_note-105">[105]</a> Prices express exchange-value in units of money.<a href="#cite_note-106">[106]</a> A price is a "sign" that conveys information about either a possible or a realized transaction (or both at the same time). The information may be true or false; it may refer to observables or unobservables; it may be estimated, assumed or probable. However, because prices are also numbers, it is easy to treat them as manipulable "things" in their own right, in abstraction from their appropriate context. As <a href="/wiki/Viktor_Mayer-Sch%C3%B6nberger" title="Viktor Mayer-Schönberger">Viktor Mayer-Schönberger</a> puts it, "...in the process of distilling information down to price, many details get lost."<a href="#cite_note-107">[107]</a> <div class="mw-heading mw-heading4"><h4 id="Latin_root">Latin root</h4>[<a href="/w/index.php?title=Value-form&action=edit&section=19" title="Edit section: Latin root">edit</a>]</div> The ambiguity of the modern concept of "price" already existed in the Latin root meaning of the word, in Roman times. It has persisted in modern times. Thus, for example, in 1912, <a href="/wiki/Frank_Fetter" title="Frank Fetter">Frank Fetter</a> gathered 117 different definitions of "price" used by economists, which he grouped under three categories: objective exchange-value, subjective value, and ratio of exchange.<a href="#cite_note-108">[108]</a> The words pris or prix (French), Preis (German), prezzo (Italian), precio (Spanish), preço (Portuguese) and price (English) were all derived, directly or via-via, from the Latin equivalent pretium or precium (which was possibly a contraction of per itium or pre itium, i.e., what goes across from buyer to seller, in an exchange). The Latin verb itio means "going, travelling", as in "<a href="https://en.wiktionary.org/wiki/itinerary" class="extiw" title="wiktionary:itinerary">itinerary</a>", and the Latin derivation pretiosus means "valuable or costly". "Pretium", the Latin word for price, had no less than ten discrete meanings, depending on the context: <ul><li>what something is worth: the value, the valuation, the (sum of) money represented, or the exchange-value of something.</li> <li>the purchase (or acquisition) cost, or the expense of something.</li> <li>the amount of a bid, a bet, an offer, or an estimate.</li> <li>a compensation, a requital, a payment or a return for a service rendered.</li> <li>the worth, yield, or benefit of a thing or an activity, in terms of what is gained (as compared to cost or effort).</li> <li>a reward, an honour, or a prize granted.</li> <li>an incentive or a stimulus.</li> <li>the wage of a hireling, the payment for a slave or a harlot, the rent for a hired good.</li> <li>the penalty or retribution for a mistake, for a failure or for a crime.</li> <li>the amount of a bribe, a graft payment, or a ransom deal.<a href="#cite_note-109">[109]</a></li></ul> Each of these ten sorts of price ideas referred to different social relations. Each social relationship, in turn, involves some kind of <a href="/wiki/Financial_transaction" title="Financial transaction">transaction</a> – an exchange, an investment, an award, a grant, a fine, a disbursement or transfer, a compensation payment etc. The word "transaction" is itself derived from the Latin transactionem, meaning an "agreement", "an accomplishment", "a done deal". The Latin word transactor refers to the mediator, the "go-between" or intermediary operative in some kind of deal, and transactus means "pierced", "penetrated", or "stuck through" (many Roman coins had holes through them, for storage on a string, or decorative purposes). The word pretium, or a price number, do not make all that explicit. Nevertheless, the classical concept of price already clearly displayed both an economic or <a href="/wiki/Instrumental_and_value-rational_action" title="Instrumental and value-rational action">instrumental</a> dimension, and a moral dimension (some prices are appropriate and just, others aren't). According to Stephen Gudeman, one aspect of the fetish of prices can manifest itself, when "prices only refer to themselves".<a href="#cite_note-110">[110]</a> Prices refer only to themselves, when they are lifted out of the transactional and social context from which they originated, and acquire an independent reality, where price numbers only relate to other price numbers. In that sense, the price numbers might hide as much as they reveal. While people are focused on the numbers, they forget about the real context that gives rise to the numbers. By the time that price numbers decide how people will be relating, prices have acquired a tremendous power in human affairs. The price resulting from a calculation may be regarded as symbolizing (representing) one transaction, or many transactions at once, but the validity of this "price abstraction" all depends on whether the computational procedure and valuation method are accepted. The modern notion of "the price of something" is often applied to sums of money denoting various quite different financial categories (e.g. a purchase or sale cost, the amount of a liability, the amount of a compensation, an asset value, an asset yield, an interest rate etc.). It can be difficult to work out, even for an economist, what a price really means, and price information can be deceptive. A (simple) price is transparent, if (1) it expresses clearly how much money has to be paid to acquire a product, asset or service, and if (2) its meaning is understood in the same way by all concerned. Things get more complicated, if many prices have to be added, subtracted, divided and multiplied in order to value something (an aggregated total price). Here, a method of price calculation is involved which assumes conventions, definitions and concepts which could vary to some or other extent. In order to understand this price, it is necessary to understand how it is arrived at, and whether the method is acceptable or correct. <div class="mw-heading mw-heading4"><h4 id="Value_vs._price">Value vs. price</h4>[<a href="/w/index.php?title=Value-form&action=edit&section=20" title="Edit section: Value vs. price">edit</a>]</div> According to Marx, the price-form is the idealized (symbolic) expression of the money-form of value that is used in trading things, calculating costs and benefits, and assessing what things are worth. As such, it is not a "further development" of the form of value itself, and exists independently of the latter,<a href="#cite_note-111">[111]</a> for five reasons: <ul><li>The (simple) price equates a quantity of one specific type of use-value to a quantity of money, whereas the meaning of "money form of value" is, that a given quantity of money will exchange for a quantity of any of the different kinds of use-values which the money can buy. So, the "money form of value" is not the same as a "price", in the first instance because the money form of value refers to an indeterminate variety of N commodities that are all equivalents for a given quantity of money. If we want to know "the price of fish", we need specific information about the kind of fish which are currently on offer. At best one could say, that the money form of value is an "index of monetized exchangeability".</li> <li>As Marx notes,<a href="#cite_note-112">[112]</a> prices may be attached to almost anything at all ("the price of owning, using or borrowing something"), and therefore need not express product-values at all. The price form expressing a type of transaction does not have to express a form of value. Prices do not necessarily have anything to do with the production or consumption of tangible wealth, although they might facilitate claims to it. The prices of some types of assets are not formed by any product-values at all. This point becomes especially important when we leave the sphere of production and the distribution of products altogether, and enter other sectors of economic life.</li> <li>Each of Marx's four forms of value which mark successive developmental phases in the trading process can alternatively also be reckoned in terms of money prices, once a generally accepted currency exists. Money-prices can exist, even although stable product-values have not (yet) been formed through regular production and trade.</li> <li>Insofar as the price of a commodity does express its value accurately, this does not necessarily mean that it will actually trade at this price; products can trade at prices above or below what the goods are really worth, or fail to be traded at any price.</li> <li>Although as a rule there will be a strong positive correlation between product-prices and product-values, they may change completely independently of each other for all kinds of reasons. When things are bought or sold, they may be over-valued or under-valued due to all kinds of circumstances.</li></ul> In Marx's theory of the capitalist mode of production, not just anything has a value in the economic sense, even if things can be priced.<a href="#cite_note-113">[113]</a> Only the products of human labour have the property of value, and their "value" is the currently average labour cost of supplying them. Financial assets are regarded as tradeable claims to value, which can be exchanged for tangible assets. The "value" of a financial asset is defined by what and how much the owner can buy, if the asset is traded/sold. Value relationships among physical products or labour-services and physical assets — as proportions of current labour effort involved in making them — exist according to Marx quite independently from price information, and prices can oscillate in all sorts of ways around economic values, or indeed quite independently of them. However, the expression of product-value by prices in money-units in most cases does not diverge very greatly from the actual value; if there was a very big difference, people would not be able to sell them (insufficient income), or they would not buy them (too expensive, relative to other options). If prices for products rise, hours worked may rise, and if prices fall, hours worked may fall (sometimes the reverse may also occur, to the extent that extra hours are worked, to compensate for lower income resulting from lower prices, or if more sales occur because prices are lowered). In that sense, it is certainly true that product-prices and product-values mutually influence each other. It is just that, according to Marx, product-values are not determined by the labor-efforts of any particular enterprise, but by the combined result of all of them.<a href="#cite_note-114">[114]</a> <div class="mw-heading mw-heading4"><h4 id="Real_prices_and_ideal_prices">Real prices and ideal prices</h4>[<a href="/w/index.php?title=Value-form&action=edit&section=21" title="Edit section: Real prices and ideal prices">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Real_prices_and_ideal_prices" title="Real prices and ideal prices">Real prices and ideal prices</a></div> In discussing the form of prices in various draft manuscripts and in <a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a>, Marx drew an essential distinction between actual prices charged and paid, i.e., prices that express how much money really changed hands, and various "<a href="/wiki/Real_prices_and_ideal_prices" title="Real prices and ideal prices">ideal prices</a>" (imaginary or notional prices).<a href="#cite_note-115">[115]</a> Because prices are symbols or indicators in more or less the same way as traffic lights are, they can symbolize something that really exists (e.g., hard cash) but they can also symbolize something that doesn't exist, or symbolize other symbols. The concept of price is often used in a very loose sense to refer to all kinds of transactional possibilities. That can make the forms of prices highly variegated, flexible and complex to understand, but also potentially very deceptive, disguising the real relationships involved. If justabout anything can be priced, and prices can be attached to anything, money-prices become the universal measure of value. Any other measure is erased from economic analysis. Modern economics is largely a "price science" (a science of "price behaviour"), in which economists attempt to analyze, explain and predict the relationships between different kinds of prices—using the laws of <a href="/wiki/Supply_and_demand" title="Supply and demand">supply and demand</a> as a guiding principle. These prices are mostly just numbers, where the numbers are believed to represent real prices, in some way, as an idealization. Mathematics then provides a logical language, to talk about what these prices might do, and to calculate pricing effects. This however was not Marx's primary concern; he focused rather on the structure and dynamics of the capitalism as a social system. His concern was with the overall results that market activity would lead to in human society. In what Marx called "vulgar economics", the complexity of the concept of prices is ignored however, because, Marx claimed in <a href="/wiki/Theories_of_Surplus_Value" title="Theories of Surplus Value">Theories of Surplus Value</a> and other writings, the vulgar economists assumed that: <dl><dd><dl><dd><dl><dd><ul><li>Since they all express a quantity of money, all prices belong to the same object class (they are qualitatively the same, and differ only quantitatively, irrespective of the type of transaction with which they are associated, or the valuation principles used).</li> <li>For theoretical purposes, there is no substantive difference between price idealizations and prices which are actually charged.</li> <li>"Price" is just another word for "value", i.e., value and price are identical expressions, since the value relationship simply expresses a relationship between a quantity of money and a quantity of some other economic good.</li> <li>Prices are always exact, in the same way that numbers are exact (disregarding price estimation, valuation changes and accounting error).</li> <li>Price information is always objective (i.e., it is never influenced by how people regard that information).</li> <li>People always have equal access to information about prices (in which case <a href="/wiki/Confidence_trick" class="mw-redirect" title="Confidence trick">swindles</a> are merely an aberration from the normal functioning of markets, rather than an integral feature of them, which requires continual policing).</li> <li>The price for any particular type of good is always determined in exactly the same way everywhere, according to the same economic laws, regardless of the given social set-up.</li></ul></dd></dl></dd></dl></dd></dl> In his <a href="/wiki/Critique_of_political_economy" title="Critique of political economy">critique of political economy</a>, Marx denied that any of these assumptions were scientifically true (see further <a href="/wiki/Real_prices_and_ideal_prices" title="Real prices and ideal prices">real prices and ideal prices</a>). He distinguished carefully between the values, exchange values, market values, market prices and <a href="/wiki/Prices_of_production" title="Prices of production">prices of production</a> of commodities.<a href="#cite_note-116">[116]</a> However, he did not analyze all the different forms that prices can take (for example, market-driven prices, <a href="/wiki/Administered_prices" title="Administered prices">administered prices</a>, accounting prices, negotiated and fixed prices, estimated prices, nominal prices, or inflation-adjusted prices) focusing mainly on the value proportions he thought to be central to the functioning of the <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">capitalist mode of production</a> as a social system. The effect of this omission was that debates about the relevance of Marx's value theory became confused, and that Marxists repeated the same ideas which Marx himself had rejected as "vulgar economics". In other words, they accepted a vulgar concept of price.<a href="#cite_note-117">[117]</a> <a href="/wiki/Koray_Caliskan" title="Koray Caliskan">Koray Çalışkan</a> comments: "A mysterious certainty dominates our lives in late capitalist modernity: the price. Not a single day passes without learning, making, and taking it. Yet despite prices’ widespread presence around us, we do not know much about them."<a href="#cite_note-118">[118]</a> Fluctuating <a href="/wiki/Price_signal" title="Price signal">price signals</a> serve to adjust product-values and labour efforts to each other, in an approximate way; prices are mediators in this sense. But that which mediates should not be confused with what is mediated. Thus, if the observable price-relationships are simply taken at face value, they might at best create a distorted picture, and at worst a totally false picture of the economic activity to which they refer. At the surface, price aggregations might quantitatively express an economic relationship in the simplest way, but in the process they might abstract away from other features of the economic relationship that are also very essential to know.<a href="#cite_note-119">[119]</a> Indeed, that is another important reason why Marx's analysis of economic value largely disregards the intricacies of price fluctuations; it seeks to discover the real economic movement behind the price fluctuations. <div class="mw-heading mw-heading2"><h2 id="Sources">Sources</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=22" title="Edit section: Sources">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Aristotle_and_Samuel_Bailey">Aristotle and Samuel Bailey</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=23" title="Edit section: Aristotle and Samuel Bailey">edit</a>]</div> Marx borrowed the idea of the form of value from the Greek philosopher <a href="/wiki/Aristotle" title="Aristotle">Aristotle</a> (circa 384–322 BC), who pondered the nature of exchange value in chapter 5 of Book 5 in his <a href="/wiki/Nicomachean_Ethics" title="Nicomachean Ethics">Nicomachean Ethics</a>.<a href="#cite_note-120">[120]</a> Aristotle distinguished clearly between the concepts of <a href="/wiki/Use-value" class="mw-redirect" title="Use-value">use-value</a> and <a href="/wiki/Exchange-value" class="mw-redirect" title="Exchange-value">exchange-value</a> (a distinction taken over by <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>). Aristotle developed a fairly sophisticated theory of money, and in chapter 9 of Book 1 of his Politics, he describes the circuits of commodity trade C-M-C' (oekonomia) and M-C-M' (chrematistikon).<a href="#cite_note-121">[121]</a> However, Marx criticized and developed Aristotle's ideas in an original way.<a href="#cite_note-122">[122]</a> In so doing, Marx was also influenced by, and responding to, the "classical" political economy discourse about the economic laws governing commodity values and money,<a href="#cite_note-123">[123]</a> in Europe beginning (in Marx's view) with <a href="/wiki/William_Petty" title="William Petty">William Petty</a>'s Quantulumcunque Concerning Money (1682),<a href="#cite_note-124">[124]</a> reaching a high point in <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>'s An Inquiry into the Nature and Causes of the Wealth of Nations (1776) and culminating with <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>'s Principles of Political Economy and Taxation (1817).<a href="#cite_note-125">[125]</a> In particular, Marx's ideas about the forms of value were influenced by <a href="/wiki/Samuel_Bailey" title="Samuel Bailey">Samuel Bailey</a>'s criticism of Ricardo's theory of value.<a href="#cite_note-126">[126]</a> In <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Marx stated that Bailey was one of the few political economists who had concerned themselves with the analysis of the form of value.<a href="#cite_note-127">[127]</a> Yet, Marx said, none of the political economists had understood its meaning, because they confused "the form of value" with "value itself", and because they only paid attention to the quantitative side of the phenomenon, not to the qualitative side.<a href="#cite_note-128">[128]</a> In <a href="/wiki/Capital,_Volume_II" class="mw-redirect" title="Capital, Volume II">Capital, Volume II</a>, Marx criticizes Bailey again for "his general misunderstanding, according to which exchange-value equals value, the form of value is value itself", leading to the mistaken belief that "commodity values cease to be comparable once they no longer actively function as exchange-values, and cannot actually be exchanged for one another".<a href="#cite_note-129">[129]</a> According to Marx, <a href="/wiki/Aristotle" title="Aristotle">Aristotle</a> already described the basics of the form of value when he argued<a href="#cite_note-130">[130]</a> that an expression such as "5 beds = 1 house" does not differ from "5 beds = such and such an amount of money", but according to Marx, Aristotle's analysis "suffered shipwreck" because he lacked a clear concept of value. By this Marx meant that Aristotle was unable to clarify the substance of value, i.e., what exactly was being equated in the value-comparisons when the relative worth of different goods is valued, or what was the common denominator commensurating a plethora of different goods for trading purposes.<a href="#cite_note-131">[131]</a> Aristotle thought the common factor must simply be the demand or need for goods, since without demand for goods that could satisfy some need or want, they would not be exchanged. According to Marx, the substance of product-value is human labour-time in general, labour-in-the-abstract or "<a href="/wiki/Abstract_labour_and_concrete_labour" title="Abstract labour and concrete labour">abstract labour</a>". This value (an average current replacement cost in labour-time, based on the normal productivity of producers existing at the time) exists as an attribute of the products of human labour quite independently of the particular forms that exchange may take, though obviously value is always expressed in some form or other. It is perhaps not a very interesting insight if we consider only one commodity, but it is of much more interest when we face a huge variety of commodities which are all being traded, at the same time. <div class="mw-heading mw-heading3"><h3 id="Preparatory_writings">Preparatory writings</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=24" title="Edit section: Preparatory writings">edit</a>]</div> Marx's value-form idea can be traced back to his 1857 <a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a> manuscript,<a href="#cite_note-132">[132]</a> where he contrasted communal production with production for exchange.<a href="#cite_note-133">[133]</a> Some humanist Marxists think the origin of the idea really goes further back in time, to Marx's <a href="/wiki/Economic_and_Philosophic_Manuscripts_of_1844" title="Economic and Philosophic Manuscripts of 1844">1844 Paris manuscripts</a>, specifically the section on "the power of money"<a href="#cite_note-134">[134]</a> where Marx analyzes excerpts on money in <a href="/wiki/Johann_Wolfgang_von_Goethe" title="Johann Wolfgang von Goethe">Goethe</a>'s play <a href="/wiki/Faust_(Goethe)" class="mw-redirect" title="Faust (Goethe)">Faust</a> and <a href="/wiki/William_Shakespeare" title="William Shakespeare">Shakespeare</a>'s play <a href="/wiki/Timon_of_Athens" title="Timon of Athens">Timon of Athens</a>.<a href="#cite_note-135">[135]</a> Marx felt that the playwrights had expressed the social meaning of money very well, and he discusses the magical power of money: why money can create a "topsy-turvy world" (verkehrte Welt) which unites opposites, fools people, or turns things into their contrary. However this textual interpretation is rejected by Althusserian Marxist-Leninists, because of their separation of the stage of the "unscientific Young Marx" (1818–1845, from birth to age 27) from the stage of the "scientific Mature Marx" (1846–1883, from age 28 to age 65). According to Althusserian Marxism-Leninism, these playwrights have nothing to do with value theory, because they belong only to the unscientific stage, and not to <a href="/wiki/Socialist_realism" title="Socialist realism">socialist realism</a> or <a href="/wiki/Scientific_socialism" title="Scientific socialism">scientific socialism</a>. The form of value is also mentioned in Marx's 1859 book <a href="/wiki/A_Contribution_to_the_Critique_of_Political_Economy" title="A Contribution to the Critique of Political Economy">A Contribution to the Critique of Political Economy</a>. It is clearly evident in his manuscript of <a href="/wiki/Theories_of_Surplus_Value" title="Theories of Surplus Value">Theories of Surplus Value</a> (1861–63). In correspondence with Friedrich Engels in June 1867, Marx provided a first outline of his text on the form of value.<a href="#cite_note-136">[136]</a> Marx first explicitly described the concept in an appendix to the first (1867) edition of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>,<a href="#cite_note-137">[137]</a> but this appendix was dropped in a second edition, where the first chapter was rewritten (rather hurriedly) to include a special section on the form of value at the end. There also exists a 55-page manuscript by Marx for planned revisions in the new 2nd German edition of Capital Volume 1 (1873). He wrote it in December 1871-January 1872. It deals mostly with Section 3 of Chapter 1 of Capital Volume 1, and was first published in the Marx-Engels Gesamtausgabe (MEGA2), Volume II/6.<a href="#cite_note-138">[138]</a> <div class="mw-heading mw-heading3"><h3 id="Engels,_Dühring,_and_the_Soviet_Union">Engels, Dühring, and the Soviet Union</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=25" title="Edit section: Engels, Dühring, and the Soviet Union">edit</a>]</div> The first "value-form theorist" who interpreted the significance of Marx's idea was his friend <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a>, who argued in his <a href="/wiki/Anti-D%C3%BChring" title="Anti-Dühring">Anti-Dühring</a> polemic of 1878 (when Marx was still alive) that "The value form of products... already contains in embryo the whole capitalist form of production, the antagonism between capitalists and wage-workers, the <a href="/wiki/Industrial_reserve_army" class="mw-redirect" title="Industrial reserve army">industrial reserve army</a>, crises..."<a href="#cite_note-139">[139]</a> Discussing the concept, origin and development of the form of value, Engels intended to demonstrate that real socialism involved the abolition of <a href="/wiki/Production_(economics)" title="Production (economics)">commodity production</a> and the <a href="/wiki/Law_of_value" title="Law of value">law of value</a>, rather than their conscious integration in the economic system of a socialist commune, as <a href="/wiki/Eugen_D%C3%BChring" title="Eugen Dühring">Eugen Dühring</a> proposed.<a href="#cite_note-140">[140]</a> In the first few years of the <a href="/wiki/Russian_Revolution" title="Russian Revolution">Russian Revolution</a>, the <a href="/wiki/Bolsheviks" title="Bolsheviks">Bolsheviks</a> and their theoreticians took that idea very literally.<a href="#cite_note-141">[141]</a> It was shelved during Lenin's <a href="/wiki/New_Economic_Policy" title="New Economic Policy">New Economic Policy</a>, but subsequently the <a href="/wiki/CPSU" class="mw-redirect" title="CPSU">CPSU</a> set about eliminating almost all private enterprise and bringing almost all trade under state control. In a moral sense, commercial activity came to be seen as intrinsically bad, alienating, exploitative and oppressive, because it enabled some people to get rich from other people's work. The idea was, that once commerce was got rid of, this whole problem would no longer exist; the state would prevent all private accumulation, or at least it would be tolerated only on a very modest scale. State-directed production seemed efficient and effective to the communist modernizers, especially in backward Russia. If infrastructure needed to be built, the state ordered it to be built, whether it made a profit or not. Business would never have built it, unless it made a sufficient profit at the end of a year. The central problem for the communists then was, that they had to get workers to cooperate and make sacrifices, to get things built, with promises of a better life in the future. The Party conceptualized this primarily as a matter of authority, education, ideological staunchness,<a href="#cite_note-142">[142]</a> exemplary practice, incentives, and penalties. If workers did not cooperate, because they thought it was against their self-interest (for whatever reason), they were forced to do so, in peace-time as well as in war-time.<a href="#cite_note-143">[143]</a> Since workers resented this, producing things often became much less efficient, and output quality suffered. This caused endless management problems, and massive "policing" was required to ensure that things got done (as documented by Western historians like <a href="/wiki/R._W._Davies" title="R. W. Davies">R. W. Davies</a> and Donald A. Filtzer). Despite never-ending reforms and policy changes, the cooperation problem was never truly solved. There was a lot of cynicism about that in Soviet society,<a href="#cite_note-144">[144]</a> even when life gradually got better and living standards improved.<a href="#cite_note-145">[145]</a> On 30 October 2007, Russian President <a href="/wiki/Vladimir_Putin" title="Vladimir Putin">Vladimir Putin</a> paid his respects to all the people killed under Stalin's dictatorship in the days of the <a href="/wiki/Great_Purge" title="Great Purge">Great Terror</a>. Putin stated: "Hundreds of thousands, millions of people were killed and sent to camps, shot and tortured. These were people with their own ideas, which they were unafraid to speak out about. They were the cream of the nation."<a href="#cite_note-146">[146]</a> The theoretical conflict between Engels and Dühring about the role of value in socialism resurfaced in the Soviet Union in the 1940s and 1950s. Until the 1930s, the Russian communists had generally expected that the categories of value and the <a href="/wiki/Law_of_value" title="Law of value">law of value</a> would disappear under socialism. Given that <a href="/wiki/Joseph_Stalin" title="Joseph Stalin">Joseph Stalin</a> declared in 1936 that, with full state control over the whole economy, socialism had been achieved,<a href="#cite_note-147">[147]</a> it was logical to think that commodity production and the law of value no longer existed either. However, from 1941 this idea was in dispute.<a href="#cite_note-148">[148]</a> Some Russian economists denied the existence of the law of value in the Soviet socialist republics, others affirmed its existence, and yet others said that the law existed in a "transformed" way. In 1951, Stalin settled the matter by affirming officially that commodity production and the law of value did exist under socialism, with the implication, that the planning authorities should account properly for true labour costs, as the basis for correct pricing of products, assets and salaries.<a href="#cite_note-149">[149]</a> In that sense, Stalin in the end implicitly sided with Dühring against Engels. <div class="mw-heading mw-heading2"><h2 id="Issues_of_interpretation">Issues of interpretation</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=26" title="Edit section: Issues of interpretation">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Common_difficulties">Common difficulties</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=27" title="Edit section: Common difficulties">edit</a>]</div> The difficulties Marxist academics often had with Marx's own texts about the concept of value is because, abstractly, "economic value" can refer at the same time to many different things: <ol><li>The concept of value, like the concept of money prices, can be applied or linked to anything and everything,<a href="#cite_note-150">[150]</a> from the most abstract to the most specific phenomena, and so the talk about "value" can go anywhere, with an unlimited range, depending on what one has in mind. What Marx had in mind, were the thinkers he was arguing with (<a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a>, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a>, <a href="/wiki/Samuel_Bailey" title="Samuel Bailey">Samuel Bailey</a>, <a href="/wiki/Pierre-Joseph_Proudhon" title="Pierre-Joseph Proudhon">Pierre-Joseph Proudhon</a>, <a href="/wiki/Georg_Wilhelm_Friedrich_Hegel" title="Georg Wilhelm Friedrich Hegel">Georg Wilhelm Friedrich Hegel</a> etc.), but the 21st century reader is often not familiar with those.<a href="#cite_note-151">[151]</a></li> <li>Value has both quantitative and qualitative dimensions, which can be discussed separately, or combined in a measure.<a href="#cite_note-152">[152]</a> It often happens, that one knows definitely that something has a value, without being able to verify how much value it is.</li> <li>The dimensions of value can be stated according to both absolute criteria ("the quantity of units of a quality X") and relative criteria ("the quantity of X which is equal to a quantity of Y").</li> <li>Value itself can be expressed as (1) a subjective orientation, priority or preference (2) a relationship, ratio or proportional magnitude (3) a characteristic attributed to an object or subject, (4) an object or subject in its own right, or (5) a movement in a temporal sequence or in a space (the value of a good that exists at point A can change, if it is transferred to point B).<a href="#cite_note-153">[153]</a></li> <li>The concept of value assumes principles which define or explain how we know that there exists (i) comparable value, (ii) value equivalence, (iii) value decrease, (iv) value increase, (v) conserved value, (vi) transferred value, (vii) negative value, (viii) positive value, (ix) value destroyed, and (x) newly created value.<a href="#cite_note-154">[154]</a> For economists all this may be "self-evident", but for statisticians, accountants, valuers and auditors it certainly is not.</li> <li>Value can refer to an actual value manifested in a real transaction, property right or transfer, or it can refer to an <a href="/wiki/Real_prices_and_ideal_prices" title="Real prices and ideal prices">ideal</a> value (a derived measure or a theoretical construct which is perhaps extrapolated from observations about the actual values of assets and transactions). It could refer to the actual value realized, or to the value that could be realized under certain conditions or circumstances.</li> <li>Values and prices, as actual or theoretical magnitudes, may not be so easy to distinguish from each other. For example, an ordinary accounting category such as "value-added" in fact consists of a sum of prices calculated according to assumed standard conditions (a uniform valuation).</li> <li>If goods are said to be "overvalued" or "undervalued", this assumes that one can reliably and accurately identify what the "true value" is. Yet the true value may only be hypothetical, since its definition depends on market conditions, and on the particular vantage point (or assumptions) adopted.</li> <li>The concept of value, like the concept of prices, is often used in a rather "loose" sense – referring to a cost or expense, a compensation, a yield or return, an asset valuation etc. The language of trade often does not make the social, legal and economic relations involved in trade very explicit.</li> <li>In the course of Marx's dialectical story, the meaning of the category of value itself evolves and develops, with increasingly finer distinctions, and the concept is used in somewhat different senses in different places. Since Marx did not finish a large part of his manuscript for publication, it is not always exactly clear from the text what he intends. The English translations may not get it exactly right.</li></ol> So from the use of the expression "value" it may therefore not be immediately obvious what kind of valuation or expression is being referred to, it depends on the theoretical context.<a href="#cite_note-155">[155]</a> <a href="/wiki/Ladislaus_von_Bortkiewicz" class="mw-redirect" title="Ladislaus von Bortkiewicz">Ladislaus von Bortkiewicz</a>, the originator of the famous "<a href="/wiki/Transformation_problem" title="Transformation problem">transformation problem</a>" controversy, claimed confidently that in Marx's text, "the context always reveals clearly which value is meant".<a href="#cite_note-156">[156]</a> Nevertheless, there have been very lengthy academic debates about what Marx really did mean in particular passages.<a href="#cite_note-157">[157]</a> Rigorously investigated, the concept of "value" turns out not to be a "neat-and-tidy accounting concept" that can be manipulated with mathematical precision; it can be manipulated with mathematical precision only if a series of definitions are already fixed and assumed (it is a <a href="/wiki/Fuzzy_concept" title="Fuzzy concept">fuzzy concept</a>). At the end of his life, <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a> had to "conclude, rather sadly, that 'there is no such thing in nature as a perfect measure of value'... there is no such thing as an invariable standard of value".<a href="#cite_note-158">[158]</a> In Marx's <a href="/wiki/Capital:_Critique_of_Political_Economy" class="mw-redirect" title="Capital: Critique of Political Economy">Capital</a>, it is understood from the start that there cannot be an invariable standard of value even in principle (this logically follows from the analysis of the form of value). Although there are absolute limits to the formation of value, value is in essence a relative magnitude, which has no absolute constant in time and space. If a standard of value such as gold is adopted (which Marx does), this is done only for the sake of argument, and for the sake of simplicity of exposition or reckoning (in the era in which Marx lived, there was very little price inflation). Orthodox <a href="/wiki/Economics" title="Economics">economics</a> typically takes it for granted, that the exchange processes on which markets are based already exist and will occur, and that prices already exist, or can be imputed. This is often called the "gross substitution axiom" by economists: the implication of this theorem is that all products are, in principle, supposed to be mutually interchangeable with all other products, and therefore the "price mechanism" can allocate resources in such a way, that market equilibria are assured by the laws of supply and demand.<a href="#cite_note-159">[159]</a> This assumption is overturned only in special cases, where markets still must be brought into being and a process of "<a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>" takes place. In modern economics, the "value" of something is defined either as a money-price, or as a personal (subjective) valuation, and the exchangeability of products as such presents no special problem; it normally does not merit any special inquiry since exchangeability as such is taken for granted (in the real world, it is not strictly true that any good can be traded for any other good, for legal, logistic and technical reasons). In conventional economics, money serves as a medium of exchange to minimize the <a href="/wiki/Transaction_costs" class="mw-redirect" title="Transaction costs">transaction costs</a> of <a href="/wiki/Barter" title="Barter">barter</a> among utility-maximizing individuals. Such an approach is very different from Marx's historical interpretation of the formation of value. In Marx's theory, the "value" of a product is something separate and distinct from the "price" it happens to fetch (goods can sell for more or less than they are worth, i.e., they are not necessarily worth what they happen to sell for).<a href="#cite_note-160">[160]</a> <div class="mw-heading mw-heading3"><h3 id="Problematic">Problematic</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=28" title="Edit section: Problematic">edit</a>]</div> Marx's value-form analysis intends to answer the question of how the value-relationships of products are expressed in ways that acquire an objective existence in their own right (ultimately as relationships between quantities of money, or money-prices),<a href="#cite_note-161">[161]</a> what the modalities of these relationships are, and how these product-values can change, independently of the valuers who trade in them.<a href="#cite_note-auto1-162">[162]</a> Marx argued that neither the classical political economists nor the vulgar economists who succeeded them were able to explain satisfactorily how that worked, resulting in serious theoretical errors.<a href="#cite_note-163">[163]</a> The political economists sought in vain for an invariable standard of value, and proposed theories of money which were hardly plausible. The reason behind the errors was — according to Marx — that, as market trade developed, the economic relationship between commodity-values and money increasingly appeared in an inverted, reified way. In reality, economic value symbolizes a social relationship between human subjects, as reflected by a thing or expressed by the relationship between things. Yet it often seems more like value is the thing which creates the social relationship.<a href="#cite_note-164">[164]</a> To understand the real causal relationships, not just economic calculation, but also a historical and sociological understanding of the subject was needed.<a href="#cite_note-165">[165]</a> In vulgar Marxist economics, the commodity is simply a combination of <a href="/wiki/Use-value" class="mw-redirect" title="Use-value">use-value</a> and <a href="/wiki/Exchange-value" class="mw-redirect" title="Exchange-value">exchange-value</a>. That is not Marx's own argument.<a href="#cite_note-166">[166]</a> As he explains in <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, in an overall sense business competition among producers centres precisely on the discrepancies between the socially established values of commodities in production and their particular exchange-values manifested in the marketplace.<a href="#cite_note-167">[167]</a> Goods could be traded above or below their value, and that mattered for profits. Marx believed that correctly distinguishing between the form and content of value was essential for the logical coherence of a labour theory of product-value,<a href="#cite_note-168">[168]</a> and he criticized <a href="/wiki/Adam_Smith" title="Adam Smith">Adam Smith</a> specifically because Smith: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">confuses the measure of value as the immanent measure which at the same time forms the substance of value [i.e., labour-time], with the measure of value in the sense that money is called a measure of value.<a href="#cite_note-169">[169]</a></blockquote> Smith had affirmed that labour is "the real measure of the exchangeable value of all commodities", but, as <a href="/wiki/David_Ricardo" title="David Ricardo">David Ricardo</a> subsequently argued, Smith's definition confused the labour embodied in a commodity when it was produced, with the labour commanded by the commodity when it was exchanged.<a href="#cite_note-170">[170]</a> Marx believed that Smith and Ricardo were certainly right to identify labour as the substance of commodity value, but Marx realized early on that the definitions of both these political economists could not be correct. The fundamental reason for that was, that both economists mixed up "value" with "exchange value" and with "price" (and also mixed up actual prices with theoretical prices). That is, they mixed up the forms and substance of value, because they failed to distinguish correctly between them as qualitatively different things. The labour theory of product-value could, Marx argued, be made coherent and consistent, only when it was understood that product-values, <a href="/wiki/Prices_of_production" title="Prices of production">prices of production</a> and the market prices of commodities could vary independently of each other.<a href="#cite_note-171">[171]</a> Product-values did not necessarily have anything to do in a direct way with the relationship between cost-prices and sale-prices determining the actual profitability of enterprises, because both inputs and outputs could be profitably traded at prices above or below their value, depending on the amount of sales turnover and the state of the market in a given time interval. It was more that the normal labour requirements for supplying products in the end set limits to the price-range and the terms on which the products could be commercially traded. <div class="mw-heading mw-heading3"><h3 id="Althusserian_interpretation">Althusserian interpretation</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=29" title="Edit section: Althusserian interpretation">edit</a>]</div> The form of value is often regarded as a difficult, obscure or even <a href="/wiki/Esoteric" class="mw-redirect" title="Esoteric">esoteric</a> idea by scholars (the "<a href="/wiki/Holy_grail" class="mw-redirect" title="Holy grail">holy grail</a>" of Marxism<a href="#cite_note-172">[172]</a>). <a href="/wiki/Simon_Clarke_(sociologist)" title="Simon Clarke (sociologist)">Simon Clarke</a> commented in 1989 that "the value debates of the last few years have become ever-more esoteric."<a href="#cite_note-173">[173]</a> <a href="/wiki/John_Weeks_(economist)" title="John Weeks (economist)">John Weeks</a> likewise referred in 2010 to the "essentially esoteric nature of Marx's scientific investigation of value", meaning talk about unobservables.<a href="#cite_note-174">[174]</a> Following <a href="/wiki/Hans-Georg_Backhaus" title="Hans-Georg Backhaus">Hans-Georg Backhaus</a>,<a href="#cite_note-175">[175]</a> <a href="/wiki/Robert_Kurz" title="Robert Kurz">Robert Kurz</a> distinguished between an "exoteric Marx" concerned with capitalist economic growth and an "esoteric Marx" concerned with the categorical critique of capitalism.<a href="#cite_note-176">[176]</a> There has been considerable debate about the real theoretical significance of the value-form concept.<a href="#cite_note-177">[177]</a> Marx himself started off the controversy when he emphasized that <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a> was not difficult to understand, "with the exception of the section on the form of value."<a href="#cite_note-178">[178]</a> In his "Preface to Capital Vol. 1," the French philosopher <a href="/wiki/Louis_Althusser" title="Louis Althusser">Louis Althusser</a> mimicked Marx, and pronounced that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">The greatest difficulties, theoretical or otherwise, which are obstacles to an easy reading of Capital Volume One are unfortunately (or fortunately) concentrated at the very beginning of Volume One, to be precise, in its first Part, which deals with 'Commodities and Money'. I therefore give the following advice: put the whole of Part One aside for the time being and begin your reading with Part Two...<a href="#cite_note-179">[179]</a></blockquote> Althusser's suggestions were taken up by many New Left Marxists, which meant that Marx's theory of the form of value and its significance was rarely taught.<a href="#cite_note-180">[180]</a> Paresh Chattopadhyay states that "very few writers in the Anglo-American tradition of Marx studies have paid attention to Marx's crucial analysis of value form".<a href="#cite_note-181">[181]</a> However, Marx very deliberately and explicitly made an effort to state his interpretation of commodity trade with absolute clarity in his first chapters. Marx aims to demonstrate that the "labour theory of value" that guided the classical political economists in interpreting the economy cannot be correct, because the concept of economic value itself is misconstrued.<a href="#cite_note-182">[182]</a> Marx never referred to his own theory of value as a "labour theory of value" even once,<a href="#cite_note-auto2-183">[183]</a> knowing very well (as indicated by his analysis of bank credit) that the value of many assets is not determined by labour-time. The ideas of the political economists had to be modified very considerably, before the theory of value could truly make sense. However, when the modifications were carried out, the previous understanding of capitalist economic life was also overturned. Hence Marx's own theory showed at the same time both continuities with the classical tradition, and radical discontinuities. This has been the cause of numerous controversies about the extent to which Marx broke with, or accepted, the previous theories of the political economists about economic value.<a href="#cite_note-184">[184]</a> <div class="mw-heading mw-heading3"><h3 id="Fetishism">Fetishism</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=30" title="Edit section: Fetishism">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Commodity_fetishism" title="Commodity fetishism">Commodity fetishism</a></div> The theory of the forms of value is the basis for Marx's concept of <a href="/wiki/Commodity_fetishism" title="Commodity fetishism">commercial fetishism</a> or <a href="/wiki/Reification_(Marxism)" title="Reification (Marxism)">economic reification</a>.<a href="#cite_note-185">[185]</a> This is about how the independent powers acquired by the value of tradeable objects (and by market relationships) are reflected back into human thought, and more specifically into the theories of the political economists about the market economy.<a href="#cite_note-186">[186]</a> Marx himself never used the expression "commodity fetishism" as a general category (Warenfetishismus), rather he referred to the fetish(-ism) of commodities, money and capital.<a href="#cite_note-187">[187]</a> All kinds of objects of value could be "fetishized". In Althusserian theory, however, this meaning is unknown, because Althusserian theory detaches the concept of "fetishism" from the concept of the form of value.<a href="#cite_note-188">[188]</a> In the Marxist–Leninist tradition of positivist science, Althusser regarded Marx's dramatic, theatrical and theological metaphors as "unscientific" coquetry, lacking objectivity. Almost none of the New Left discussions of commodity fetishism refer to Marx's value-form analysis in any analytical depth.<a href="#cite_note-189">[189]</a> In the reified perception of the political economists and the vulgar Marxists, products have value because they are expressible in money-prices, but Marx argues<a href="#cite_note-190">[190]</a> that in reality it is just the other way round: because commodities have value, i.e. because they are all products with an average current replacement cost of social labour,<a href="#cite_note-191">[191]</a> their values can be expressed by generally accepted money-prices, accurately or not. The true relationship can, according to Marx, be traced out only when the historical evolution of economic exchange is considered from its most simple beginnings to its most developed forms. The end-result of market development is a fully monetized economy (a "cash economy", although bankcards nowadays replace banknotes and coins), but how its workings appear to the individual at the micro-level, is often different or the inverse of its causal dynamic at the macro-level. According to Marx, this creates a lot of confusions in economic theorizing.<a href="#cite_note-192">[192]</a> One aim of Marx's theory is to explain how the nature of the market economy itself shapes the way that people will perceive it. The secret of the form of value is, that the form in which the value of products is expressed (as a relationship between traded objects), simultaneously obscures and hides the substance of the value of products. It obscures how the value of products is formed, and the social relations between people that exist behind the relationship between things. Knowing what the social substance of value is, in fact, completely unnecessary for the purpose of trade. All that is required to navigate the market, is knowledge of cost prices, sale prices, price averages and whether prices are going up or down. The conflation of value with exchange value, with price and with money grows spontaneously out of the relations of commodity trade themselves. <div class="mw-heading mw-heading2"><h2 id="Criticism">Criticism</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=31" title="Edit section: Criticism">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Criticism_of_value-form" class="mw-redirect" title="Criticism of value-form">Criticism of value-form</a></div> <div class="mw-heading mw-heading2"><h2 id="Ecology">Ecology</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=32" title="Edit section: Ecology">edit</a>]</div> The ecological Marxist <a href="/wiki/Paul_Burkett" title="Paul Burkett">Paul Burkett</a> has tried to create a "value-form approach" to understanding the relationship between capitalism and nature. He argues that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"In short, the value form qualitatively and quantitatively abstracts from nature's useful and life-giving characteristics, even though value is a particular social form of wealth — a particular social objectification of both nature and labor…<a href="#cite_note-193">[193]</a></blockquote> By contrast, <a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Elmar Altvater</a> argued that an ecological critique of political economy "hinges on an analysis of use-value".<a href="#cite_note-194">[194]</a> Focusing on the human <a href="/wiki/Metabolism" title="Metabolism">metabolism</a> with nature, <a href="/wiki/Kohei_Saito" title="Kohei Saito">Kohei Saito</a> argued in 2017 that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"Marx's ecological critique shows that a certain use value of nature is deeply modified under capitalism in favor of <a href="/wiki/Valorization" class="mw-redirect" title="Valorization">valorization</a>, and that this elasticity of nature is the reason for capital's intensive and extensive exploitation of nature".<a href="#cite_note-195">[195]</a></blockquote> <a href="/wiki/John_Bellamy_Foster" title="John Bellamy Foster">John Bellamy Foster</a> stated in 2018 that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"It is the opposition between the natural form and the value form, inherent to capitalist production, that generates the economic and ecological contradictions associated with capitalist development".<a href="#cite_note-auto6-196">[196]</a> </blockquote> Harry Rothman stated in his 1972 book Murderous Providence that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"<a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Engels</a> discussed the <a href="/wiki/Dialectics" class="mw-redirect" title="Dialectics">undialectical</a> attitude to nature of industrialists, whose actions often had unforeseen consequences, such as soil erosion and pollution, adding that nature always takes its revenge if we ignore its laws. However, Engels certainly did not think that we should subordinate ourselves to nature, though we should recognise the fact that we do not ‘rule over nature like a conqueror over a foreign people, like someone standing outside nature – but that we, with flesh, blood and brain, belong to nature, and exist in its midst, and that all our mastery of it consists in the fact that we have the advantage over all other creatures of being able to know and correctly apply its laws.’"<a href="#cite_note-197">[197]</a></blockquote> <div class="mw-heading mw-heading2"><h2 id="Women's_studies">Women's studies</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=33" title="Edit section: Women's studies">edit</a>]</div> In chapter 8 of her radical 1977 critique of Freudian theory, This sex which is not one,<a href="#cite_note-198">[198]</a> <a href="/wiki/Luce_Irigaray" title="Luce Irigaray">Luce Irigaray</a> examined in some detail the relationship between Marx's story about the form of value of commodities, <a href="/wiki/Androcracy" title="Androcracy">phallocracy</a> and <a href="/wiki/Kinship" title="Kinship">kinship</a> systems. She argued that "Marx's analysis of commodities as the elementary form of capitalist wealth can... [also] be understood as an interpretation of the status of woman in so-called <a href="/wiki/Patriarchy" title="Patriarchy">patriarchal</a> societies."<a href="#cite_note-199">[199]</a> Specifically, "all the systems of exchange that organize patriarchal societies and all the modalities of productive work that are recognized, valued, and rewarded in these societies are men's business."<a href="#cite_note-200">[200]</a> When women are managed, farmed out and traded by men, women's bodies can become a manipulable abstraction.<a href="#cite_note-201">[201]</a> As commodities, Irigaray argued, women become "utilitarian objects and bearers of value". A mother becomes a use value; a virgin becomes an exchange value; and a prostitute becomes both a use-value and exchange value. The issues are about freedom, human dignity, social valuations, exploitation and oppression. Irigaray did not necessarily mean that all women literally are commodities, but that (1) they are often de facto treated "as if" they are tradeable wares, (2) women are frequently subjected to all kinds of informal trade-offs, to obtain what they need, (3) the commodity form sinks deeply into the human psyche and intimate relations, creating a transactional mentality which is oppressive. Irigaray raised the question, of what would become of the social order, without the exploitation of women. People would be "socializing in a different way in relation to nature, matter, the body, language, and desire".<a href="#cite_note-202">[202]</a> Though Irigaray's story had impact when it was first published, its appeal did not last. Among other things, her story is too grim and somber. The psychoanalytic model of human nature is no longer widely accepted. Women generally are not regarded just as commodities or victims, they have legal rights, and they have considerable power and control, individually and collectively. Although a "battle of the sexes" continues (competition), men and women also need each other and depend on each other (cooperation). So, in the real world (in contrast to the academic imaginary), "male domination" has definite limits, and women do fight back.<a href="#cite_note-203">[203]</a> Most of all, it was rather unclear from Irigaray's story, what exactly would be the most effective methods to create better human relations, and how men and women could successfully work together to put them into practice. Often Irigaray seemed to be writing more at a spiritual level, and readers could take out of it what they liked. A postmodern Marxist reading of the form of value is offered by Katja Diefenbach.<a href="#cite_note-204">[204]</a> In her critical analysis of Islamic <a href="/wiki/Hijab" title="Hijab">hijab</a> in Iran, Professor <a href="/wiki/Rebecca_Ruth_Gould" class="mw-redirect" title="Rebecca Ruth Gould">Rebecca Ruth Gould</a> claims that "The exchange value dimension to the commodity form crucially structures the hijab-as-commodity".<a href="#cite_note-205">[205]</a> Marxist women and men have often argued that women's housework, shopping work, child-raising and volunteer work is neither highly valued economically nor very visible in bourgeois ideology, precisely because it is itself not paid and charged for, as a job.<a href="#cite_note-206">[206]</a> The so-called "<a href="/wiki/Valuation_of_Nonmarket_Housework" class="mw-redirect" title="Valuation of Nonmarket Housework">non-market</a>" activity of women does not even register in national accounts, although its imputed market value (estimated from time-use surveys and occupational data) is very large.<a href="#cite_note-207">[207]</a> The values and valuations involved in women's "non-market" work are often quite different from commercial values. So capitalist market value and women's own valuations can clash, in various settings. <a href="/wiki/Kathi_Weeks" title="Kathi Weeks">Kathi Weeks</a> and Kristin Ghodsee provide an overview of the modern debates.<a href="#cite_note-208">[208]</a> The general implication is, that if a lot of what women do is not very highly valued (because it does not really make money, etc.), then women's social status also suffers – they aren't equals with men in the real world. In principle or in theory, capitalism is quite compatible with complete equality between men and women, with acknowledgement of essential differences between women and men. Indeed, formally speaking, all citizens in the West have the same rights in the marketplace, and equal status under the justice system. But in practice, capitalist society is a class society, structured by a market competition between unequally-positioned market actors. Faced by competitors, people will focus on where they are strongest themselves, and they will attack rivals precisely where rivals are the weakest and most vulnerable. The usual overall effect is, that those who are already in the weakest position, will lose out the most; those in the strongest position can use their strength, to get even stronger. This general result is mitigated only by <a href="/wiki/Love" title="Love">love</a> and <a href="/wiki/Desire" title="Desire">desire</a> (including <a href="/wiki/Mimetic_desire" class="mw-redirect" title="Mimetic desire">mimetic desire</a>), <a href="/wiki/Charity_(practice)" title="Charity (practice)">charity</a>, <a href="/wiki/Philanthropy" title="Philanthropy">philanthropy</a>, government provisions, <a href="/wiki/Trade_unions" class="mw-redirect" title="Trade unions">trade unions</a>, <a href="/wiki/Credit_unions" class="mw-redirect" title="Credit unions">credit unions</a>, and <a href="/wiki/Social_justice" title="Social justice">social justice</a> advocacy groups (or political parties). Individual cases can contradict the statistical patterns of inequality, but the statistical patterns of inequality for whole populations are quite persistent.<a href="#cite_note-209">[209]</a> This is very important to women, not just because they want to have the same civil rights as men, but because socio-economic inequality has very bad effects on bearing and raising children.<a href="#cite_note-210">[210]</a> <div class="mw-heading mw-heading2"><h2 id="Erosion_of_the_value-form_and_energy">Erosion of the value-form and energy</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=34" title="Edit section: Erosion of the value-form and energy">edit</a>]</div> After the global financial crisis of 2007–2009, more Western Marxist theorists and post-Marxists are discussing the spectre of the break-up and supersession of the value-form. Peter Kennedy claims that a "transition in social labour" and an "erosion of the value form" is occurring.<a href="#cite_note-211">[211]</a> Simply put, the theory<a href="#cite_note-212">[212]</a> of the "breaking up of the forms of value" means that: <ul><li>The new digital capitalism<a href="#cite_note-213">[213]</a> and <a href="/wiki/Platform_capitalism" title="Platform capitalism">platform trading</a>,<a href="#cite_note-214">[214]</a> which are gradually displacing traditional forms of market organization, involve entirely new business models, earning models, transaction concepts, payment systems, work techniques, networks and work relations. Pricing digital services is often unrelated to labour costs.<a href="#cite_note-215">[215]</a></li> <li>All kinds of traditional markets can no longer function as they should (they become dysfunctional, inefficient and ineffective from the point of view of supplying what people need or want). Therefore, they give rise to non-market methods to obtain resources.</li> <li>In practice, the terms on which market trade can take place, are more and more strongly shaped by non-market influences at work in business competition, gaining access to resources, and deal-making. If you are an "insider", you can be a winner. If you are an "outsider" you are likely to be a loser. This tends to erode market freedoms.</li> <li>Pricing goods, services and assets no longer reflects true supply costs in money terms – exchanges of products, services and assets begin to occur more and more on all kinds of different terms, and not simply cash value. Therefore, monetary valuations no longer express the real valuations being made; non-monetary considerations are involved as well. A discrepancy is created, between the formal appearance of a transaction, and what really occurs informally.</li></ul> The general result would be, that the market allocation of resources by standardized prices is displaced, combined, or replaced with non-market allocation principles – all kinds of "deals" can be organized, in which money is only one consideration, among many. Gaining access to resources is, in that case, no longer simply a matter of having sufficient money in one's pocket to buy them. Money alone can no longer guarantee access to resources. It all depends on what kind of cooperation one can get, to clinch some kind of deal. If, for any reason, people do not cooperate, there is no deal. Successful trading then depends more and more on what kind of human (or political) relations there are between people who want to obtain something, and people who offer to supply something. In the history of trade, markets have of course broken down plenty of times. So this phenomenon is not at all new.<a href="#cite_note-216">[216]</a> But the argument is, that the phenomenon is inevitably happening globally on a larger and larger scale in the long term, so that the whole functioning of capitalism is altered in a structural way. Economists might compute all kinds of complex price calculations for their econometric models, but, it is argued, those calculations can no longer adequately explain the way in which resources are really allocated in the economy. Money-prices may have less and less to do with that. Ten broad trends can be mentioned that point in the direction of an erosion of the forms of value. <div class="mw-heading mw-heading3"><h3 id="Market_corrosion">Market corrosion</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=35" title="Edit section: Market corrosion">edit</a>]</div> The British post-Marxist journalist <a href="/wiki/Paul_Mason_(journalist)" title="Paul Mason (journalist)">Paul Mason</a> claimed in The Guardian that "Without us noticing, we are entering the postcapitalist era".<a href="#cite_note-auto7-217">[217]</a> Part of that shift, he claimed, is that "information is corroding the market's ability to form prices correctly… because markets are based on scarcity while information is abundant. (…) whole swaths of economic life are beginning to move to a different rhythm."<a href="#cite_note-auto7-217">[217]</a> Dave Elder-Vass states that "...vast swathes of the economy, including the gift, collaborative and hybrid forms... coexist with more conventional capitalism in the new digital economy."<a href="#cite_note-218">[218]</a> <a href="/wiki/Jeremy_Rifkin" title="Jeremy Rifkin">Jeremy Rifkin</a> states that the <a href="/wiki/Internet_of_things" title="Internet of things">internet of things</a> can facilitate an economic shift from markets to a collaborative commons, with near-zero marginal costs of production.<a href="#cite_note-219">[219]</a> There is a lot of "free stuff" available these days that people can get hold of very fast – if they know their way around information. They can often share it very quickly too, all around the world – bypassing markets, money and laws. When information is shared, givers and receivers both have the information, unlike the ownership transfer of an alienable commodity. If people can get a lot of goods for free, it is going to be more difficult to sell things to them. In turn, that disturbs ordinary commercial trading, pricing and market functioning, so that "information corrodes value."<a href="#cite_note-220">[220]</a> By contrast, however, the Hayekian <a href="/wiki/Viktor_Mayer-Sch%C3%B6nberger" title="Viktor Mayer-Schönberger">Viktor Mayer-Schönberger</a> is optimistic about the potential for "information-rich" markets.<a href="#cite_note-221">[221]</a> Not only can the <a href="/wiki/Internet_of_things" title="Internet of things">internet of things</a> link people and commodities very accurately and quickly.<a href="#cite_note-222">[222]</a> The new technology can also police people's property rights, and their market behaviour, creating the possibility of responding to it in real time.<a href="#cite_note-223">[223]</a> New rules, such as the <a href="/wiki/Directive_on_Copyright_in_the_Digital_Single_Market" title="Directive on Copyright in the Digital Single Market">Directive on Copyright in the Digital Single Market</a> in the European Union, could block the "free stuff". Harvard philosopher <a href="/wiki/Michael_Sandel" title="Michael Sandel">Michael Sandel</a> stated that "Without being fully aware of the shift, Americans have drifted from having a market economy to becoming a market society ... where almost everything is up for sale ... a way of life where market values seep into almost every sphere of life and sometimes crowd out or corrode important values, nonmarket values."<a href="#cite_note-224">[224]</a> In this case, market values are not corroded by non-market values, but non-market values are corroded by market values. The economist <a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Kenneth Arrow</a> explained, that markets require human trust to operate effectively, but that this trust may not be spontaneously generated by market activity itself: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"In a rational type of analysis it will be said that it is profitable to be trustworthy. So I will be trustworthy because it is profitable to me. But you can't very easily establish trust on a basis like that. If your basis is rational decision and your underlying motive is self-interest, then you can betray your trust at any point when it is profitable and in your interest to do so. Therefore other people can't trust you. For there to be trust, there has to be a social structure which is based on motives different from immediate opportunism."<a href="#cite_note-225">[225]</a></blockquote> If it is accepted, that non-market values are corroded by market values, as Sandel claims, then a "social structure" inspired by healthy moral virtues and just laws<a href="#cite_note-226">[226]</a> is also corroded. In turn, that would then increase the scope of <a href="/wiki/Opportunism" title="Opportunism">opportunism</a> and <a href="/wiki/Corruption" title="Corruption">corruption</a> in trading activity, thereby reducing the trust that is vital for efficient market trade. International trust levels are nowadays surveyed by <a href="/wiki/StrategyOne" title="StrategyOne">StrategyOne</a>'s Edelman Trust Barometer.<a href="#cite_note-227">[227]</a> John Authers, a senior investment columnist and editor with the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> and <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a>, stated in 2018 that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"…without trust, finance collapses. (…) And that is a problem. Trust has broken down throughout society. From angry lynch mobs on social media to the fracturing of the western world's political establishment, this is an accepted fact of life, and it is not merely true of politics. Over the past three decades, trust in markets has evaporated. (...) trust broke down... in financial institutions, in the markets and, most painfully for me, in the financial media."<a href="#cite_note-228">[228]</a></blockquote> The counterargument is, that trade on the basis of some deceit or dishonesty creates <a href="/wiki/Reputational_risk" class="mw-redirect" title="Reputational risk">reputational risk</a>. Dubious deals can mean that people go elsewhere to buy and sell stuff (if they have that choice), leaving shady traders without customers or suppliers. Honest trade and dishonest trade have always co-existed, despite policing by the state, but the gloomy point is, that it has become uncertain which of the two is likely to prevail in the future. <div class="mw-heading mw-heading3"><h3 id="Loss_of_value">Loss of value</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=36" title="Edit section: Loss of value">edit</a>]</div> Since the 2007–2009 global financial crisis, there is growing concern about whether there are any types of assets left in the world, which can reliably hold their value. A gold standard for currencies is gone. Currency exchange rates can fluctuate very considerably, altering local prices.<a href="#cite_note-229">[229]</a> Global indebtedness continues to grow at a much faster rate than global value-added, accompanied by a sequence of <a href="/wiki/Economic_bubble" title="Economic bubble">financial bubbles</a> that cause economic havoc and devalue assets when they burst. For the period 1970–2011, IMF researchers identified 147 systemic banking crises, 211 currency crises and 55 sovereign debt crises.<a href="#cite_note-230">[230]</a> At the <a href="/wiki/Cato_Institute" title="Cato Institute">Cato Institute</a>, <a href="/wiki/Steve_Hanke" title="Steve Hanke">Steve H. Hanke</a> leads a special research project on "troubled currencies".<a href="#cite_note-231">[231]</a> Very low interest rates hurt bank profits; but at interest rates below the <a href="/wiki/Inflation" title="Inflation">rate of price inflation</a>, bank clients lose money just by keeping it in the bank. In the US, <a href="/wiki/Robinhood_(company)" class="mw-redirect" title="Robinhood (company)">Robinhood</a> co-CEO <a href="/wiki/Baiju_Bhatt" title="Baiju Bhatt">Baiju Bhatt</a> stated: "It's more expensive to have less money in this country. We think that's wrong."<a href="#cite_note-232">[232]</a> Although people become reluctant to do anything with their savings, from a financial point of view they should keep trading, to maintain value, or increase it. In mid-2016, <a href="/wiki/Fitch_Ratings" title="Fitch Ratings">Fitch Ratings</a> estimated that, although the global economy had recovered, there were now $11.7 trillion worth of investments in bonds carrying negative interest rates in real terms, the equivalent of almost half of all sovereign bonds issued in developed countries.<a href="#cite_note-233">[233]</a> In November 2018, <a href="/wiki/Bloomberg_News" title="Bloomberg News">Bloomberg News</a> commented about a "brutal global market": <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"Gather a basket of the world's biggest assets. Strip out the volatility. Calculate the returns. Then find a nice corner where you can weep, and wish you'd put everything in T-bills. (…) Almost everything is going to lose this year. By one simple measure, this is the worst cross-asset performance in more than a century."<a href="#cite_note-234">[234]</a></blockquote> The financial press spoke of a "credit rout": credit markets had scored "the worst year since the global financial crisis" with yields on stocks, bonds and commodities all in retreat, often turning negative.<a href="#cite_note-235">[235]</a> High-yield and investment-grade notes were headed "for losses in both euros and dollars", the first time all four asset classes "posted negative total returns since 2008, based on <a href="/wiki/Bloomberg_Barclays_US_Aggregate_Bond_Index" class="mw-redirect" title="Bloomberg Barclays US Aggregate Bond Index">Bloomberg Barclays indexes</a>". U.S. investment-grade bonds "posted negative total returns of 3.71 percent in 2018".<a href="#cite_note-236">[236]</a> Morgan Stanley calculated that, for the first time since the 1970s, the yields for 21 major asset classes were negative for 2018 across the world, in real terms.<a href="#cite_note-237">[237]</a> Morgan Stanley judged that cash (meaning bank deposits and very short term bonds) was the best-performing asset class in 2018.<a href="#cite_note-238">[238]</a> <a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a> noted that in mid-2018 US Treasury notes<a href="#cite_note-239">[239]</a> were approaching an <a href="/wiki/Yield_curve#Inverted_yield_curve" title="Yield curve">inverted yield curve</a> – the yields for short-term US Treasury bills almost outstripped long-term ones.<a href="#cite_note-240">[240]</a> Hudson said, that investors increasingly had no confidence in the economy, and just wanted "to park their money safely". The real economy wasn't growing, the only thing that was growing was debts.<a href="#cite_note-241">[241]</a> JP Morgan data showed that the global yield curve for bonds had already inverted (the difference in yields for bonds with 1 to 3 year maturities and those with 7 to 10 year maturities reduced to zero).<a href="#cite_note-242">[242]</a> The <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> stated that "global <a href="/wiki/Quantitative_easing" title="Quantitative easing">quantitative easing</a> has created a seemingly insatiable demand for five- to 10-year Treasuries, pushing down yields".<a href="#cite_note-243">[243]</a> Others argued that the yield curve was not yet inverted, just flat.<a href="#cite_note-244">[244]</a> Morgan Stanley data showed that, in 2018, foreign institutions were putting US$100 billion into Chinese government bonds.<a href="#cite_note-245">[245]</a> The first true inversion in the US was observed in December 2018, when the yield on five-year US Treasury notes fell below that on two-year ones.<a href="#cite_note-246">[246]</a> A short time later, the difference in yield between 2-year and 10-year Treasury notes (the definitive indicator) dropped below ten <a href="/wiki/Basis_point" title="Basis point">basis points</a>.<a href="#cite_note-247">[247]</a> The <a href="/wiki/Wall_Street_Journal" class="mw-redirect" title="Wall Street Journal">Wall Street Journal</a> advised investors explicitly not to panic, because the phenomenon could just be a "temporary kink" which had "no predictive power"<a href="#cite_note-248">[248]</a> The broader question which <a href="/wiki/Michael_Hudson_(economist)" title="Michael Hudson (economist)">Michael Hudson</a> raised, was about why this weird thing could happen at all, and what it says about the condition that the major part of US business is in, the mentality of investors, etc. In the US, recessions and depressions since <a href="/wiki/World_War_II" title="World War II">World War II</a> (so far 11 downturns in total, on average occurring every 6.6 years)<a href="#cite_note-249">[249]</a> are usually preceded by an inverted yield curve for Treasury notes (within an average time-frame of 21 months). Billionaire investor <a href="/wiki/Stan_Druckenmiller" class="mw-redirect" title="Stan Druckenmiller">Stan Druckenmiller</a> stated, in September 2018, that the next financial crisis would likely be worse than the last one, because of skyrocketing debt loads. "We have this massive debt problem. We tripled down on what caused the [last] crisis. And we tripled down on it globally."<a href="#cite_note-250">[250]</a> Following this type of expectation, many investors put their money into government bonds, even if the real yield on the bonds was close to zero, or negative. According to a mid-2024 estimate, "About 25-30 percent of all investment grade debt in the world now trades at negative rates".<a href="#cite_note-251">[251]</a> In the crash of 2007–2009, the property values of US homes dropped by about 30% on average, and around one in every five mortgaged homes was suddenly "under water" (where the loaned amount was at least 25% higher, than the estimated market value of the home – in the "normal" situation, at most 1 out of 50 mortgaged homes would be "underwater"). Between 2007 and 2016 there were 7.8 million <a href="/wiki/Foreclosure" title="Foreclosure">foreclosures</a> of mortgaged homes in the US, where households under financial pressure were forced out.<a href="#cite_note-252">[252]</a> This was equivalent to around one quarter of all mortgaged homes. Subsequently, the housing market recovered. Yet ten years later, more than 5 million American mortgaged homes (around one in ten owner-occupied mortgaged homes) were still seriously "underwater".<a href="#cite_note-253">[253]</a> <a href="/wiki/New_School_for_Social_Research" class="mw-redirect" title="New School for Social Research">New School</a> researchers found that, between the spring of 2009 and the fall of 2011, about 45 percent of the US workers they studied saw their retirement account-balances decrease by thousands of dollars. For many workers, renewed gains in pension funds after the financial crash of 2008 could only partly offset the losses.<a href="#cite_note-254">[254]</a> In the old capitalism, working people were rewarded for saving money, but in the new financialized capitalism, they are often punished for saving.<a href="#cite_note-255">[255]</a> There is no certainty anymore what exactly their savings will be worth, when they retire. What is certain is that the current generation of US pensioners is the first one since <a href="/wiki/World_War_II" title="World War II">World War II</a> which is financially worse off than the preceding generation.<a href="#cite_note-256">[256]</a> The situation in Europe and Japan is much the same.<a href="#cite_note-257">[257]</a> <a href="/wiki/Larry_Fink" title="Larry Fink">Larry Fink</a>, the CEO and Chairman of the giant <a href="/wiki/BlackRock" title="BlackRock">BlackRock</a> corporation, summarized the US and global retirement situation as follows: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">“More than half the assets BlackRock manages are for retirement. We help about 35 million Americans invest for life after work, which amounts to about a quarter of the country’s workers – including roughly half of U.S. public school teachers. At the same time, nearly half of Americans aged 55 to 65 report not having a single dollar saved in personal retirement accounts. Nothing in a pension. Zero in an IRA or 401(k). This predicament — which exists across the globe — leads us to conclude: It’s time to rethink retirement. (...) Living longer should be a blessing. And yet we know one of Americans’ top fears is outliving their savings. That’s because the shift from defined benefit to defined contribution has been, for most people, a shift from financial certainty to financial uncertainty.” <a href="#cite_note-258">[258]</a></blockquote> A 2024 report by US senator <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a> provides more details on the finances of US seniors.<a href="#cite_note-259">[259]</a> <div class="mw-heading mw-heading3"><h3 id="Price_volatility">Price volatility</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=37" title="Edit section: Price volatility">edit</a>]</div> Price volatility can be a boon to speculators (if the trend goes their way), but to many business people it is a pain, as became clear for example in the <a href="/wiki/Brexit" title="Brexit">Brexit</a> controversy. Much of global production is now subject to <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a> rights (IPRs), yet the commercial value of knowledge, data and information can be volatile. IPRs are often difficult to defend against raiders, when people's <a href="/wiki/Privacy" title="Privacy">privacy</a> is destroyed. Knowledge and information can not only spike in value, but also quickly become worthless. Many financial products now exist, such as level 3 assets<a href="#cite_note-260">[260]</a> and <a href="/wiki/Cryptocurrencies" class="mw-redirect" title="Cryptocurrencies">cryptocurrencies</a>, of which the exact value is unknown or highly variable. Global market volatility can rapidly wipe out trillions of dollars of value.<a href="#cite_note-261">[261]</a> <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> editor <a href="/wiki/Gillian_Tett" title="Gillian Tett">Gillian Tett</a> reported that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"… the real danger in finance is the not one that tends to be discussed: that banks will topple over (as they did in 2008). It is, rather, the threat that investors and investment groups will be wiped out by wild price swings from an unexpected political shock, be that central bank policy swings, trade bans, election results or <a href="/wiki/Brexit" title="Brexit">Brexit</a>. 'Investors have been driven into investments where they have very little capability for dealing with what is on their plate,' Mr <a href="/wiki/Axel_A._Weber" title="Axel A. Weber">Weber</a> observed. 'You can nowadays see the entire return that you expect for a year being wiped out for a single day move in the market. And that is an unprecedented situation.' "<a href="#cite_note-262">[262]</a></blockquote> Stock market volatility is measured by the <a href="/wiki/VIX" title="VIX">VIX</a> (the CBOE Volatility Index), colloquially known as the "fear index" or the "fear gauge". The financial community and the political class try to do their best to maintain the stability of society, but they cannot fully control what all the people and all the markets are going to do. For example, a majority of Brits unexpectedly voted for a <a href="/wiki/Brexit" title="Brexit">Brexit</a>, throwing a spanner in the works. After 28 January 2018, about $4 trillion worth of stock value in stock markets disappeared in little more than a week, although the stock markets subsequently recovered.<a href="#cite_note-263">[263]</a> For well-insured rich people, it may not be so devastating if they lose part of their capital (they can often recover it within a few years, using the capital they still have),<a href="#cite_note-264">[264]</a> but the worry is what sudden, very large losses can do to the world economy. The magnitude and negative impact of price volatility on trade (including foreign exchange rates) is usually greater in less developed (poorer) countries, because they lack a sophisticated financial system, hedging facilities to reduce currency risks, and financial buffers to cope with sudden, major changes in prices. <a href="/wiki/Thomas_Hobbes" title="Thomas Hobbes">Thomas Hobbes</a>, writing his <a href="/wiki/Leviathan_(Hobbes_book)" title="Leviathan (Hobbes book)">Leviathan</a> in the 17th century, remarked that: <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"The value, or worth of a man, is, as of all other things, his price, that is to say, so much as would be given for the use of his power: and therefore is not absolute; but a thing dependent on the need and judgement of another."<a href="#cite_note-265">[265]</a></blockquote> In a digitalized, globalized 21st century world, buzzing with possibilities to connect or disconnect, people may start to regard themselves – seriously or surrealistically – as a kind of "stock" in the social marketplace, with a rather volatile value, which goes up and down all the time – whether they like that, or not. Depending on the public or private perceptions of what they do or don't do with themselves, their value goes up, or it goes down, and it can do so more or less instantly.<a href="#cite_note-266">[266]</a> The value of a person who is an <a href="/wiki/Outlier" title="Outlier">outlier</a> could go up and down like a <a href="/wiki/Yoyo" class="mw-redirect" title="Yoyo">yoyo</a>, because the process of <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a> is difficult. This can become a challenge, causing uncertainty, discomfort or ambivalence, if it is difficult to control or evade. It creates pressures to "manage" the impressions that other people have (see also <a href="/wiki/Impression_management" title="Impression management">impression management</a>). It could affect the way people dress, where they go, who they connect with, and so on, all of which could influence perceptions of their "worth", and consequently whether they get endorsements or rejections. All these forms of "price volatility" suggest, that there is a dimension of "value" now gaining prominence, which is to an important extent unpredictable, capricious, uncontrollable and elusive, tricking even the most powerful government institutions at times. The sociologist <a href="/wiki/Zygmunt_Bauman" title="Zygmunt Bauman">Zygmunt Bauman</a> refers to a new era of "<a href="/wiki/Late_modernity" title="Late modernity">liquid modernity</a>", which alters the whole way in which individuals see themselves, and their relationship with others and the world.<a href="#cite_note-267">[267]</a> <div class="mw-heading mw-heading3"><h3 id="Unreliable_valuations">Unreliable valuations</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=38" title="Edit section: Unreliable valuations">edit</a>]</div> To defeat competitors, dodge taxes and please investors, businesses increasingly fiddle their accounts and hide parts of their operations. Aided by multiple subsidiary or associated companies – often sited in different countries – company holdings, earnings and operations can be "tweaked": liabilities can be turned into assets, assets into liabilities; incomes can be turned into costs, and costs into incomes; and operating cash flows can be altered – according to the kind of accounting method that is most favourable for the business group (see also <a href="/wiki/Creative_accounting" title="Creative accounting">creative accounting</a>). In 2004, <a href="/wiki/Trevor_S._Harris" title="Trevor S. Harris">Trevor S. Harris</a>, a chief accounting analyst at <a href="/wiki/Morgan_Stanley" title="Morgan Stanley">Morgan Stanley</a> stated that "The financial reporting system is completely broken."<a href="#cite_note-268">[268]</a> This begins to upset the traditional economic rationality of costs and benefits in market activity (in particular, it becomes legally possible to get rich through debt leverage which indebts other people). If the value of a company to investors is defined as the present value of future cash flows, it is not primarily what the company has achieved financially in the present that is important, but what that achievement is "likely" to be worth in the future. This motivates companies to present attractive numbers to investors. In <a href="/wiki/Australia" title="Australia">Australia</a>, the <a href="/wiki/Australian_Financial_Review" title="Australian Financial Review">Financial Review</a> reported in 2016 that 40% of ASX top-500 companies use "non-standard" financial measures such as "underlying profit" and "underlying earnings", calling into question the very purpose of having uniform accounting standards.<a href="#cite_note-269">[269]</a> KPMG researchers found that many ASX200 companies were not fully complying with government guidelines for reporting financial data to investors.<a href="#cite_note-270">[270]</a> Similar stories can be found in most other countries. The Financial Times quoted a boardmember of an auditing firm as saying that "The problem with <a href="/wiki/Fair_value" title="Fair value">fair value accounting</a> is that it's very hard to differentiate between <a href="/wiki/Mark-to-market_accounting" title="Mark-to-market accounting">mark-to-market</a>, mark-to-model and mark-to-myth."<a href="#cite_note-271">[271]</a> Through <a href="/wiki/Share_repurchase" title="Share repurchase">stock buybacks</a> a company can drive up its share price, and deliver earnings to shareholders without any change in company performance – if corporate officers get paid in stocks and stock options, they get a pay rise every time the stock's value rises.<a href="#cite_note-272">[272]</a> In February 2018, the <a href="/wiki/Democratic_Caucus_of_the_United_States_Senate" class="mw-redirect" title="Democratic Caucus of the United States Senate">US Senate Democrats</a> released a special report which stated that a sample of just 33 corporations were planning $209 billion worth of buybacks in 2018, while at the same time laying off large numbers of workers.<a href="#cite_note-273">[273]</a> According to <a href="/wiki/Goldman_Sachs" title="Goldman Sachs">Goldman Sachs</a>, US companies authorized $1 trillion worth of stock buybacks in 2018,<a href="#cite_note-274">[274]</a> while Europe, Canada, Japan and industrialized East Asian countries also got into the act with a combined $248 billion of buyouts in the first half of 2018.<a href="#cite_note-275">[275]</a> The <a href="/wiki/Equity_capital_markets" title="Equity capital markets">global equity market</a> was "shrinking at the fastest pace in at least two decades" although its total value was still increasing, partly due to buybacks pushing up stock prices.<a href="#cite_note-276">[276]</a> The <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> raised the spectre of the "slow death of public stock markets"': <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote">"The basic agreement around public markets for most of the 20th century was this: owners had to open the books, quarter after quarter, and in return they got access to the private savings of ordinary citizens. What we're seeing now is that corporations have access to enough private savings of wealthy citizens that they're walking away from the deal... We know less about what companies are doing."<a href="#cite_note-277">[277]</a> </blockquote> The general effect is, that the true economic value or benefit of what business does, becomes more difficult to know; transparency is lacking. Shareholders are encouraged to have faith in a company, although there may in truth exist no reliable valuation of company operations. In October 2010, the EU dropped the idea of a financial transactions tax (a <a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a> or <a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a>), citing among its reasons the bewildering complexity of international transactions, which makes implementing and enforcing the tax far too difficult and costly.<a href="#cite_note-278">[278]</a> <div class="mw-heading mw-heading3"><h3 id="The_commons">The commons</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=39" title="Edit section: The commons">edit</a>]</div> The ordinary capitalist logic fails to provide any agreed standard valuation, or property right, for new kinds of "semi-public" goods that are considered to have a lot of economic value, such as social networks, collective intellectual and cultural assets, eco-systems, and stocks of non-renewable natural resources. These resources are often called "the <a href="/wiki/Commons" title="Commons">commons</a>" (nobody owns them, or everybody owns them, so therefore somebody can take them).<a href="#cite_note-279">[279]</a> Realistic pricing by business presumes that things can be privately owned and sold (or leased, rented, hired etc.). If resources can be obtained and used without cost (because they are "free goods") or accessible at near-zero cost, they are more likely to be plundered or wasted.<a href="#cite_note-280">[280]</a> For example, in the <a href="/wiki/Pacific_Ocean" title="Pacific Ocean">Pacific Ocean</a>, there are a lot of fish in the open sea, nobody owns them, and they are harvested using <a href="/wiki/Fishing_industry" title="Fishing industry">industrial fishing</a> techniques with giant dragnets. The result is, that fish stocks are decreasing very fast (see also <a href="/wiki/Fishing_down_the_food_web" title="Fishing down the food web">Fishing down the food web</a>).<a href="#cite_note-281">[281]</a> The feasibility of generating new fish populations depends on whether the <a href="/wiki/Food_chain" title="Food chain">food chain</a> on which the fish depend is still there. The invention of an ingenious system of global <a href="/wiki/Carbon_emissions_trading" class="mw-redirect" title="Carbon emissions trading">carbon emissions trading</a>, which priced carbon emissions, and promoted trade in pollution allowances to reduce pollution in the air that we breathe, failed to reach its goal.<a href="#cite_note-282">[282]</a> For the year 2015, health experts estimated conservatively that 9 million premature deaths in the world (that is 16% of all the deaths that occur in the world per year, i.e. 4 deaths out of every 25 deaths per year) were attributable to pollution, with air pollution being the biggest killer. The biggest numbers of pollution deaths occur in Africa, China, India, Pakistan and Bangladesh. Only around 155,000 Americans die from pollution per year (out of 2.7 million deaths per year, i.e. about 1 pollution death in every 17 deaths per year) – in the West, the pollution problem "dropped off the radar", as the focus was on global warming.<a href="#cite_note-283">[283]</a> Network sites such as <a href="/wiki/Facebook" title="Facebook">Facebook</a> and <a href="/wiki/LinkedIn" title="LinkedIn">LinkedIn</a> do not make their money directly from having access to other people's friendships, but from selling information, advertising, broadcasting, games, sponsorships and access privileges. The <a href="/wiki/Facebook%E2%80%93Cambridge_Analytica_data_scandal" title="Facebook–Cambridge Analytica data scandal">Facebook–Cambridge Analytica data scandal</a> indicated that the for-profit, legalized robbery and exploitation of information about people's known personal networks – amongst other things to dupe them into voting for right-wing politicians – has become a big business internationally. Gigantic data thefts nowadays occur every year, but the victims may never know that their data and work was stolen, or who stole it.<a href="#cite_note-284">[284]</a> In 2016, it was reported that an estimated 4 billion data records were stolen by hackers.<a href="#cite_note-285">[285]</a> However, when people sign up for accounts with Google, Amazon, Facebook, Microsoft etc. they have no idea of what their personal data (trillions of records) are going to be used for. People often don't even know how to protect their own data or their own privacy, other than not to use their computer. Corporations can legally "scrape" gigantic amounts of personal information, and do with it what they like – people will probably never know what happened, and they cannot find out what happened, even if they tried.<a href="#cite_note-286">[286]</a> <div class="mw-heading mw-heading3"><h3 id="Misvaluation_of_work">Misvaluation of work</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=40" title="Edit section: Misvaluation of work">edit</a>]</div> The rewards and valuations for work effort, trade unionists complain, have gone way out of proportion, so that many people work extremely hard for long hours, just to earn a few dollars, while others get paid gigantic sums of money just to have a chat, to be present, or to give a bit of attention.<a href="#cite_note-287">[287]</a> <ul><li>A US study published in May 2018 by <a href="/wiki/Minnesota" title="Minnesota">Minnesota</a>'s Democratic US congressman <a href="/wiki/Keith_Ellison" title="Keith Ellison">Keith Ellison</a> found that the average CEO-to-worker pay ratio had reached 339 to 1, with the highest pay gap approaching 5,000 to 1 (for every dollar an ordinary worker earns, a CEO on average gets $339 and can earn close to $5,000).<a href="#cite_note-288">[288]</a></li> <li>According to Martin A. Sullivan, chief economist with <a href="/wiki/Tax_Analysts" title="Tax Analysts">Tax Analysts</a>, "The way you get rich in this world is not by working hard. It's by owning large amounts of assets and having those things appreciate in value."<a href="#cite_note-289">[289]</a> The argument is here not that CEO's "do not work hard", but that they and other wealthy people could never accumulate all the wealth that they do, simply from their own salary. The wealth accumulates faster, through <a href="/wiki/Wealth_management" title="Wealth management">wealth managers</a> leveraging and trading personal assets for profit and capital gain. "Little of <a href="/wiki/Jeff_Bezos" title="Jeff Bezos">Jeff Bezos</a>’ and <a href="/wiki/Bill_Gates" title="Bill Gates">Bill Gates</a>'s wealth, for instance, came from wages, salaries, and benefits... It came from owning stock".<a href="#cite_note-290">[290]</a> <a href="/wiki/Martin_Wolf" title="Martin Wolf">Martin Wolf</a> stated in 2018 that "If the natural tendency of our economies is towards ever-rising rent extraction and inequality, with all its dire social and political results, we need to respond in a thoughtful and determined way. That is the great challenge."<a href="#cite_note-291">[291]</a></li> <li><a href="/wiki/Kevin_Bales" title="Kevin Bales">Kevin Bales</a> reports that "for the first time in human history, there is an absolute glut of potential slaves... with so many possible slaves, their value has plummeted. Slaves are now so cheap, that they have become cost-effective in many new kinds of work. (...) Slaveholders get all the work they can out of their slaves, and then throw them away."<a href="#cite_note-292">[292]</a> In 2017, the <a href="/wiki/International_Labour_Organization" title="International Labour Organization">ILO</a> estimated conservatively that across 2011–2016, 89 million people (roughly equal to the population of <a href="/wiki/Germany" title="Germany">Germany</a> or the <a href="/wiki/Democratic_Republic_of_Congo" class="mw-redirect" title="Democratic Republic of Congo">Democratic Republic of Congo</a>) were enslaved worldwide for shorter or longer intervals of time, 25 million were permanently subject to forced labour, 15 million females were enslaved in a forced marriage, and 152 million children aged between 5 and 17 were subjected to child labour. There are estimated to be about 400,000 slaves in the <a href="/wiki/United_States" title="United States">United States</a>. Of all slaves, two out of three are female (see also <a href="/wiki/Global_Slavery_Index" title="Global Slavery Index">Global Slavery Index</a>).<a href="#cite_note-293">[293]</a></li> <li>James Crotty argues that top executives in the financial world nowadays get richly rewarded regardless of whether there is a crash or a boom. Since they just keep getting huge bonus payments, even when their own company suffers very large losses, they are "perversely incentivized" to continue the high-risk and high-leverage investment strategies which destabilize the financial system as a whole.<a href="#cite_note-294">[294]</a> Yet even if CEO's would take a drastic pay cut, the fact remains that total debt levels are escalating regardless, and require more and more earnings from any source, to pay more and more interest on loans – which pits private investors against central banks when the banks try to raise rates.</li></ul> The argument then is, that if the financial incentives and disincentives for work effort have gone totally out of kilter, markets cannot deliver a fair and efficient allocation of resources anymore. <div class="mw-heading mw-heading3"><h3 id="Market_failure">Market failure</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=41" title="Edit section: Market failure">edit</a>]</div> Governments are involved more and more in sorting out <a href="/wiki/Market_failure" title="Market failure">market failure</a> (and pick up the tab for it – see also <a href="/wiki/Lemon_socialism" title="Lemon socialism">lemon socialism</a>).<a href="#cite_note-295">[295]</a> An editor of the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>, <a href="/wiki/Martin_Wolf" title="Martin Wolf">Martin Wolf</a>, remarked famously about the financial sector that "No [other] industry has a comparable talent for privatising gains and socialising losses."<a href="#cite_note-296">[296]</a> Some years later, he explained that "Today's banks represent the incarnation of profit-seeking behaviour taken to its logical limits, in which the only question asked by senior staff is not what is their duty or their responsibility, but what can they get away with."<a href="#cite_note-297">[297]</a> Yet the role of bank services is crucial to operate gigantic transaction volumes, and governments have fewer and fewer resources available to repair business damage, because of privatization, state corruption, and the looting of state funds or tax-dodging by private interests (<a href="/wiki/Kickbacks" class="mw-redirect" title="Kickbacks">kickbacks</a>, <a href="/wiki/Privatization" title="Privatization">privatization</a>, <a href="/wiki/Pork_barrel" title="Pork barrel">pork barrel</a> politics, <a href="/wiki/Lobby_group" class="mw-redirect" title="Lobby group">lobby group</a> power, <a href="/wiki/Corporatization" title="Corporatization">corporatization</a>, <a href="/wiki/Securitization" title="Securitization">securitization</a>, <a href="/wiki/Rent-seeking" title="Rent-seeking">rent-seeking</a>, arbitrary budget cuts, financial <a href="/wiki/Bailouts" class="mw-redirect" title="Bailouts">bailouts</a>, <a href="/wiki/Regressive_tax" title="Regressive tax">regressive tax</a>, <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a> etc.).<a href="#cite_note-298">[298]</a> People across the world are now literally being priced out of markets, not just in poor countries,<a href="#cite_note-299">[299]</a> but also in rich countries.<a href="#cite_note-300">[300]</a> <ul><li>According to a McKinsey Global report, "In the United States, 40 percent of adults surveyed by the Federal Reserve System said they would struggle to cover an unexpected expense of $400. One-quarter of nonretired adults have no pension or retirement savings. Outstanding student loans now top $1.4 trillion, exceeding credit-card debt—and unlike nearly all other forms of debt, they cannot be discharged in bankruptcy."<a href="#cite_note-301">[301]</a></li> <li>In <a href="/wiki/San_Francisco" title="San Francisco">San Francisco</a>, well-paid teachers are living in dorms, because they cannot afford to buy a home in the city anymore – house prices have gone beyond their reach.<a href="#cite_note-302">[302]</a> This is the reverse situation of what happened in the property boom up to 2007. At that time, quite a few Californian teachers found they could make more money from rising property values, than from their job. In 2017, only half of the households in California owned their homes, but one out of every three renters – roughly six million people – paid more than half of their total income to their landlord.<a href="#cite_note-303">[303]</a> In <a href="/wiki/Los_Angeles" title="Los Angeles">Los Angeles</a>, tenants staged a rent strike in protest.<a href="#cite_note-304">[304]</a></li> <li><a href="/wiki/Richard_Florida" title="Richard Florida">Richard Florida</a> reported in 2017 that "An acre of central land in <a href="/wiki/New_York_City" title="New York City">New York City</a> is worth approximately 72 times more than an acre of central <a href="/wiki/Atlanta" title="Atlanta">Atlanta</a> or <a href="/wiki/Pittsburgh" title="Pittsburgh">Pittsburgh</a>, and almost 1,400 times more than the same in many small <a href="/wiki/Rust_Belt" title="Rust Belt">Rust Belt</a> and <a href="/wiki/Sunbelt" class="mw-redirect" title="Sunbelt">Sunbelt</a> metros."<a href="#cite_note-305">[305]</a></li> <li>On behalf of many of the world's large cities, the <a href="/wiki/Mayor" title="Mayor">mayor</a> of <a href="/wiki/Barcelona" title="Barcelona">Barcelona</a> called on the <a href="/wiki/United_Nations" title="United Nations">United Nations</a> to do something to help stop real estate speculators from driving up the cost of housing.<a href="#cite_note-306">[306]</a> The Cities for Adequate Housing statement signed by mayors of eight big cities calls for more powers for local authorities, to better regulate the real estate market; more funds to improve public housing stock; more tools to co-produce alternative public-private and community-driven housing solutions; urban planning schemes that combine adequate housing and quality neighborhoods that are both inclusive and sustainable; and city council cooperation in residential strategies.<a href="#cite_note-307">[307]</a></li> <li>Although on average people are now living longer than they did before, the 2017 Global Medical Trends Survey Report by <a href="/wiki/Willis_Towers_Watson" title="Willis Towers Watson">Willis Towers Watson</a> states that "The cost of medical care continues to rise across the globe with no light at the end of the tunnel."<a href="#cite_note-308">[308]</a> Americans like to see themselves as the most advanced nation on earth, but to get the same medical care and cover as Europeans, Americans spend 2.5 times more money; Americans have the highest medical bills on earth.<a href="#cite_note-309">[309]</a></li> <li>In 2016, <a href="/wiki/New_Zealand" title="New Zealand">New Zealand</a> researchers reported that during 2013, at least one in every 100 New Zealanders was de facto homeless, compared with 1 in 120 in 2006, and 1 in 130 in 2001.<a href="#cite_note-310">[310]</a> They sleep at a friend's place or with relatives, in motels, garages, sheds, cars, stations etc. At that time, in 2016, the country was at the top of <a href="/wiki/Knight_Frank" title="Knight Frank">Knight Frank</a>'s global ranking of countries for property price-rises, and for the first time, the average house price in <a href="/wiki/Auckland" title="Auckland">Auckland</a> hit NZ$1 million (=US$715,000, €585,000, £513,000).<a href="#cite_note-311">[311]</a> The median NZ salary was at US$35,000, meaning that the average Auckland house price was around 20x the median annual salary or around 10x median household income.<a href="#cite_note-312">[312]</a> Average Auckland house prices are expected to increase 300% in twenty years, and reach NZ$3 million by 2036.<a href="#cite_note-313">[313]</a></li></ul> The warped price structures of financialized capitalism increasingly cause large social dislocations and technical change across the world, because it is no longer economically possible for large masses of people to live and work in the normal way, within large geographic areas. They have to change their lifestyle drastically, or are forced out.<a href="#cite_note-314">[314]</a> The rich buy up the beautiful areas, and the poor have to live in the ugly, derelict and polluted areas.<a href="#cite_note-315">[315]</a> As rich people cause the largest amount of pollution,<a href="#cite_note-316">[316]</a> many poor people take a dim view of bourgeois environmentalism aiming to protect nature.<a href="#cite_note-317">[317]</a> Yet great poverty can also be destructive for the environment. Suffering hyperinflation of the <a href="/wiki/Zimbabwean_dollar" title="Zimbabwean dollar">Zimbabwean dollar</a> and absolute poverty,<a href="#cite_note-318">[318]</a> masses of people in <a href="/wiki/Zimbabwe" title="Zimbabwe">Zimbabwe</a> took to cutting down forest, wildlife poaching<a href="#cite_note-319">[319]</a> and gold or diamond mining on own initiative, to make a living and survive (See also <a href="/wiki/Marange_diamond_fields" title="Marange diamond fields">Marange diamond fields</a>). It is estimated that between 1990 and 2005, Zimbabwe lost 21 percent (one-fifth) of its forest cover (i.e. 4.7 million hectares), and currently 313,000 hectares of forest disappear every year.<a href="#cite_note-320">[320]</a> In 2013, 15% of the deforestation concerned land-clearing for tobacco-farming, and getting firewood for tobacco-curing.<a href="#cite_note-321">[321]</a> According to a Zimbabwe Conservation Task Force report in June 2007, more than half of all Zimbabwe's wildlife had died since 2000, due to poaching and deforestation.<a href="#cite_note-322">[322]</a> Land degradation is expected to cause major soil erosion, plus flooding and groundwater-pollution problems, significantly reducing the habitable farmland area.<a href="#cite_note-323">[323]</a> Rich people are increasingly on the move too, trying to escape from high taxes, unsafe conditions, environmental hazards and socio-political instability. According to the Global Wealth Migration Review 2018, some 95,000 millionaires (<a href="/wiki/High-net-worth_individual" title="High-net-worth individual">HNWIs</a>) migrated in 2017, top destinations being North America, Australasia, United Arab Emirates, Israel, Switzerland and Singapore. The exit of wealthy people affected mainly China, India, Turkey, United Kingdom, France, Russia, Brazil, Indonesia, Saudi Arabia, Nigeria and Venezuela.<a href="#cite_note-324">[324]</a> <div class="mw-heading mw-heading3"><h3 id="Organizational_instability">Organizational instability</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=42" title="Edit section: Organizational instability">edit</a>]</div> The management of both business and government organizations has become permanently unstable, and restructuring is nowadays a never-ending process,<a href="#cite_note-325">[325]</a> so that staff is constantly being replaced or shifted around, while work systems are being redesigned all the time – giving rise to complaints that nothing works anymore like it should and that there is no job security anymore.<a href="#cite_note-326">[326]</a> If job security is gone, workers have less freedom, because they have less control over what will or might happen to their lives in the future; it becomes more difficult for them to make good life-choices and plans, if they don't even have reasonably good information about what is likely to happen, financially or otherwise. If things are in flux, or in a chaos, it gets hard to know what can be concluded from the experience of what happens and judge things well. Sufficient order and predictability are needed, to be able to learn and adapt constructively to new situations. According to the Dutch central bank, half the fall of the Dutch wage-share in the country's net value-added across 1996–2015 was attributable to "labour market flexibilization".<a href="#cite_note-327">[327]</a> Throwing more money at the problems however may not solve very much organizationally, although employees are grateful for extra cash. Repeatedly the money just disappears down a hole.<a href="#cite_note-328">[328]</a> When some of America's most powerful and well-resourced corporations were paid billions of dollars to rebuild <a href="/wiki/Iraq" title="Iraq">Iraq</a>, it turned out that they couldn't even organize basic things properly, like getting the power, water and gas connected again.<a href="#cite_note-329">[329]</a> There is much uncertainty and unease about what the future might bring, because nobody really knows for sure what will happen, except that new crises are likely. <a href="/wiki/Global_Risks_Report" title="Global Risks Report">The Global Risks Report 2018</a> of the elite <a href="/wiki/World_Economic_Forum" title="World Economic Forum">World Economic Forum</a> group envisages the scenario of "the death of trade", or "the end of trade as we know it".<a href="#cite_note-330">[330]</a> This would involve escalating trade wars, currency wars, and geopolitical turmoil that spread quickly around the globe, with weak regulatory bodies powerless to resolve anything. International laws, agreements and conventions would no longer be heeded; commercial trade would be governed by the <a href="/wiki/Law_of_the_jungle" title="Law of the jungle">law of the jungle</a> and military power. Similarly, in April 2018, IMF managing director <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a> referred to anxieties about global trade and tariff wars, a few years into the future. She said that national protectionist policies could tear apart the institutional and legal frameworks governing global trade.<a href="#cite_note-331">[331]</a> <div class="mw-heading mw-heading3"><h3 id="The_informal_circuit">The informal circuit</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=43" title="Edit section: The informal circuit">edit</a>]</div> Globally, the <a href="/wiki/Shadow_economy" class="mw-redirect" title="Shadow economy">shadow economy</a>, the <a href="/wiki/Informal_sector" class="mw-redirect" title="Informal sector">informal sector</a>, the scope of criminal activity, corruption and the unemployed "<a href="/wiki/Reserve_army_of_labour" title="Reserve army of labour">surplus population</a>" all remain very large.<a href="#cite_note-332">[332]</a> A lot of petty crime is no longer reported or recorded, since the police does not have the resources to cope with it, and victims do not bother to report it anymore.<a href="#cite_note-333">[333]</a> Kiki Seokhee Yoon states that "To the best of our knowledge, the probability that a crime will be reported is about 50 percent or less."<a href="#cite_note-334">[334]</a> Buonanno et al. (2017) say that "measuring crime is a challenging issue for social scientists".<a href="#cite_note-335">[335]</a> According to CNN Money, "Top executives at the so-called "too big to fail" banks have avoided any criminal charges, even as their banks paid tens of billions of dollars in fines to settle charges of wrongdoing leading up to the financial crisis."<a href="#cite_note-336">[336]</a> Friedrich Schneider however claims the shadow economy is decreasing in the long run.<a href="#cite_note-337">[337]</a> The <a href="/wiki/Corruption_Perceptions_Index" title="Corruption Perceptions Index">Corruption Perceptions Index</a> is only an indicator of corruption in the public sector of the economy, and not of corruption in the private sector, even although the private sector is much larger than the public sector. This index cannot show whether the total amount of corruption globally is increasing, constant, or decreasing. A more comprehensive measure is the <a href="/wiki/Global_Corruption_Barometer" title="Global Corruption Barometer">Global Corruption Barometer</a>. "In a criminalized capitalism, where the state and the private sector increasingly work together to rob and exploit the people, crime does pay. Yet the decay of bourgeois values does not automatically prompt a struggle for better values. It could also lead to a long-term degeneration of all human values, the destruction of <a href="/wiki/Humanism" title="Humanism">humanism</a>, and the disappearance of belief in the sanctity of human life and in the defense of human dignity."<a href="#cite_note-338">[338]</a> <div class="mw-heading mw-heading3"><h3 id="Alternatives">Alternatives</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=44" title="Edit section: Alternatives">edit</a>]</div> More and more alternatives are developing to the capitalist mode of production, for the purpose of making a life, for allocating resources, for work and for organizing production (see also <a href="/wiki/Sharing_economy" title="Sharing economy">Sharing economy</a>).<a href="#cite_note-339">[339]</a> If people share instead of competing, they can often reduce their costs. This insight is especially important to people when they have become impoverished. A simple principle of <a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">mutualism</a> and <a href="/wiki/Insurance" title="Insurance">insurance</a> is that if many or all people contribute a relatively small part of their income to a common fund, each of them can be protected against financial losses which not all of them experience at the same time (for example, unemployment, illness, accidents etc.). A critique of the idea of <a href="/wiki/Creating_shared_value" title="Creating shared value">Creating shared value</a> is provided by Paolo Ricci et al.<a href="#cite_note-340">[340]</a> <div class="mw-heading mw-heading3"><h3 id="Prospects">Prospects</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=45" title="Edit section: Prospects">edit</a>]</div> The overall economic importance of these ten trends for capitalist value relations is disputed, among other things because they have always existed to some or other extent. It isn't clear, in what sense quantitative changes also imply qualitative changes in the functioning of capitalist society, or to what extent qualitative changes are quantitatively significant. <ul><li>Critics of capitalism argue that there are problems for capitalism today that cannot be solved at all, within the framework of capitalist value relations.<a href="#cite_note-341">[341]</a></li> <li>Supporters of capitalism argue that ways will be found to get round the problems, and that capitalism is flexible or resilient enough to overcome all crises.<a href="#cite_note-342">[342]</a></li> <li>The supporters of <a href="/wiki/Henryk_Grossman" title="Henryk Grossman">Henryk Grossman</a> are firmly focused on the collapse of capitalism, when total surplus value shrinks and class struggle intensifies.<a href="#cite_note-343">[343]</a></li> <li>Another position says that the problems can be solved within capitalism in some piecemeal or <a href="/wiki/Ad_hoc" title="Ad hoc">ad hoc</a> way, but that this occurs at the expense of a gradual degeneration of capitalism.<a href="#cite_note-344">[344]</a></li> <li>Some argue that capitalism is evolving or mutating into a <a href="/wiki/Post-capitalism" title="Post-capitalism">post-capitalism</a>, cognitive capitalism, managerial capitalism, hypercapitalism, cybercapitalism or semiocapitalism – with different kinds of property rights and work organization.<a href="#cite_note-345">[345]</a></li> <li>The term <a href="/wiki/Late_capitalism" title="Late capitalism">late capitalism</a> has made a comeback in the United States, as an ironic expression referring to absurd, hypocritical, unjust and fake aspects of contemporary business civilization.<a href="#cite_note-346">[346]</a> <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a> stated in 2018 that "I’ve had several interviews lately in which I was asked whether capitalism had reached a dead end, and needed to be replaced with something else. I'm never sure what the interviewers have in mind; neither, I suspect, do they."<a href="#cite_note-347">[347]</a></li> <li>There are also intellectuals on the Left and the Right who argue that, if present trends continue, we are headed for a mediocre, <a href="/wiki/Dumbing_down" title="Dumbing down">dumbed down</a> capitalism, where expectations are low, economic growth is lacklustre and nothing works properly anymore.<a href="#cite_note-348">[348]</a></li></ul> So there is no agreement about the future of capitalism, the prognoses are difficult to prove, and all kinds of things could contingently happen.<a href="#cite_note-349">[349]</a> All the different perspectives may have part of the truth. <a href="/wiki/Hillel_Ticktin" title="Hillel Ticktin">Hillel Ticktin</a>, the editor of the socialist journal <a href="/wiki/Critique:_Journal_of_Socialist_Theory" title="Critique: Journal of Socialist Theory">Critique</a>, describes the global situation as "an intermediate period in a transitional world."<a href="#cite_note-350">[350]</a> <a href="/wiki/Mark_Blaug" title="Mark Blaug">Mark Blaug</a> argued that "the central weakness of modern economics" is "the reluctance to produce the theories that yield unambiguously refutable implications, followed by a general unwillingness to confront those implications with the facts."<a href="#cite_note-351">[351]</a> These days accurate and comprehensive forecasts are worth gigantic amounts of money, and so, such forecasts often become a well-guarded secret. A lot of research is no longer being done, because if it is done, it is immediately stolen without trace (by hackers and burglars who want to cream off and head off the most advanced ideas at their point of production, in real time). In 2018, <a href="/wiki/The_Economist_Intelligence_Unit" class="mw-redirect" title="The Economist Intelligence Unit">The Economist Intelligence Unit</a> ranked a severe cyber attack crippling corporate and government activities among the top 10 risks to the global economy.<a href="#cite_note-352">[352]</a> At the micro-level, Dutch researchers studied a sample of 1,058 youths aged 12 to 18 years in 2018, and found that 5.1% of youths said they had sometimes hacked without permission into email accounts, 15,2% into mobile phones, and 5,4% into networks. Around 12% said they hadn't done it, but could do it. 54.6% said they would "never hack", but 45.4% said they might give it a try.<a href="#cite_note-353">[353]</a> In the wake of each big capitalist crisis, both Marxists<a href="#cite_note-354">[354]</a> and non-Marxists<a href="#cite_note-355">[355]</a> have prophesied the end of capitalism.<a href="#cite_note-356">[356]</a> Critics of breakdown theories, by contrast, argue that systemic crises, though hardly pleasant, are precisely the way through which the developmental problems and growing pains of capitalist business are resolved.<a href="#cite_note-357">[357]</a> Each crisis can also be approached not as a cause of misery, but as an opportunity to do things differently, or to realize the things that powerful people wanted to get done for a long time already.<a href="#cite_note-358">[358]</a> Things "get to the crunch" and when they do, business leaders and politicians have to do something about them.<a href="#cite_note-359">[359]</a> Through terrible ordeals, new techniques for managing, controlling and exploiting people are developed, which later go mainstream.<a href="#cite_note-360">[360]</a> And, after a fierce competition (or a war) involving capitalists, workers, states and nations, a new era of economic growth usually opens up. In the new era, typically a completely new group of capitalists takes the driving seat.<a href="#cite_note-361">[361]</a> So although it might "seem like" the end of capitalism is nigh, it could also be merely a transition to a new kind of capitalism – a new capitalist regime, which evolved out of what was there before, but which few people had thought of, before it emerged.<a href="#cite_note-362">[362]</a> As an allocation principle, the forms of value could possibly be much more persistent and long-lasting than Marxists and socialists think, even if they mutate into new configurations. It is also possible that a new scientific understanding of socialism and communism will still emerge in the future, that sheds new light on the role of value in human society.<a href="#cite_note-363">[363]</a> So far, this understanding is actively blocked and suppressed by Western Marxist academics, among other things because they believe that socialism never existed and/or cannot exist, and that value, markets and money are basically the same things. Some argue, that socialism should not exist, only full communism should exist – with many nice clothes, houses, Ferraris, yachts, etc. <a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Ernest Mandel</a> states that, for the top communist functionaries in the <a href="/wiki/Stalinism" title="Stalinism">Stalinist</a> era, there was a sense in which communism already existed. Firstly, whenever these communist leaders withdrew funds from their <a href="/wiki/Gosbank" class="mw-redirect" title="Gosbank">Gosbank</a> account to buy things, their debit was automatically cancelled out with a new credit to the same amount. Secondly, they could go to special shops not accessible to the general public, where they could buy almost anything they wanted. The elite banking practice was stopped by <a href="/wiki/Nikita_Khrushchev" title="Nikita Khrushchev">Nikita Khrushchev</a>'s government.<a href="#cite_note-364">[364]</a> <div class="mw-heading mw-heading3"><h3 id="Thermodynamics">Thermodynamics</h3>[<a href="/w/index.php?title=Value-form&action=edit&section=46" title="Edit section: Thermodynamics">edit</a>]</div> John Bellamy Foster and Paul Burkett (2018) state that "...we are seeing today numerous attempts to conceptualize commodity value as the product not just of human labor, but of animal labor in general and, beyond that, of energy in general".<a href="#cite_note-auto6-196">[196]</a> Since 2016, the post-Keynesian economist <a href="/wiki/Steve_Keen" title="Steve Keen">Steve Keen</a> has argued that any credible theory of value, whether classical, neo-classical or heterodox, must be consistent with the physical laws of <a href="/wiki/Thermodynamics" title="Thermodynamics">thermodynamics</a>. He claims that "every school of thought from the Neoclassicals to the Marxists" had been wrong on this issue, and all previous theories of economic value are flawed for that reason. This is not a new idea (it was raised by <a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Elmar Altvater</a> in 1991,<a href="#cite_note-365">[365]</a> <a href="/wiki/Nicholas_Georgescu-Roegen" title="Nicholas Georgescu-Roegen">Nicholas Georgescu-Roegen</a> in 1971,<a href="#cite_note-366">[366]</a> and <a href="/wiki/Frederick_Soddy" title="Frederick Soddy">Frederick Soddy</a> in 1921)<a href="#cite_note-367">[367]</a> but Keen proposes a new type of <a href="/wiki/Production_function" title="Production function">production function</a>, in which energy plays an essential role.<a href="#cite_note-368">[368]</a> The economist <a href="/wiki/Anwar_Shaikh_(economist)" title="Anwar Shaikh (economist)">Anwar Shaikh</a> however rejects the neo-classical concept of the production function as kind of <a href="/wiki/Sudoku" title="Sudoku">sudoku</a> game,<a href="#cite_note-369">[369]</a> preferring a reconstructed classical economics solidly based on empirical facts and econometric evidence.<a href="#cite_note-370">[370]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=47" title="Edit section: See also">edit</a>]</div> <ul><li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Monetary_theory_of_value" class="mw-redirect" title="Monetary theory of value">Monetary theory of value</a></li> <li><a href="/wiki/Neue_Marx-Lekt%C3%BCre" title="Neue Marx-Lektüre">Neue Marx-Lektüre</a></li> <li><a href="/wiki/Silent_barter" class="mw-redirect" title="Silent barter">Silent barter</a></li> <li><a href="/wiki/Socialist_market_economy" title="Socialist market economy">Socialist market economy</a></li> <li><a href="/wiki/Types_of_socialism" title="Types of socialism">Types of socialism</a></li> <li><a href="/wiki/Use_value" title="Use value">Use value</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Value-form&action=edit&section=48" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> In English, one would normally say "the form of value", "the form that value takes" or "the form in which value is expressed" but the expression "value-form" is often used, because of the specific concept that Marx had in mind. </li> <li id="cite_note-2"><a href="#cite_ref-2">^</a> Samezō Kuruma, Marx’s Theory of the Genesis of Money. Leiden: Brill, 2018. </li> <li id="cite_note-3"><a href="#cite_ref-3">^</a> Helmut Brentel, Soziale Form und ökonomisches Objekt. Studien zum Gegenstands- und Methodenverständnis der Kritik der politischen Ökonomie. Wiesbaden: Springer Fachmedien, 1989. Hoon Hong, "Marx's value forms and Hayek's rules: a reinterpretation in the light of the dichotomy between physis and nomos." Cambridge Review of Economics, Vol. 26, No. 5, September 2002, pp. 613-635. </li> <li id="cite_note-4"><a href="#cite_ref-4">^</a> "What I proceed from is the simplest social form in which the product of labour presents itself in contemporary society, and this is the "commodity." This I analyse, initially in the form in which it appears. Here I find that on the one hand in its natural form it is a thing for use, alias a use-value; on the other hand, a bearer of exchange-value, and from this point of view it is itself an "exchange-value." Further analysis of the latter shows me that exchange-value is merely a "form of appearance," an independent way of presenting the value contained in the commodity, and then I start on the analysis of the latter... the concrete social form of the product of labour, the "commodity," is on the one hand, use-value and on the other, "value," not exchange value, since the mere form of appearance is not its own content." — Karl Marx, Notes on Adolph Wagner's "Lehrbuch der politischen Ökonomie, 1879.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1881/01/wagner.htm">[1]</a> </li> <li id="cite_note-5"><a href="#cite_ref-5">^</a> "A commodity appears at first sight an extremely obvious, trivial thing. But its analysis brings out that it is a very strange thing, abounding in metaphysical subtleties and theological niceties." - Marx, Capital, Vol. 1, Penguin edition 1976, p. 163. </li> <li id="cite_note-6"><a href="#cite_ref-6">^</a> "The individual commodity viewed as the product, the actual elementary component of capital that has been generated and reproduced, differs then from the individual commodity with which we began, and which we regarded as an autonomous article, as the precondition [Voraussetzung] of capital formation." - Karl Marx, "Results of the immediate process of production", in: Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 966 (translation corrected). </li> <li id="cite_note-7"><a href="#cite_ref-7">^</a> Jan Hoff, Marx Worldwide; on the development of the international discourse on Marx since 1965. Leiden: Brill, 2017; Pichit Likitkijsomboon, "Marxian Theories of Value-Form". Review of Radical Political Economics, vol. 27 no. 2, June 1995, pp. 73-105. </li> <li id="cite_note-8"><a href="#cite_ref-8">^</a> <a href="/wiki/Helmut_Reichelt" title="Helmut Reichelt">Helmut Reichelt</a>, "From the Frankfurt School to Value-Form Analysis". Thesis Eleven, No. 4, 1982, pp. 166–169; Marx200 webpage, Form-analytical and value-theoretical readings of Marx (from the mid-1960s) [n.d.]<a rel="nofollow" class="external autonumber" href="https://marx200.org/en/marxism-think-one-two-many-marxes/form-analytical-and-value-theoretical-readings-marx-mid-1960s/">[2]</a>; Roberto Fineschi, "Dialectic of the Commodity and Its Exposition: The German Debate in the 1970s — A Personal Survey". In: Riccardo Bellofiore & Roberto Fineschi, Re-reading Marx: new perspectives after the critical edition. Houndmills: Palgrave Macmillan, 2009, pp. 50-70. </li> <li id="cite_note-9"><a href="#cite_ref-9">^</a> Isaak Illich Rubin, Essays on Marx's theory of value. Detroit: Black & Red, 1973. </li> <li id="cite_note-10"><a href="#cite_ref-10">^</a> For example, Ian Steedman & Paul Sweezy (eds.), The value controversy. London: Verso, 1981; Derek Sayer, Marx's method - ideology, science and critique in Capital, 2nd edition. Sussex: Harvester Press, 1983; Simon Mohun, "Value, Value Form and Money", in Simon Mohun (ed.), Debates in Value Theory. Macmillan: London, 1994; Alfredo Saad-Filho, The value of Marx. London: Routledge, 2002, section 2.2; <a href="/wiki/Costas_Lapavitsas" title="Costas Lapavitsas">Costas Lapavitsas</a>, Social foundations of money, markets and credit. London: Routledge, 2003; Michael Heinrich, Die Wissenschaft vom Wert. Münster: Verlag Westfälisches Dampfboot, 2001; <a href="/wiki/Fred_Moseley_(economist)" title="Fred Moseley (economist)">Fred Moseley</a>, Marx’s Theory of Value in Chapter 1 of Capital. A Critique of Heinrich’s Value-Form Interpretation. Cham, Switzerland: Palgrave Macmillan/Springer, 2023. </li> <li id="cite_note-11"><a href="#cite_ref-11">^</a> <a href="/wiki/Hans-Georg_Backhaus" title="Hans-Georg Backhaus">Hans-Georg Backhaus</a>, Dialektik der Wertform, 2nd. edition. Freiburg: ça ira Verlag, 2011. Riccardo Bellofiore and Tommaso Redolfi Riva, "Hans-Georg Backhaus: the critique of premonetary theories of value and the perverted forms of economic reality. In: Beverly Best et al. (eds.), The Sage handbook of Frankfurt School Critical Theory. London: Sage, 2018, pp. 386-401. </li> <li id="cite_note-12"><a href="#cite_ref-12">^</a> Neil Larsen, Mathias Nilges, Josh Robinson, and Nicholas Brown (eds.), Marxism and the Critique of Value. Chicago: MCM Publishing, 2014.<a rel="nofollow" class="external autonumber" href="http://www.mediationsjournal.org/toc/27_1">[3]</a> <a rel="nofollow" class="external autonumber" href="http://www.mcmprime.com/files/Marxism-and-the-Critique-of-Value.pdf">[4]</a> </li> <li id="cite_note-13"><a href="#cite_ref-13">^</a> Kei Ehara, "The Japanese history of Marxian value-form analysis: Focusing on the Unoist approach." In: The Japanese Political Economy, Vol. 50, issue 1, 2023. Kiyoshi Nagatani, "Value-form and the mystery of money". Capital & Class, Volume 44, Issue 1, January 2019. </li> <li id="cite_note-14"><a href="#cite_ref-14">^</a> The <a href="/wiki/Criticism_of_value-form_theory" title="Criticism of value-form theory">Criticism of value-form theory</a> article is a split-off from the original Value-form article. It was felt that the original article had become too large and that the criticisms of the theory were better placed in a separate article. </li> <li id="cite_note-15"><a href="#cite_ref-15">^</a> <a href="/wiki/Anwar_M._Shaikh" class="mw-redirect" title="Anwar M. Shaikh">Anwar M. Shaikh</a>, Capitalism: competition, conflict, crises. New York: Oxford University Press, 2016, chapter 5; <a href="/wiki/Makoto_Itoh" title="Makoto Itoh">Makoto Itoh</a> & <a href="/wiki/Costas_Lapavitsas" title="Costas Lapavitsas">Costas Lapavitsas</a>, Political economy of money and finance. New York: Macmillan Press, 1999, chapters 1 and 2; <a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Isaak Illich Rubin</a>, Essays on Marx's theory of value. Detroit: Black & Red, 1973; <a href="/wiki/Geoffrey_Ingham" title="Geoffrey Ingham">Geoffrey Ingham</a>, The nature of money. Cambridge: Polity Press, 2004. </li> <li id="cite_note-16"><a href="#cite_ref-16">^</a> <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, chapter 1, section 3. </li> <li id="cite_note-17"><a href="#cite_ref-17">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Pelican edition, pp. 141–142. </li> <li id="cite_note-18"><a href="#cite_ref-18">^</a> Hans G. Ehrbar, "Critical realist arguments in Marx's Capital", pp. 43–56 in: Andrew Brown, Steve Fleetwood and John Michael Roberts (eds.), Critical Realism and Marxism. London: Routledge, 2002. </li> <li id="cite_note-19"><a href="#cite_ref-19">^</a> <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., pp. 89–90. </li> <li id="cite_note-20"><a href="#cite_ref-20">^</a> Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed. 1976, p. 273. </li> <li id="cite_note-21"><a href="#cite_ref-21">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 139. </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> <a href="/wiki/Wolfgang_Streeck" title="Wolfgang Streeck">Wolfgang Streeck</a>, "The Fourth Power?". New Left Review #110, March–April 2018, p. 141.<a rel="nofollow" class="external autonumber" href="https://wolfgangstreeck.files.wordpress.com/2018/05/the-fourth-power-nlr-110-march-april-2018.pdf">[5]</a> </li> <li id="cite_note-23"><a href="#cite_ref-23">^</a> <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., p. 90. </li> <li id="cite_note-24"><a href="#cite_ref-24">^</a> <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., p. 94. </li> <li id="cite_note-25"><a href="#cite_ref-25">^</a> The original version is translated in: Karl Marx, "The Value Form", Capital and Class, No.4, Spring 1978, pp. 130–150.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1867-c1/appendix.htm#n1">[6]</a>, or Albert Dragstedt (ed.), Value: studies by Marx. London: New Park Publications, 1976. </li> <li id="cite_note-26"><a href="#cite_ref-26">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin, 1976, p. 90. Marx also uses the expressions "elementary form" [Elementarform] and "germinal form" [Keimform]. See further: Bob Jessop, “‘Every beginning is difficult, holds in all sciences’: Marx on the economic cell form in capital and the analysis of capitalist social formations”, in: Marcello Musto et al. (eds.), Marx’s Capital after 150 years. Abingdon: Routledge, 2019, pp. 54-82. </li> <li id="cite_note-27"><a href="#cite_ref-27">^</a> Marx describes capitalist society as "a society where the commodity-form is the universal form of the product of labour, hence the dominant social relation is the relation between people as possessors of commodities". He argues that "The capitalist epoch is... characterized by the fact that labour-power, in the eyes of the worker himself, takes on the form of a commodity which is his property; his labour consequently takes on the form of wage-labour... it is only from this moment that the commodity-form of the products of labour becomes universal." Thus, "...from the moment there is a free sale, by the worker himself, of labour power as a commodity... from then onwards... commodity production is generalized and becomes the typical form of production." – Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin edition 1976, resp. p. 152, p. 274, p. 733. </li> <li id="cite_note-28"><a href="#cite_ref-28">^</a> Marx, <a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a>, Penguin 1973, p. 881; Grundrisse der Kritik der politischen Ökonomie (Rohentwurf) 1857-1858, Anhang 1850-1859 (Frankfurt: Europäische Verlagsanstalt, 1970 paperback reprint), p. 763; MECW 29, p. 252. </li> <li id="cite_note-29"><a href="#cite_ref-29">^</a> <a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Isaak Illich Rubin</a>, Essays on Marx's theory of value. Detroit: Black & Red, 1972, p. 37ff and p. 137ff. </li> <li id="cite_note-30"><a href="#cite_ref-30">^</a> Guido Starosta, "The Commodity-Form and the Dialectical Method: On the Structure of Marx's Exposition in chapter 1 of 'Capital'." Science & Society, Vol. 72, No. 3, July 2008, pp. 295–318. </li> <li id="cite_note-31"><a href="#cite_ref-31">^</a> The German term for transformation is Verwandlung, which also means <a href="/wiki/Metamorphosis" title="Metamorphosis">metamorphosis</a>. In the evolution from one form to another, part of its content is preserved, while part of it is changed. Marx details numerous "transformations" in methods of working and trading, which results in transformations of the meaning of the economic categories which are used to understand them. See Jindřich Zelený, The Logic of Marx. Oxford: Basil Blackwell, 1980. </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> <a href="/wiki/Roman_Rosdolsky" title="Roman Rosdolsky">Roman Rosdolsky</a>,The Making of Marx's Capital. London: Pluto, 1977. </li> <li id="cite_note-33"><a href="#cite_ref-33">^</a> Jindřich Zelený, The Logic of Marx. Oxford: Basil Blackwell, 1980. </li> <li id="cite_note-34"><a href="#cite_ref-34">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1981, p. 956. </li> <li id="cite_note-35"><a href="#cite_ref-35">^</a> Andre Gunder Frank, "Equating Economic Forecasting with Astrology is an Insult – to Astrologers". In: Contemporary Crisis (Amsterdam), Vol. 4, No. 4, 1978, pp. 97–102 and Andre Gunder Frank "On Losing Sight of the Forest for Looking at the Trees". In: Development & Change (The Hague), Vol. 15, No. 3, July 1984, pp. 457–463; Philippe Rich, "Economic forecasting: any better than astrology?" <a href="/wiki/The_Bull_%26_Bear" title="The Bull & Bear">The Bull & Bear</a>, 1 February 2015.<a rel="nofollow" class="external autonumber" href="http://bullandbearmcgill.com/economic-forecasting-any-better-than-astrology/">[7]</a> </li> <li id="cite_note-36"><a href="#cite_ref-36">^</a> Karl Marx, <a href="/wiki/A_Contribution_to_the_Critique_of_Political_Economy" title="A Contribution to the Critique of Political Economy">A Contribution to the Critique of Political Economy</a> (1859), </li> <li id="cite_note-37"><a href="#cite_ref-37">^</a> Currently the best English translation is published by Penguin Books and Vintage Books. </li> <li id="cite_note-38"><a href="#cite_ref-38">^</a> Christopher J. Arthur, "Hegel's Theory of the Value Form" [1988]. Reprinted in: Christopher J. Arthur, The new dialectic and Marx's Capital. Leiden: Brill, 2004, pp. 175–199; Christopher J. Arthur, "Marx, Hegel and the Value-Form". In: <a href="/wiki/Fred_Moseley_(economist)" title="Fred Moseley (economist)">Fred Moseley</a> and Tony Smith (eds.), Marx's Capital and Hegel's Logic: A Reexamination. Leiden: Brill, 2014, pp. 269–291. Arthur bases himself on: <a href="/wiki/Gy%C3%B6rgy_Luk%C3%A1cs" title="György Lukács">György Lukács</a>, <a href="/wiki/The_Young_Hegel" title="The Young Hegel">The Young Hegel</a>: studies in the relations between dialectics and economics. London: Merlin Press, 1975. </li> <li id="cite_note-39"><a href="#cite_ref-39">^</a> Ronald L. Meek, "Karl Marx's economic method", in: Ronald L. Meek, Studies in the labour theory of value, 2nd edition. New York: Monthly Review Press, 1976, p. 302f; Jindřich Zelený, The Logic of Marx. Oxford: Basil Blackwell, 1980, p. 50. </li> <li id="cite_note-40"><a href="#cite_ref-40">^</a> See Tino Heim, Metamorphosen des Kapitals: kapitalistische Vergesellschaftung und Perspektiven einer kritischen Sozialwissenschaft nach Marx, Foucault und Bourdieu. Bielefeld: transcript Verlag, 2013. </li> <li id="cite_note-41"><a href="#cite_ref-41">^</a> <a href="/wiki/Bertell_Ollman" title="Bertell Ollman">Bertell Ollman</a>, Alienation, 2nd ed. Cambridge University Press, 1976, p. 187-194; Andrea Ricci, "Metamorphoses of Value. The Concept of a Commodity in Marx's Capital". Quaderni di economia, matematica e statistica, Vol. 27, Issue 9, 2017, pp. 1–23. </li> <li id="cite_note-42"><a href="#cite_ref-42">^</a> <a href="/wiki/Bertell_Ollman" title="Bertell Ollman">Bertell Ollman</a>, Alienation: Marx's conception of man in capitalist society, 2nd edition. Cambridge: Cambridge University Press, 1976, p. 191f. </li> <li id="cite_note-43"><a href="#cite_ref-43">^</a> Thomas T. Sekine, "The necessity of the law of value". Science & Society, Vol. 44, No. 3, Fall 1980, pp. 289–304. </li> <li id="cite_note-44"><a href="#cite_ref-44">^</a> "...the value of a commodity is determined not by the quantity of labour actually objectified in it, but by the quantity of living labour necessary to produce it." — Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 676-677. "...the value of commodities is determined not by the labour-time originally taken by their production, but rather by the labour-time that their reproduction takes, and this steadily decreases as the social productivity of labour develops." — Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1981, p. 522. </li> <li id="cite_note-45"><a href="#cite_ref-45">^</a> Nasser Saber, Speculative capital: the invisible hand of global finance. London: Pearson Education Ltd, 1999, p. 39f. </li> <li id="cite_note-46"><a href="#cite_ref-46">^</a> Some classic texts on primitive and ancient trade are: Marshall Sahlins, Stone age economics. London: Tavistock Publications, 1974; Karl Polanyi et al., Trade and markets in the ancient empires. Glencoe: The Free Press, 1957; J.A. Sabloff & C.C. Lamberg-Karlovsky (eds.), Ancient civilization and trade. Albuquerque: University of New Mexico Press, 1975. Peter Garnsey et al., Trade in the Ancient Economy. University of California Press, 1983; Philip D. Curtin, Cross-Cultural Trade in World History. Cambridge: Cambridge University Press, 1984; Cynthia Clark Northrup and Jerry H. Bentley (eds.), Encyclopedia of World Trade: From Ancient Times to the Present. Routledge, 2004; A. Hingston Quiggin, A survey of primitive money; the beginnings of currency. London: Methuen & Co., 1949; Paul Einzig, Primitive money in its ethnological, historical and economic aspects. Pergamon, 1966. </li> <li id="cite_note-47"><a href="#cite_ref-47">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Pelican edition, p. 182. </li> <li id="cite_note-48"><a href="#cite_ref-48">^</a> <a href="/wiki/Hans-Georg_Backhaus" title="Hans-Georg Backhaus">Hans-Georg Backhaus</a>, Dialektik der Wertform, 2nd. edition. Freiburg: ça ira Verlag, 2011, pp. 93–128. </li> <li id="cite_note-49"><a href="#cite_ref-49">^</a> Letter of <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a> to <a href="/wiki/Werner_Sombart" title="Werner Sombart">Werner Sombart</a>, 11 March 1895.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1895/letters/95_03_11.htm">[8]</a> </li> <li id="cite_note-50"><a href="#cite_ref-50">^</a> <a href="/wiki/Marshall_Sahlins" title="Marshall Sahlins">Marshall Sahlins</a>, Stone age economics. London: Tavistock Publications, 1974, p. 289. </li> <li id="cite_note-51"><a href="#cite_ref-51">^</a> Jean-Michel Servet, "Primitive order and archaic trade, Part II". In: Economy & Society, Vol. 11, No. 1, February 1982, p. 22-58, at p. 22. </li> <li id="cite_note-52"><a href="#cite_ref-52">^</a> See <a href="/wiki/Wolfgang_Fritz_Haug" title="Wolfgang Fritz Haug">Wolfgang Fritz Haug</a>, Critique of Commodity Aesthetics: Appearance, Sexuality and Advertising in Capitalist Society. Introduced by Stuart Hall. Minneapolis: University of Minnesota Press, 1986, chapter 1; Alfred Sohn-Rethel, Intellectual and manual labour: a critique of epistemology. London: Macmillan, 1978; Craig Pritchard, "Value: an inquiry into relations, forms and struggles". In: Raza Mir et al., The Routledge Companion to Philosophy in Organization Studies. Milton Park: Routledge, 2016, pp. 575 – 583. </li> <li id="cite_note-53"><a href="#cite_ref-53">^</a> <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., pp. 179–180. </li> <li id="cite_note-54"><a href="#cite_ref-54">^</a> <a href="/wiki/Mario_Bunge" title="Mario Bunge">Mario Bunge</a>, "A model for processes combining competition with cooperation". Applied Mathematical Modelling, Vol. 1, Issue 1, June 1976, pp. 21–23.<a rel="nofollow" class="external autonumber" href="https://www.sciencedirect.com/science/article/pii/0307904X76900196">[9]</a> </li> <li id="cite_note-55"><a href="#cite_ref-55">^</a> Marx, Capital Vol 1, Penguin 1976, p. 178ff. </li> <li id="cite_note-56"><a href="#cite_ref-56">^</a> Penguin ed., p. 241ff. </li> <li id="cite_note-57"><a href="#cite_ref-57">^</a> Alfred Sohn-Rethel, Intellectual and manual labour: a critique of epistemology. London: Macmillan, 1978; Zoe Sherman, "Opening Value Theory to the Brand". Rethinking Marxism, Vol. 29, No. 4, 2017, pp. 592–609. </li> <li id="cite_note-58"><a href="#cite_ref-58">^</a> Alfred Sohn-Rethel, Intellectual and manual labour: a critique of epistemology. London: Macmillan, 1978; Helmut Brentel, Soziale Form und ökonomisches Objekt. Studien zum Gegenstands- und Methodenverständnis der Kritik der politischen Ökonomie. Wiesbaden: Springer Fachmedien, 1989, pp. 285, 309–310, 321. </li> <li id="cite_note-59"><a href="#cite_ref-59">^</a> Derek Sayer, Marx's method. Hassocks, Sussex: The Harvester Press, 1979, chapter 2: "The language of commodities". </li> <li id="cite_note-60"><a href="#cite_ref-60">^</a> By topsy-turvy world, Marx means mainly that objects become subjects and vice versa, or that means become ends, or vice versa, with the effect that the true relationship between cause and effect is inverted and that things are no longer what they seem to be. Another translation is "a looking-glass world", after <a href="/wiki/Lewis_Carroll" title="Lewis Carroll">Lewis Carroll</a>, defined by the <a href="/wiki/Oxford_English_Dictionary" title="Oxford English Dictionary">OED</a> as "An imaginary place conceived of as being visible in the image shown in a looking-glass, especially one in which the principles which underpin the real world (as the rules of logic, the laws of physics, etc.) operate differently, or in reverse."<a rel="nofollow" class="external autonumber" href="https://web.archive.org/web/20180529054137/https://en.oxforddictionaries.com/definition/us/looking-glass_world">[10]</a> </li> <li id="cite_note-61"><a href="#cite_ref-61">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1976, pp. 143–144 (sexist translation by Ben Fowkes corrected). </li> <li id="cite_note-62"><a href="#cite_ref-62">^</a> <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> recognized that market participation does not require complete understanding of markets and prices. See F. A. Hayek, "Coping With Ignorance". Imprimis, Volume 7, Number 7, July 1978.<a rel="nofollow" class="external autonumber" href="https://imprimis.hillsdale.edu/coping-with-ignorance-july-1978/">[11]</a> </li> <li id="cite_note-63"><a href="#cite_ref-63">^</a> Most Central Banks nowadays have mathematical models which can predict the total pattern of purchases and sales in their country with considerable accuracy. </li> <li id="cite_note-64"><a href="#cite_ref-64">^</a> For example, <a href="/wiki/Ernest_Mandel" title="Ernest Mandel">Ernest Mandel</a>, Karl Marx, Part 4: "For Marx, labour is value."<a rel="nofollow" class="external autonumber" href="http://www.internationalviewpoint.org/spip.php?article284">[12]</a> <a href="/wiki/Bertell_Ollman" title="Bertell Ollman">Bertell Ollman</a> Alienation: Marx's conception of man in capitalist society. Cambridge: Cambridge University Press, 1975, chapter 26, p. 176 (2nd ed. p. 175). Guglielmo Carchedi, Frontiers of political economy. London: Verso, 1991, p. 102. </li> <li id="cite_note-65"><a href="#cite_ref-65">^</a> <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., p. 146. </li> <li id="cite_note-66"><a href="#cite_ref-66">^</a> Eric Rutkow, American Canopy: Trees, Forests, and the Making of a Nation. Scribner, 2012. </li> <li id="cite_note-auto-67"><a href="#cite_ref-auto_67-0">^</a> A. Hingston Quiggin, A survey of primitive money; the beginnings of currency. London: Methuen & Co., 1949. Paul Einzig, Primitive money in its ethnological, historical and economic aspects. Pergamon, 1966. </li> <li id="cite_note-68"><a href="#cite_ref-68">^</a> <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., p. 183. </li> <li id="cite_note-69"><a href="#cite_ref-69">^</a> Marx, Capital, Vol. 1, Penguin edition 1976, p. 188. </li> <li id="cite_note-70"><a href="#cite_ref-70">^</a> Marx, Capital, Volume 1, Penguin edition 1976, pp. 186 and 187. </li> <li id="cite_note-71"><a href="#cite_ref-71">^</a> Karl Marx, Economic and Philosophic Manuscripts of 1844, in Marx-Engels Collected Works, Vol. 3. Moscow: Progress, 1975, p. 312. Karl Marx,<a href="/wiki/Capital,_Volume_II" class="mw-redirect" title="Capital, Volume II">Capital, Volume II</a>, chapter 4. <a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1885-c2/ch04.htm">[13]</a>. </li> <li id="cite_note-72"><a href="#cite_ref-72">^</a> <a href="/wiki/Bruce_G._Trigger" class="mw-redirect" title="Bruce G. Trigger">Bruce G. Trigger</a>, Understanding Ancient Civilizations. Cambridge University Press, 2003, p. 343. </li> <li id="cite_note-73"><a href="#cite_ref-73">^</a> "In the eurozone, for example, currency in circulation is just 9 per cent of broad money (M3)" – Martin Wolf, "Intolerable choices for the eurozone". Financial Times, 31 May 2011. In the US, it is about 7%; in 1960 according to Federal Reserve data series, it was about 50%. </li> <li id="cite_note-74"><a href="#cite_ref-74">^</a> Henry C. K. Liu, "The London Gold Market", Asia Times, 27 January 2011. </li> <li id="cite_note-75"><a href="#cite_ref-75">^</a> See Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, chapter 3 section 3C.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1867-c1/ch03.htm#S3c">[14]</a> </li> <li id="cite_note-76"><a href="#cite_ref-76">^</a> Jan Toporowski, "How the Global Crisis Is Transmitted to Developing Countries", Development Viewpoint, No. 24, February 2009.<a rel="nofollow" class="external autonumber" href="http://eprints.soas.ac.uk/7329/1/DevelopmentViewpoint24.pdf">[15]</a> </li> <li id="cite_note-77"><a href="#cite_ref-77">^</a> There is a long-running academic dispute about whether the development of the form of value presented by Marx describes an historical sequence, whether it is only a logical exposition, or whether it is both. According to Jindřich Zelený, "Marx and Engels formulate the origin of money at different times in different ways, depending on whether they want to express the dialectical-logical derivation (genesis) in the form of the 'ideal expression' of the reality under investigation or whether they have in mind the 'historical' genesis" – Jindřich Zelený, The Logic of Marx. Oxford: Basil Blackwell, 1980, p. 54. </li> <li id="cite_note-78"><a href="#cite_ref-78">^</a> Jacques Nagels, Laissez faire, laissez troquer. Brussels: University of Brussels, 1986. </li> <li id="cite_note-79"><a href="#cite_ref-79">^</a> Bertram Schefold, "Die Bedeutung des Problems der Wertformlehre und der Transformation von Werten in Preise für das Kapital." In: Marx-Engels Jahrbuch 2007. Berlin: Akademie Verlag, 2008, p. 39. </li> <li id="cite_note-80"><a href="#cite_ref-80">^</a> The causal mechanism of price discovery is however not altogether clear, since it could be that the interaction of traders necessary for price discovery determines prices, or that inversely prices determine the interaction of traders. </li> <li id="cite_note-81"><a href="#cite_ref-81">^</a> <a href="/wiki/Bureau_of_Labor_Statistics" title="Bureau of Labor Statistics">US Bureau of Labor Statistics</a>, Overview of BLS Wage Data by Area and Occupation <a rel="nofollow" class="external autonumber" href="https://www.bls.gov/bls/blswage.htm">[16]</a> </li> <li id="cite_note-82"><a href="#cite_ref-82">^</a> See for example the Internet app called <a href="/wiki/Google_Lens" title="Google Lens">Google Lens</a>. </li> <li id="cite_note-83"><a href="#cite_ref-83">^</a> Ernest Mandel, Introduction to Marxist Economic Theory. Chippendale, NSW: Resistance books reprint, 2002, p. 24. </li> <li id="cite_note-84"><a href="#cite_ref-84">^</a> "Interest-bearing capital, or, to describe it in its archaic form, usurer's capital, belongs together with its twin brother, merchant's capital, to the antediluvian forms of capital which long precede the capitalist mode of production and are to be found in the most diverse socio-economic formations." – Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1981, ch. 36, p. 728. </li> <li id="cite_note-85"><a href="#cite_ref-85">^</a> Marx describes capitalist society as "a society where the commodity-form is the universal form of the product of labour, hence the dominant social relation is the relation between people as possessors of commodities". He argues that "The capitalist epoch is... characterized by the fact that labour-power, in the eyes of the worker himself, takes on the form of a commodity which is his property; his labour consequently takes on the form of wage-labour... it is only from this moment that the commodity-form of the products of labour becomes universal." Thus, "...from the moment there is a free sale, by the worker himself, of labour power as a commodity... from then onwards... commodity production is generalized and becomes the typical form of production." – Karl Marx, Capital, Volume I, Penguin edition 1976, resp. p. 152, p. 274, p. 733. </li> <li id="cite_note-86"><a href="#cite_ref-86">^</a> Karl Marx, Capital, Volume III, Penguin ed., p. 182 and p. 278. Some archaeologists and scholars of ancient trade reject the idea that primitive trade occurred initially only in the periphery of economic communities. "The earliest phases of cross-cultural trade are lost beyond any possibility of historical reconstruction. (…) But it is possible to imagine that the earliest cross-cultural trade took place during random encounters of hunting bands, or that it was mixed with phases of warfare. One can also imagine that the earliest trade between different communities took place at the border between them." – Philip D. Curtin, Cross-Cultural Trade in World History. Cambridge: Cambridge University Press, 1984, pp. 1–2. </li> <li id="cite_note-87"><a href="#cite_ref-87">^</a> Samezō Kuruma, Marx's Theory of the Genesis of Money. Leiden: Brill, 2017. </li> <li id="cite_note-88"><a href="#cite_ref-88">^</a> See: Richard Sennett, The Craftsman. Yale University Press, 2009. </li> <li id="cite_note-89"><a href="#cite_ref-89">^</a> <a href="/wiki/Viktor_Mayer-Sch%C3%B6nberger" title="Viktor Mayer-Schönberger">Viktor Mayer-Schönberger</a> and <a href="/wiki/Thomas_Ramge" title="Thomas Ramge">Thomas Ramge</a>, Reinventing capitalism in the age of big data. London: John Murray, 2018, p. 52f. </li> <li id="cite_note-90"><a href="#cite_ref-90">^</a> <a href="/wiki/Oskar_Morgenstern" title="Oskar Morgenstern">Oskar Morgenstern</a>, On the accuracy of economic observations, 2nd ed. Princeton University Press, 1963; Michael Ward, Quantifying the world. UN ideas and statistics. Bloomington: Indiana University Press, 2004; John Irvine, Ian Miles & Jeff Evans (eds), Demystifying Social Statistics, Pluto, London, 1979; Radical Statistics Group website <a rel="nofollow" class="external autonumber" href="http://www.radstats.org.uk/">[17]</a> </li> <li id="cite_note-91"><a href="#cite_ref-91">^</a> Philip D. Curtin, Cross-cultural trade in world history. Cambridge: Cambridge University Press, 1984. </li> <li id="cite_note-92"><a href="#cite_ref-92">^</a> See the articles on 20th century conflicts per year <a href="/wiki/Category:20th-century_conflicts_by_year" title="Category:20th-century conflicts by year">Category:20th-century conflicts by year</a>. </li> <li id="cite_note-93"><a href="#cite_ref-93">^</a> Kelsey D. Atherton, "Is War Really In Decline?". Popular Science,5 September 2013.<a rel="nofollow" class="external autonumber" href="https://www.popsci.com/technology/article/2013-08/have-we-seen-end-war-wait-200-years-find-out">[18]</a> </li> <li id="cite_note-94"><a href="#cite_ref-94">^</a> See <a href="/wiki/Cuban_Missile_Crisis" title="Cuban Missile Crisis">Cuban Missile Crisis</a>. </li> <li id="cite_note-95"><a href="#cite_ref-95">^</a> Rosa Luxemburg, "Peace Utopias" [6–8 May 1911], in: Richard B. Day and Daniel Gaido (eds.)., Discovering Imperialism; Social Democracy to World War I. Leiden: Brill, 2011, pp 441–457.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/luxemburg/1911/05/11.htm">[19]</a> </li> <li id="cite_note-96"><a href="#cite_ref-96">^</a> "Throughout this work I assume that gold is the money commodity, for the sake of simplicity." – Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin edition, chapter 3, p. 188. </li> <li id="cite_note-97"><a href="#cite_ref-97">^</a> Makoto Itoh and Costas Lapavitsas, Political economy of money and finance. London: Palgrave Macmillan, 2002, p.6. </li> <li id="cite_note-98"><a href="#cite_ref-98">^</a> Dick Bryan & Michael Rafferty, Capitalism with derivatives. A political economy of financial derivatives, capital and class. Houndmills: Palgrave Macmillan, 2006, pp. 1–2. </li> <li id="cite_note-99"><a href="#cite_ref-99">^</a> The U.S. <a href="/wiki/Financial_Accounting_Standards_Board" title="Financial Accounting Standards Board">Financial Accounting Standards Board</a> states that valuing "level 3 assets" (complex financial products) requires "assumptions about the assumptions market participants would use in pricing the asset" (Statement of Financial Accounting Standards No. 157, 2010, A25, p. 24. </li> <li id="cite_note-100"><a href="#cite_ref-100">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1982, chapter 30, p. 607f. </li> <li id="cite_note-101"><a href="#cite_ref-101">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1982, chapter 25, p. 525f. </li> <li id="cite_note-102"><a href="#cite_ref-102">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 197. Cédric Durand, Fictitious capital. How finance is appropriating our future. London: Verso, 2017. </li> <li id="cite_note-103"><a href="#cite_ref-103">^</a> Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Pelican Books, p. 174, note 34. </li> <li id="cite_note-104"><a href="#cite_ref-104">^</a> Patrick Murray, Marx's theory of scientific knowledge. Atlantic Highlands, N.J.: Humanities Press, 1988, p. 163f. </li> <li id="cite_note-105"><a href="#cite_ref-105">^</a> For Marx's discussion of the price form in the Grundrisse, see: Adalbert G. Lallier, The economics of the Grundrisse: an annotated summary. New York: St, Martins Press, 1989, chapter 11. </li> <li id="cite_note-106"><a href="#cite_ref-106">^</a> "Exchange value posited in terms of money is price"- <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a> & <a href="/wiki/Frederick_Engels" class="mw-redirect" title="Frederick Engels">Frederick Engels</a>, Collected Works, Vol. 28, p. 124. </li> <li id="cite_note-107"><a href="#cite_ref-107">^</a> <a href="/wiki/Viktor_Mayer-Sch%C3%B6nberger" title="Viktor Mayer-Schönberger">Viktor Mayer-Schönberger</a> and Thomas Ramge, Reinventing capitalism in the age of big data. London: John Murray, 2018, p. 52. </li> <li id="cite_note-108"><a href="#cite_ref-108">^</a> Frank A. Fetter, "The definition of price". The American Economic Review, Vol. 2, No. 4, December 1912, pp. 783–813. </li> <li id="cite_note-109"><a href="#cite_ref-109">^</a> See any comprehensive Latin dictionary, e.g. Charlton T. Lewis & Charles Short, A Latin Dictionary. Oxford: Clarendon Press, 1879.<a rel="nofollow" class="external autonumber" href="https://www.perseus.tufts.edu/hopper/text?doc=Pretium&fromdoc=Perseus%3Atext%3A1999.04.0059">[20]</a> </li> <li id="cite_note-110"><a href="#cite_ref-110">^</a> Stephen Gudeman,Economy's Tension: The Dialectics of Community and Market. New York: Berghahn Books, 2008, p. 64. </li> <li id="cite_note-111"><a href="#cite_ref-111">^</a> See: Karl Marx & Frederick Engels, Letters on Capital. London: New Park Publications, 1983, p. 108. In the final text, the simplest price form is expressed as "X quantity of use-value = Y quantity of money", contrasting with the value of commodities. </li> <li id="cite_note-112"><a href="#cite_ref-112">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 197. </li> <li id="cite_note-113"><a href="#cite_ref-113">^</a> Peter M. Lichtenstein, An introduction to Post-Keynesian and Marxian theories of value and price. London: Routledge, 1983, chapter 11 ff. </li> <li id="cite_note-114"><a href="#cite_ref-114">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin edition, 1981, p. 308. </li> <li id="cite_note-115"><a href="#cite_ref-115">^</a> Makoto Itoh and Costas Lapavitsas, Political economy of money and finance. London: Palgrave Macmillan, 2002, p. 6. See also Howard Nicholas, Marx's theory of price and its modern rivals. London: Palgrave Macmillan, 2011; Adalbert G. Lallier, The economics of the Grundrisse: an annotated summary. New York: St, Martins Press, 1989, chapter 11. </li> <li id="cite_note-116"><a href="#cite_ref-116">^</a> Francisco Paulo Cipolla, "The concept of market value: a critical note on Itoh's theory". Review of Radical Political Economics, Vol. 40, Issue 4, 2008. </li> <li id="cite_note-117"><a href="#cite_ref-117">^</a> See further: Juan Iñigo Carrera, "The reason for being of value or price according to political economy", translation of chapter 1 by Leonardo Kosloff in Carrera, Conocer el capital hoy. Usar crísticamente El Capital. Volumen I. La mercancía, o la conciencia libre como forma de la conciencia enajenada. Buenos Aires: Imago Mundi, 2007.<a rel="nofollow" class="external autonumber" href="http://cicpint.org/CICP%20English/Libros/Conocer/conocer.html">[21]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110925213332/http://www.cicpint.org/CICP%20English/Libros/Conocer/conocer.html">Archived</a> 25 September 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> </li> <li id="cite_note-118"><a href="#cite_ref-118">^</a> Koray Çalışkan, "Price as a Market Device: Cotton Trading in Izmir Mercantile Exchange". In M. Callon, Y. Millo and F. Muniesa (eds.) Market Devices. London: Blackwell Publishing, 2007, p. 241. </li> <li id="cite_note-119"><a href="#cite_ref-119">^</a> Viktor Mayer-Schönberger and Thomas Ramge, Reinventing capitalism in the age of big data. London: John Murray, 2018, p. 52. </li> <li id="cite_note-120"><a href="#cite_ref-120">^</a> See further Scott Meikle, Aristotle's economic thought. Oxford: Clarendon, 1995; Mark Blaug (ed.), Aristotle (384–322 BC). Aldershot: Elgar, 1991; Cosimo Perrotta, "Economic Value and Moral Value in Aristotle", in: <a href="/wiki/Tony_Aspromourgos" title="Tony Aspromourgos">Tony Aspromourgos</a> and John Lodewijks (eds.), History and Political Economy. Essays in Honour of P.D. Groenewegen. London: Routledge, 2004; Spencer J. Pack, Aristotle, Adam Smith and Karl Marx. On Some Fundamental Issues in 21st Century Political Economy. Cheltenham: Edward Elgar, 2010, Part 1. </li> <li id="cite_note-121"><a href="#cite_ref-121">^</a> This is explained by Marx in his book A contribution to the critique of political economy (1859). </li> <li id="cite_note-122"><a href="#cite_ref-122">^</a> <a href="/wiki/Cornelius_Castoriadis" title="Cornelius Castoriadis">Cornelius Castoriadis</a>, "Value, equality, justice, politics: from Marx to Aristotle and from Aristotle to ourselves", in: Cornelius Castoriadis, Crossroads in the labyrinth. Cambridge, Mass.: MIT Press, 1984, pp. 260–339. </li> <li id="cite_note-123"><a href="#cite_ref-123">^</a> <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed. 1976, pp. 174–175. </li> <li id="cite_note-124"><a href="#cite_ref-124">^</a> A. Anikin, A science in its youth: pre-Marxian political economy. Moscow: Progress Publishers, 1975, p. 80. </li> <li id="cite_note-125"><a href="#cite_ref-125">^</a> The history of the "classical" tradition is discussed quite well in: <a href="/wiki/Ronald_L._Meek" title="Ronald L. Meek">Ronald L. Meek</a>, Studies in the labor theory of value. New York: Monthly Review Press, 2nd ed. 1975. <a href="/wiki/Isaak_Illich_Rubin" title="Isaak Illich Rubin">Isaac Ilyich Rubin</a>, A history of economic thought. London: Ink Links, 1979. Isaak Il'ich Rubin, "Towards a history of the text of the first chapter of Marx's Capital (1929)", pp. 583–618, in: Richard B. Day & Daniel F. Gaido (eds.), Responses to Marx's Capital: from Rudolf Hilferding to Isaak Illich Rubin. Leiden: Bril, 2018.<a rel="nofollow" class="external autonumber" href="https://libcom.org/files/Responses%20to%20Marx%27s%20Capital%20-%20From%20Rudolf%20Hilferding%20to%20Isaak%20Illich%20Rubin.pdf">[22]</a> </li> <li id="cite_note-126"><a href="#cite_ref-126">^</a> Derek Sayer, Marx's method. Hassocks, Sussex: The Harvester Press, 1979, pp. 37–41; Ulrich Krause, Money & abstract labour; on the analytical foundations of political economy. London: NLB, 1982, p. 161-162 note 1; Helmut Brentel, Soziale Form und ökonomisches Objekt. Studien zum Gegenstands- und Methodenverständnis der Kritik der politischen Ökonomie. Wiesbaden: Springer Fachmedien, 1989, chapter 3; Patrick Murray, "The Grammar of Value: A Close Look at Marx's Critique of Samuel Bailey", in: Patrick Murray, The mismeasure of wealth: Essays on Marx and Social Form. Leiden: Brill Publishers, 2016, pp. 189–219; Samuel Bailey, A critical dissertation on the nature, measures, and causes of value; chiefly in reference to Mr Ricardo and his followers. London: R. Hunter, 1825; Samuel Bailey, Money and Its Vicissitudes in Value; as They Affect National Industry and Pecuniary Contracts : with a Postscript on Joint Stock Banks. London, 1837; See Karl Marx, Theories of Surplus Value. Moscow: Progress Publishers, 1978, Part III, pp.139–168, or Marx Engels Collected Works, Vol. 32 (New York: International Publishers, 1989), pp. 313–353. Robert M. Rauner, Samuel Bailey and the Classical Theory of Value. London: LSE, 1961. </li> <li id="cite_note-127"><a href="#cite_ref-127">^</a> Patrick Murray, "Avoiding Bad Abstractions A Defense of Co-constitutive Value-Form Theory." In: Critique of political economy, Vol. 1 No. 1, September 2011, pp. 217–248, at p. 219.<a rel="nofollow" class="external autonumber" href="http://copejournal.com/wp-content/uploads/2015/12/patrick-murray-avoiding-bad-abstractions.pdf">[23]</a> </li> <li id="cite_note-128"><a href="#cite_ref-128">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 141 note 17. </li> <li id="cite_note-129"><a href="#cite_ref-129">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_II" class="mw-redirect" title="Capital, Volume II">Capital, Volume II</a>, Penguin 1978, p. 186. </li> <li id="cite_note-130"><a href="#cite_ref-130">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.virtuescience.com/ethics5.html">"Nicomachean Ethics"</a>. www.virtuescience.com.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.virtuescience.com&rft.atitle=Nicomachean+Ethics&rft_id=https%3A%2F%2Fwww.virtuescience.com%2Fethics5.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AValue-form" class="Z3988"> </li> <li id="cite_note-131"><a href="#cite_ref-131">^</a> Evald Ilyenkov, The Dialectics of the Abstract and the Concrete in Marx's Capital, Moscow: Progress, 1982, p. 93. </li> <li id="cite_note-132"><a href="#cite_ref-132">^</a> <a href="/wiki/Roman_Rosdolsky" title="Roman Rosdolsky">Roman Rosdolsky</a>, The Making of Marx's Capital. London: Pluto, 1977, chapter 5. </li> <li id="cite_note-133"><a href="#cite_ref-133">^</a> See Karl Marx, Grundrisse, Pelican edition 1973, pp. 171–172. </li> <li id="cite_note-134"><a href="#cite_ref-134">^</a> Marc Engels Collected Works, Vol. 3, pp 322–326. </li> <li id="cite_note-135"><a href="#cite_ref-135">^</a> Christian A. Smith, "‘Verdammt Metall’: Marx's use of Shakespeare in his Critique of Exchange-value". Critique: Journal of Socialist Theory Volume 45, Issue 1–2, pp. 101–116, 2017; Joe Luna, "Money, die Ware, and Marx's Shakespeare". Textual Practice, 30 April 2015, pp. 1–21; Anne Paolucci, "Marx, Money, and Shakespeare: The Hegelian Core in Marxist Shakespeare-Criticism." Mosaic: A Journal for the Interdisciplinary Study of Literature, Vol.10, No. 3, April 1977, pp. 139–156. </li> <li id="cite_note-136"><a href="#cite_ref-136">^</a> Karl Marx & Friedrich Engels, Letters on Capital. London: New Park, 1983, pp. 107–108. </li> <li id="cite_note-137"><a href="#cite_ref-137">^</a> Karl Marx, "The Value Form", Capital and Class, No.4, Spring 1978, pp. 130–150, at p. 134.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1867-c1/appendix.htm#n1">[24]</a>, or Albert Dragstedt, Value: studies by Marx. London: New Park Publications, 1976, p. 49. </li> <li id="cite_note-138"><a href="#cite_ref-138">^</a> Marx-Engels Gesamtausgabe II/6 (Berlin: de Gruyter, 1987). See: Barbara Lietz, "Zur Entwicklung der Werttheorie in den "Ergänzungen und Veränderungen zum ersten Band des 'Kapitals' (Dezember 1871-,Januar 1872)". In: Beiträge zur Marx-Engels-Forschung, Heft 23, 1987, pp. 26-33<a rel="nofollow" class="external autonumber" href="https://marxforschung.de/2016/wp-content/uploads/2023/06/BzMEF-23-B.-Lietz-S.-26-33.pdf">[25]</a>; <a href="/wiki/Fred_Moseley_(economist)" title="Fred Moseley (economist)">Fred Moseley</a>, Marx’s Theory of Value in Chapter 1 of Capital. A Critique of Heinrich’s Value-Form Interpretation. Cham, Switzerland: Palgrave Macmillan/Springer, 2023, chapter 3; and Michael Heinrich, How to Read Marx’s Capital. Monthly Review Press 2021, appendix 4, pp. 375-381. </li> <li id="cite_note-139"><a href="#cite_ref-139">^</a> <a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a>, Anti-Dühring – Herr Eugen Dühring's Revolution in Science (1878), Part III, chapter 4. In: Marx Engels Collected Works, Vol. 25, p. 295. </li> <li id="cite_note-140"><a href="#cite_ref-140">^</a> These facts are not palatable to the modern "value-form Marxists", almost all of whom are "anti-Engels". None of them mention Engels as the precursor of the Marxist "value-form school". </li> <li id="cite_note-141"><a href="#cite_ref-141">^</a> <a href="/wiki/Nikolai_Bukharin" title="Nikolai Bukharin">Nikolai Bukharin</a> and <a href="/wiki/Evgeny_Preobrazhensky" class="mw-redirect" title="Evgeny Preobrazhensky">Evgeny Preobrazhensky</a>, The ABC of communism (introd. <a href="/wiki/Edward_H._Carr" class="mw-redirect" title="Edward H. Carr">Edward H. Carr</a>). Harmondsworth: Penguin, 1969; <a href="/wiki/Victor_Serge" title="Victor Serge">Victor Serge</a>, Year One of the Russian Revolution. Chicago: Haymarket, 2015, p. 254f. </li> <li id="cite_note-142"><a href="#cite_ref-142">^</a> Zinaida Krylova, Fostering ideological staunchness. Moscow: Novosti Press Agency, 1978. </li> <li id="cite_note-143"><a href="#cite_ref-143">^</a> Thomas F. Remington, Building socialism in Bolshevik Russia: ideology and industrial organization 1917–1921. Pittsburgh: University of Pittsburgh Press, 1984. </li> <li id="cite_note-144"><a href="#cite_ref-144">^</a> Anton Antonov-Ovseyenko, The Time of Stalin: Portrait of a Tyranny. New York: Harper & Row, 1981. </li> <li id="cite_note-145"><a href="#cite_ref-145">^</a> Robert C. Allen, Farm to Factory: A Reinterpretation of the Soviet Industrial Revolution. Princeton University Press, 2009. </li> <li id="cite_note-146"><a href="#cite_ref-146">^</a> Oleg Shchedrov, "Putin honours Stalin victims 70 years after terror." Reuters, 30 October 2007.<a rel="nofollow" class="external autonumber" href="https://www.reuters.com/article/us-russia-purges/putin-honors-stalin-victims-70-years-after-terror-idUSL3072723020071030">[26]</a> </li> <li id="cite_note-147"><a href="#cite_ref-147">^</a> <a href="/wiki/J._V._Stalin" class="mw-redirect" title="J. V. Stalin">J. V. Stalin</a>, "On the Draft Constitution of the U.S.S.R. Report Delivered at the Extraordinary Eighth Congress of Soviets of the U.S.S.R. 25 November 1936." In: Joseph Stalin, Works. London: Red Star Press Ltd, 1978.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/reference/archive/stalin/works/1936/11/25.htm">[27]</a> </li> <li id="cite_note-148"><a href="#cite_ref-148">^</a> <a href="/wiki/Michael_Kaser" title="Michael Kaser">Michael Kaser</a>, "The Debate on the Law of Value in the USSR, 1941–53".In: Vincent Barnett & Joachim Zweynert (ed.), Economics in Russia: studies in intellectual history. Aldershot: Ashgate, 2008, pp. 141–156. </li> <li id="cite_note-149"><a href="#cite_ref-149">^</a> <a href="/wiki/Joseph_V._Stalin" class="mw-redirect" title="Joseph V. Stalin">Joseph V. Stalin</a>, Economics problems in the USSR (1951). Peking: Foreign Languages Press, 1972, chapter 3.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/reference/archive/stalin/works/1951/economic-problems/ch04.htm">[28]</a> </li> <li id="cite_note-150"><a href="#cite_ref-150">^</a> This point was elaborated in: <a href="/wiki/John_Bellamy_Foster" title="John Bellamy Foster">John Bellamy Foster</a> with Paul Burkett, "Value Isn't Everything", Monthly Review, Vol 70, Issue 6, November 2018.<a rel="nofollow" class="external autonumber" href="https://monthlyreview.org/2018/11/01/value-isnt-everything/">[29]</a> </li> <li id="cite_note-151"><a href="#cite_ref-151">^</a> See: Allen Oakley, Marx's critique of political economy. London: Routledge, 1985. </li> <li id="cite_note-152"><a href="#cite_ref-152">^</a> <a href="/wiki/Jacques_Bidet" title="Jacques Bidet">Jacques Bidet</a>, Exploring Marx's Capital: philosophical, economic and political dimensions. Leiden: Brill, 2007, chapters 2 & 3. </li> <li id="cite_note-153"><a href="#cite_ref-153">^</a> Gilles Dostaler,<a class="external autonumber" href="https://fr.wikipedia.org/wiki/Gilles_Dostaler">[30]</a> Marx, la valeur et économie politique. Paris: Editions Anthropos, 1978, p. 44. </li> <li id="cite_note-154"><a href="#cite_ref-154">^</a> Utz-Peter Reich, National Accounts and Economic Value: A Study in Concepts. New York: Palgrave, 2001. </li> <li id="cite_note-155"><a href="#cite_ref-155">^</a> Howard Engelskirchen, Capital as a Social Kind: Definitions and Transformations in the Critique of Political Economy. London: Routledge, 2011. </li> <li id="cite_note-156"><a href="#cite_ref-156">^</a> Ladislaus von Bortkiewicz, "Value and Price in the Marxian System", International Economic Papers, no. 2, 1952, p. 6, note 2.<a rel="nofollow" class="external autonumber" href="http://classiques.uqac.ca/classiques/Bortkiewicz_ladislaus_von/value_and_price_marxian_system/value_price_marxian_system.pdf">[31]</a> </li> <li id="cite_note-157"><a href="#cite_ref-157">^</a> Michael Heinrich, How to Read Marx’s Capital. Monthly Review Press 2021; <a href="/wiki/Fred_Moseley" title="Fred Moseley">Fred Moseley</a>, Marx’s Theory of Value in Chapter 1 of Capital. A Critique of Heinrich’s Value-Form Interpretation. Cham, Switzerland: Palgrave Macmillan/Springer, 2023. </li> <li id="cite_note-158"><a href="#cite_ref-158">^</a> John Eatwell, "absolute and exchangeable value". In: Steven N. Durlauf and Lawrence E. Blume (ed.), The New Palgrave Dictionary of Economics, Second Edition, 2008. </li> <li id="cite_note-159"><a href="#cite_ref-159">^</a> Arne Heise, "'When the facts change, I change my mind...'Some developments in the economic scientific community and the situation in Germany." Real World Economics Review, issue 62, December 2012. Paul Davidson, Financial markets, money and the real world. Cheltenham: Edward Elgar, 2002, p. 43. </li> <li id="cite_note-160"><a href="#cite_ref-160">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, chapter 45 <a rel="nofollow" class="external autonumber" href="https://www.marxists.org/archive/marx/works/1894-c3/ch45.htm">[32]</a>. </li> <li id="cite_note-161"><a href="#cite_ref-161">^</a> <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed. 1976, p. 186. </li> <li id="cite_note-auto1-162"><a href="#cite_ref-auto1_162-0">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, p. 167. </li> <li id="cite_note-163"><a href="#cite_ref-163">^</a> <a href="/wiki/Roman_Rosdolsky" title="Roman Rosdolsky">Roman Rosdolsky</a>,The Making of Marx's Capital. London: Pluto, 1977, p. 118ff. </li> <li id="cite_note-164"><a href="#cite_ref-164">^</a> <a href="/wiki/Roman_Rosdolsky" title="Roman Rosdolsky">Roman Rosdolsky</a>,The Making of Marx's Capital. London: Pluto, 1977. I.I. Rubin, Essays on Marx's theory of value. Detroit: Black & Red, 1972. </li> <li id="cite_note-165"><a href="#cite_ref-165">^</a> Ronald L. Meek, "Marx's economic method", in: Studies in the labour theory of value. New York: Monthly Review Press, 2nd. ed. 1973, p. 148f. </li> <li id="cite_note-166"><a href="#cite_ref-166">^</a> See the first part of the first chapter of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>; Marx distinguishes between "use-value" and "value", and then considers successively the substance of value, the magnitude of value and the form of value. The point is made very explicit in Marx, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin 1976, pp. 149–152. </li> <li id="cite_note-167"><a href="#cite_ref-167">^</a> <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, chapter 1. </li> <li id="cite_note-168"><a href="#cite_ref-168">^</a> <a href="/wiki/Makoto_Itoh" title="Makoto Itoh">Makoto Itoh</a>, The basic theory of capitalism: the forms and substance of the capitalist economy. London: Macmillan, 1988. </li> <li id="cite_note-169"><a href="#cite_ref-169">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.marxists.org/archive/marx/works/1863/theories-surplus-value/ch03.htm">"Economic Manuscripts: Theories of Surplus-Value, Chapter 3"</a>. www.marxists.org.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.marxists.org&rft.atitle=Economic+Manuscripts%3A+Theories+of+Surplus-Value%2C+Chapter+3&rft_id=https%3A%2F%2Fwww.marxists.org%2Farchive%2Fmarx%2Fworks%2F1863%2Ftheories-surplus-value%2Fch03.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AValue-form" class="Z3988"> </li> <li id="cite_note-170"><a href="#cite_ref-170">^</a> Makoto Itoh and Costas Lapavitsas, Political economy of money and finance. London: Palgrave Macmillan, 2002, p.5 & 12). </li> <li id="cite_note-171"><a href="#cite_ref-171">^</a> Karl Marx, <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, Penguin 1981, p. 892. </li> <li id="cite_note-172"><a href="#cite_ref-172">^</a> Robert Paul Wolff, Moneybags Must be So Lucky: On the Literary Structure of Capital. Amherst: University of Massachusetts Press, 1988, p. 48. </li> <li id="cite_note-173"><a href="#cite_ref-173">^</a> <a href="/wiki/Simon_Clarke_(sociologist)" title="Simon Clarke (sociologist)">Simon Clarke</a>, "The Basic Theory of Capitalism: A Critical Review of Itoh and the Uno School". Capital and Class, #37, 1989, pp. 133–150 at p. 139. </li> <li id="cite_note-174"><a href="#cite_ref-174">^</a> <a href="/wiki/John_Weeks_(economist)" title="John Weeks (economist)">John Weeks</a>, Capital, Exploitation and Economic Crisis. London: Routledge, 2010, p. 4. </li> <li id="cite_note-175"><a href="#cite_ref-175">^</a> Roberto Fineschi, "Dialectic of the Commodity and Its Exposition: The German Debate in the 1970s — A Personal Survey". In: Riccardo Bellofiore & Roberto Fineschi, Re-reading Marx: new perspectives after the critical edition. Houndmills: Palgrave Macmillan, 2009, pp. 50-70, at p.51. </li> <li id="cite_note-176"><a href="#cite_ref-176">^</a> <a href="/wiki/Robert_Kurz" title="Robert Kurz">Robert Kurz</a>, Einführung zum Marx lesen: Die wichtigsten Texte von Karl Marx für das 21. Jahrhundert, 4e Auflage. Frankfurt: Eichborn Verlag, 2010.<a rel="nofollow" class="external autonumber" href="https://libcom.org/article/reading-marx-21st-century-robert-kurz">[33]</a> </li> <li id="cite_note-177"><a href="#cite_ref-177">^</a> Pichit Likitkijsomboon, "Marxian Theories of Value-Form". Review of Radical Political Economics, vol. 27 no. 2, June 1995, pp. 73–105. </li> <li id="cite_note-178"><a href="#cite_ref-178">^</a> <a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a>, <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>, Penguin ed., 1976, p. 90. </li> <li id="cite_note-179"><a href="#cite_ref-179">^</a> Louis Althusser, "Preface to Capital Vol. 1" (1969), in Lenin and Philosophy and Other Essays. London: New Left Books, 1971.<a rel="nofollow" class="external autonumber" href="https://www.marxists.org/reference/archive/althusser/1969/preface-capital.htm">[34]</a> </li> <li id="cite_note-180"><a href="#cite_ref-180">^</a> Ulrich Krause, Money & abstract labour; on the analytical foundations of political economy. London: NLB, 1982, p. 162; Scott Hamilton, "Necessity and contingency: the return of Althusser", Labor Tribune July 2006 <a rel="nofollow" class="external autonumber" href="http://www.labortribune.net/ArticleHolder/200607_Althusser/tabid/102/Default.aspx">[35]</a>. </li> <li id="cite_note-181"><a href="#cite_ref-181">^</a> Paresh Chattopadhyay, Socialism and commodity production; essay in Marx revival. Leiden: Brill, 2018, p. 79. </li> <li id="cite_note-182"><a href="#cite_ref-182">^</a> Helmut Reichelt, Zur logischen Struktur des Kapitalbegriffs bei Karl Marx. Frankfurt: Europäische Verlagsanstalt, rev. ed. 1973. </li> <li id="cite_note-auto2-183"><a href="#cite_ref-auto2_183-0">^</a> Mike Beggs, "Zombie Marx and Modern Economics, or How I Learned to Stop Worrying and Forget the Transformation Problem." Journal of Australian Political Economy, issue 70, Summer 2012/13, p. 16 <a rel="nofollow" class="external autonumber" href="http://australianpe.wix.com/japehome#!current/c1cok">[36]</a>; Gary Mongiovi, "Vulgar economy in Marxian garb: a critique of Temporal Single System Marxism." In: Review of Radical Political Economics, Vol. 34, Issue 4, December 2002, pp. 393–416, at p. 398. </li> <li id="cite_note-184"><a href="#cite_ref-184">^</a> Allen Oakley, Marx's critique of political economy. London: Routledge, 1985. </li> <li id="cite_note-185"><a href="#cite_ref-185">^</a> Peter Stallybrass, "Marx's coat". In: Patricia Spyer (ed.), Border fetishisms: material objects in unstable spaces. New York: Routledge, 1998, pp. 183–207. </li> <li id="cite_note-186"><a href="#cite_ref-186">^</a> Marx himself never even once used the word "<a href="/wiki/Commodity_fetishism" title="Commodity fetishism">commodity fetishism</a>" (Warenfetischismus) – this was a Marxist invention – he refers only to the "fetish" of labour products when they become commodities, or to the "fetish character" of commodities, money and capital. </li> <li id="cite_note-187"><a href="#cite_ref-187">^</a> Biene Baumeister, Die Marxsche Kritik des Fetishismus. Stuttgart: Atelier Unsichtbar, September 2006.<a rel="nofollow" class="external autonumber" href="http://seltsamer-zusammenschluss.org/downloads/Die_Marxsche_Kritik_des_Fetischismus_Handout.pdf">[37]</a> </li> <li id="cite_note-188"><a href="#cite_ref-188">^</a> Althusser, Reading Capital, p. 314; Norman Geras, "Essence and Appearance: Aspects of Fetishism in Marx's 'Capital'". New Left Review, #65, January–February 1971, pp. 69–85. Reprinted as Norman Geras, "Marx and the critique of political economy". In: Robin Blackburn (ed.), Ideology in social science. London: Fontana/Collins, pp. 284–305. "Structuralist Marxists, like Louis Althusser, were intent on reading Left Hegelianism out of the Marxist canon. They therefore treated Marx's references to fetishes and gods as ironic figures of speech, even as they attempted to enlist the text on commodity fetishism in the service of opposition to Marxist humanism." — Andrew Levine, "Commodity Fetishism", in: The New Palgrave Dictionary of Economics, Second Edition, 2008; John Milios, "Capital after Louis Althusser. Focusing on Value-Form Analysis." Paper presented at the Conference "Rileggere Il Capitale: La lezione di Louis Althusser", Department of Historical Studies, University Ca' Foscari (Venice), 9–11 November 2006, 15 pp. </li> <li id="cite_note-189"><a href="#cite_ref-189">^</a> One notable exception is the journal Capital & Class, which published a translation by Mike Roth and Wal Suchting of Marx's original text on the value-form as it appears in the first edition of <a href="/wiki/Capital,_Volume_I" class="mw-redirect" title="Capital, Volume I">Capital, Volume I</a>. See "The value-form", in: Capital and Class, No.4 Spring 1978, pp. 130–150. Two other journals referring to the value-form discussion are Thesis Eleven<a rel="nofollow" class="external autonumber" href="http://journals.sagepub.com/loi/the">[38]</a> and Telos.<a rel="nofollow" class="external autonumber" href="http://journal.telospress.com/">[39]</a> </li> <li id="cite_note-190"><a href="#cite_ref-190">^</a> Marx, Capital, Vol. 1, Penguin edition 1976, p. 188. </li> <li id="cite_note-191"><a href="#cite_ref-191">^</a> By "social labour" is meant "cooperative labour to produce things which are used by others". </li> <li id="cite_note-192"><a href="#cite_ref-192">^</a> This is discussed by Marx especially in Part 7 (the last part) of <a href="/wiki/Capital,_Volume_III" class="mw-redirect" title="Capital, Volume III">Capital, Volume III</a>, chapters 48 to 52. </li> <li id="cite_note-193"><a href="#cite_ref-193">^</a> "Capitalism and Nature: A Value-Form Approach". Chapter 7 in: Paul Burkett, Marx and Nature: A Red and Green Perspective. New York: St Martin's Press, 1999.p. 80. </li> <li id="cite_note-194"><a href="#cite_ref-194">^</a> <a href="/wiki/Elmar_Altvater" title="Elmar Altvater">Elmar Altvater</a>, The future of the market [German original 1991]. London, Verso, 1993, p. 192. </li> <li id="cite_note-195"><a href="#cite_ref-195">^</a> Kohei Saito,Karl Marx's ecosocialism: capitalism, nature, and the unfinished critique of political economy. New York: Monthly Review Press, 2017, p.87. </li> <li id="cite_note-auto6-196">^ <a href="#cite_ref-auto6_196-0">a</a> <a href="#cite_ref-auto6_196-1">b</a> <a href="/wiki/John_Bellamy_Foster" title="John Bellamy Foster">John Bellamy Foster</a> with Paul Burkett, "Value Isn't Everything", Monthly Review, Vol 70, Issue 6, November 2018.<a rel="nofollow" class="external autonumber" href="https://monthlyreview.org/2018/11/01/value-isnt-everything/">[40]</a> </li> <li id="cite_note-197"><a href="#cite_ref-197">^</a> Harry Rothman, Murderous Providence. A study of pollution in industrial societies. London: Granada, 1972, pp. 21–22. </li> <li id="cite_note-198"><a href="#cite_ref-198">^</a> <a href="/wiki/Luce_Irigaray" title="Luce Irigaray">Luce Irigaray</a>, This sex which is not one (1977). Ithaca: Cornell University Press, 1985.<a rel="nofollow" class="external autonumber" href="http://kunsthallezurich.ch/sites/default/files/downloads/irigaray-this-sex-which-is-not-one.pdf">[41]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180219141151/http://kunsthallezurich.ch/sites/default/files/downloads/irigaray-this-sex-which-is-not-one.pdf">Archived</a> 19 February 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> The title of Irigaray's book supposedly "plays on the two senses of 'one': women are not a sex because they are demoted to being nothing more than inferior men and do not exist in their own right, and their sex is not one because it is not reducible to one organ." – David Macey, The Penguin dictionary of critical theory. London: Penguin Books, 2000, p. 205. It could also be a play on a woman being in the company of a girlfriend, or a reference to <a href="/wiki/Simone_de_Beauvoir" title="Simone de Beauvoir">Simone de Beauvoir</a>'s book <a href="/wiki/The_Second_Sex" title="The Second Sex">The Second Sex</a>. </li> <li id="cite_note-199"><a href="#cite_ref-199">^</a> Iragaray, p. 172. </li> <li id="cite_note-200"><a href="#cite_ref-200">^</a> Iragaray, p. 171. </li> <li id="cite_note-201"><a href="#cite_ref-201">^</a> The Greek sociologist Prof. Grigoris Lazos from <a href="/wiki/Panteion_University" title="Panteion University">Panteion University</a>, who has studied the sex market in <a href="/wiki/Greece" title="Greece">Greece</a> for many years, estimated that after the <a href="/wiki/Die_Wende" class="mw-redirect" title="Die Wende">Wende</a>, from 1990 to 2000, the total money spent in Greece on trafficked women active in prostitution (originating mainly from Eastern Europe, and the former Soviet republics) was €5.5 billion (€550 million per year), compared to €1.5 billion euro's for voluntary sex workers (mainly indigenous Greeks, €150 million per year). See: Andrew Cockburn, 21st Century slaves. National Geographic, September 2003, p. 10 (Dutch edition). See also: Gregoris Lazos & Maria Zanni, Trafficking in Greece in 2002. Athens: StopNow-KEDE, April 2003.<a rel="nofollow" class="external autonumber" href="http://childhub.org/en/system/tdf/library/attachments/893_89_EN_original.pdf?file=1&type=node&id=7487">[42]</a> In 2012–2015, the total income from the trade in Greece was said to be €600 to €620 million, or circa €200 million per year, with a total of 18,500 prostitutes, of whom 13,000 to 14,000 (nearly three-quarters) were trafficked, while 4,500 to 5,500 were voluntary sex workers. Most female prostitutes were getting paid between 5 and 30 euros, earning an average income of perhaps €11,000 per year, with at least 2 customers per day. This suggests a total of 13.5 million clients per year. See: Ioanna Zikakou, "Prostitution Thrives During Greek Crisis". Greek Reporter, 5 May 2015. <a rel="nofollow" class="external autonumber" href="http://greece.greekreporter.com/2015/05/05/prostitution-thrives-during-greek-crisis/">[43]</a> </li> <li id="cite_note-202"><a href="#cite_ref-202">^</a> . Iragaray, p. 191. </li> <li id="cite_note-203"><a href="#cite_ref-203">^</a> Marlene Dixon, Women in class struggle. San Francisco: Synthesis Publications, 1980. </li> <li id="cite_note-204"><a href="#cite_ref-204">^</a> Katja Diefenbach, "The Spectral Form of Value: Ghost-Things and Relations of Forces". In: Simon Sheikh (ed.), Capital (It Fails Us Now). Berlin: b_books, 2006.<a rel="nofollow" class="external autonumber" href="http://eipcp.net/transversal/1106/diefenbach/en">[44]</a> </li> <li id="cite_note-205"><a href="#cite_ref-205">^</a> Rebecca Ruth Gould, "Hijab as commodity form: veiling, unveiling, and misveiling in contemporary Iran". In: Feminist theory, Vol. 15 No. 3, 2014, pp. 221–240, at p. 232. </li> <li id="cite_note-206"><a href="#cite_ref-206">^</a> Bonnie Fox (ed.), Hidden in the household. Toronto: Women's Educational Press, 1980; Meg Luxton, "More Than a Labour of Love: Three Generations of Women's Work in the Home" [1980]. Toronto: Women's Press, 2009 reprint. </li> <li id="cite_note-207"><a href="#cite_ref-207">^</a> <a rel="nofollow" class="external text" href="https://newint.org/features/1988/03/05/facts">"The Facts", New Internationalist, 5 March 1988</a>; Meg Luxton, "The UN, women, and household labour: Measuring and valuing unpaid work." Women's Studies International Forum, Vol. 20 Issue 3, May–June 1997, pp. 431–439. </li> <li id="cite_note-208"><a href="#cite_ref-208">^</a> Kathi Weeks, The problem with work: feminism, Marxism, antiwork politics, and postwork imaginaries. Durham: Duke University Press, 2011. Kristen R. Ghodsee, Why Women Have Better Sex Under Socialism: And Other Arguments for Economic Independence. New York: Nation Books, 2018. </li> <li id="cite_note-209"><a href="#cite_ref-209">^</a> See World Inequality Database <a rel="nofollow" class="external autonumber" href="https://wid.world/">[45]</a>. </li> <li id="cite_note-210"><a href="#cite_ref-210">^</a> Richard Wilkinson and Kate Pickett, The spirit level: why equality is better for everyone. Penguin books, 2010. Michel Bosquet (pseud. <a href="/wiki/Andre_Gorz" class="mw-redirect" title="Andre Gorz">Andre Gorz</a>), "Unequal schooling." In: Michel Bosquet, Capitalism in crisis and everyday life. Atlantic Highlands, NJ: Humanities Press, 1977, pp. 81–83. </li> <li id="cite_note-211"><a href="#cite_ref-211">^</a> Peter Kennedy, "Marxism, Capital and Capitalism: From Hegel Back to Marx". Critique: A Journal of Socialist Theory, Vol. 45, No. 4, 2017, pp. 443–466 at p. 443. </li> <li id="cite_note-212"><a href="#cite_ref-212">^</a> Elmar Altvater & Birgit Mahnkopf, Globaliserung der Unsicherheit. Münster: Westfälisches Dampfboot, 2002. </li> <li id="cite_note-213"><a href="#cite_ref-213">^</a> Dan Schiller, Digital capitalism: networking the global market systems. Cambridge (Mass.): MIT Press, 1999. </li> <li id="cite_note-214"><a href="#cite_ref-214">^</a> Nick Srnicek, Platform Capitalism. Cambridge, UK: Polity Press, 2016. </li> <li id="cite_note-215"><a href="#cite_ref-215">^</a> <a href="/wiki/Michael_Perelman_(economist)" title="Michael Perelman (economist)">Michael Perelman</a>, "The puzzle of software pricing", in: Perelman, Information, social relations and the economics of high technology. New York: St Martin's Press, 1991, pp. 190-198. </li> <li id="cite_note-216"><a href="#cite_ref-216">^</a> <a href="/wiki/Martin_Jay" title="Martin Jay">Martin Jay</a>, "Trump, Scorsese, and the Frankfurt School’s Theory of Racket Society." Los Angeles review of books, 5 April 2020.<a rel="nofollow" class="external autonumber" href="https://lareviewofbooks.org/article/trump-scorsese-and-the-frankfurt-schools-theory-of-racket-society/">[46]</a> </li> <li id="cite_note-auto7-217">^ <a href="#cite_ref-auto7_217-0">a</a> <a href="#cite_ref-auto7_217-1">b</a> Paul Mason, "The end of capitalism has begun". The Guardian, 17 July 2015. </li> <li id="cite_note-218"><a href="#cite_ref-218">^</a> Dave Elder-Vass, Profit and gift in the digital economy. Cambridge University Press, 2016, p. 2. </li> <li id="cite_note-219"><a href="#cite_ref-219">^</a> <a href="/wiki/Jeremy_Rifkin" title="Jeremy Rifkin">Jeremy Rifkin</a>, "Capitalism is making way for the age of free." The Guardian, 31 March 2014.<a rel="nofollow" class="external autonumber" href="https://www.theguardian.com/commentisfree/2014/mar/31/capitalism-age-of-free-internet-of-things-economic-shift">[47]</a> </li> <li id="cite_note-220"><a href="#cite_ref-220">^</a> Paul Mason, Postcapitalism: a guide to our future. Penguin, 2015, p. 153. </li> <li id="cite_note-221"><a href="#cite_ref-221">^</a> <a href="/wiki/Viktor_Mayer-Sch%C3%B6nberger" title="Viktor Mayer-Schönberger">Viktor Mayer-Schönberger</a> and Thomas Ramge, Reinventing capitalism in the age of big data. London: John Murray, 2018. </li> <li id="cite_note-222"><a href="#cite_ref-222">^</a> Chris Baraniuk, "How algorithms run Amazon's warehouses". 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A <a href="/wiki/Treasury_bond" class="mw-redirect" title="Treasury bond">Treasury bond</a> has a maturity of more than 10 years. <a href="/wiki/United_States_Treasury_security" title="United States Treasury security">Treasury Inflation Protected Securities</a> (TIPS) carry a maturity of 5, 10 or 30 years, with a fixed interest rate and indexation for inflation. </li> <li id="cite_note-240"><a href="#cite_ref-240">^</a> Matt Phillips, "What's the Yield Curve? ‘A Powerful Signal of Recessions’ Has Wall Street's Attention". New York Times, 25 June 2018.<a rel="nofollow" class="external autonumber" href="https://www.nytimes.com/2018/06/25/business/what-is-yield-curve-recession-prediction.html">[57]</a> </li> <li id="cite_note-241"><a href="#cite_ref-241">^</a> Michael Hudson, "The "Next" Financial Crisis and Public Banking as the Response." 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Cambridge, Cambridge University Press, 1980.<a rel="nofollow" class="external autonumber" href="http://www.anwarshaikhecon.org/sortable/images/docs/publications/aggregate_production_functions/1980/1-humbug2.pdf">[139]</a> Anwar Shaikh, "Humbug production function", in: John Eatwell, Murray Milgate, and Peter Newman (eds.), The New Palgrave: A Dictionary of Economic Theory and Doctrine. London: Macmillan Press, 1986, Vol. 2, pp. 191–194. Youtube "The humbug production function"<a rel="nofollow" class="external autonumber" href="https://www.youtube.com/watch?v=4BeWBy8gYHA">[140]</a> The journal Global & Local Economic Review, Vol. 17 No. 1, 2013 is devoted to this topic.<a rel="nofollow" class="external autonumber" href="http://www.gler.it/archivio/ISSUE/gler_17_1.pdf">[141]</a> Jesus Felipe & J.S.L. McCombie, "How sound are the foundations of the aggregate production function?". 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Oxford: Oxford University Press, 2016. </li> </ol></div></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid #a2a9b1;width:100%;clear:both;font-size:88%;text-align:center;padding:1px;margin:1em auto 0}.mw-parser-output .navbox .navbox{margin-top:0}.mw-parser-output .navbox+.navbox,.mw-parser-output .navbox+.navbox-styles+.navbox{margin-top:-1px}.mw-parser-output .navbox-inner,.mw-parser-output .navbox-subgroup{width:100%}.mw-parser-output .navbox-group,.mw-parser-output .navbox-title,.mw-parser-output .navbox-abovebelow{padding:0.25em 1em;line-height:1.5em;text-align:center}.mw-parser-output .navbox-group{white-space:nowrap;text-align:right}.mw-parser-output .navbox,.mw-parser-output .navbox-subgroup{background-color:#fdfdfd}.mw-parser-output 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title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Critique_of_political_economy" title="Template talk:Critique of political economy"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Critique_of_political_economy" title="Special:EditPage/Template:Critique of political economy"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Critique_of_political_economy" style="font-size:114%;margin:0 4em"><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">18th–19th-century</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Friedrich_Engels" title="Friedrich Engels">Friedrich Engels</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Karl Marx</a></li> <li><a href="/wiki/Thomas_Carlyle" title="Thomas Carlyle">Thomas Carlyle</a></li> <li><a href="/wiki/John_Ruskin" title="John Ruskin">John Ruskin</a></li> <li><a href="/wiki/Paul_Lafargue" title="Paul Lafargue">Paul Lafargue</a></li> <li><a href="/wiki/Erik_Johan_Stagnelius" title="Erik Johan Stagnelius">Erik Johan Stagnelius</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">20th–21st-century</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Jean_Baudrillard" title="Jean Baudrillard">Jean Baudrillard</a></li> <li><a href="/wiki/Guy_Debord" title="Guy Debord">Guy Debord</a></li> <li><a href="/wiki/Mahatma_Gandhi" title="Mahatma Gandhi">Mahatma Gandhi</a></li> <li><a href="/wiki/Andr%C3%A9_Gorz" title="André Gorz">André Gorz</a></li> <li><a href="/wiki/Moishe_Postone" title="Moishe Postone">Moishe Postone</a></li> <li><a href="/wiki/%C3%89tienne_Balibar" title="Étienne Balibar">Étienne Balibar</a></li> <li><a href="/wiki/Neue_Marx-Lekt%C3%BCre" title="Neue Marx-Lektüre">Neue Marx-Lektüre</a></li> <li><a href="/wiki/Helmut_Reichelt" title="Helmut Reichelt">Helmut Reichelt</a></li> <li><a href="/wiki/Hans-Georg_Backhaus" title="Hans-Georg Backhaus">Hans-Georg Backhaus</a></li> <li><a href="/wiki/Robert_Kurz_(philosopher)" class="mw-redirect" title="Robert Kurz (philosopher)">Robert Kurz</a></li> <li><a href="/wiki/Michael_Heinrich" title="Michael Heinrich">Michael Heinrich</a></li> <li><a href="/wiki/Mark_Fisher" title="Mark Fisher">Mark Fisher</a></li> <li><a href="/wiki/Roman_Rosdolsky" title="Roman Rosdolsky">Roman Rosdolsky</a></li> <li><a href="/wiki/Claus_Peter_Ortlieb" title="Claus Peter Ortlieb">Claus Peter Ortlieb</a></li> <li><a href="/wiki/Georges_Bataille" title="Georges Bataille">Georges Bataille</a></li> <li><a href="/wiki/Katrine_Mar%C3%A7al" title="Katrine Marçal">Katrine Marçal</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Abstract_labour_and_concrete_labour" title="Abstract labour and concrete labour">Abstract labour and concrete labour</a></li> <li><a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">Capitalist mode of production</a></li> <li><a href="/wiki/Commodity_(Marxism)" title="Commodity (Marxism)">Commodity</a></li> <li><a href="/wiki/Chrematistics" title="Chrematistics">Chrematistics</a></li> <li><a href="/wiki/Dismal_Science" class="mw-redirect" title="Dismal Science">Dismal Science</a></li> <li><a href="/wiki/Illth" title="Illth">Illth</a></li> <li><a href="/wiki/Law_of_value" title="Law of value">Law of value</a></li> <li><a href="/wiki/Socially_necessary_labour_time" title="Socially necessary labour time">Socially necessary labour time</a></li> <li><a href="/wiki/Valorisation" title="Valorisation">Valorisation</a></li> <li><a class="mw-selflink selflink">Value-form</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Written works</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Unto_This_Last" title="Unto This Last">Unto This Last</a></li> <li><a href="/wiki/Sarvodaya" title="Sarvodaya">Sarvodaya</a></li> <li><a href="/wiki/The_Right_to_Be_Lazy" title="The Right to Be Lazy">The Right to Be Lazy</a></li> <li><a href="/wiki/Das_Kapital" title="Das Kapital">Das Kapital</a></li> <li><a href="/wiki/Grundrisse" title="Grundrisse">Grundrisse</a></li> <li><a href="/wiki/Economic_and_Philosophic_Manuscripts_of_1844" title="Economic and Philosophic Manuscripts of 1844">Economic and Philosophic Manuscripts of 1844</a></li> <li><a href="/wiki/The_Mirror_of_Production" title="The Mirror of Production">The Mirror of Production</a></li> <li><a href="/wiki/A_Contribution_to_the_Critique_of_Political_Economy" title="A Contribution to the Critique of Political Economy">A Contribution to the Critique of Political Economy</a></li> <li><a href="/wiki/Outlines_of_a_Critique_of_Political_Economy" title="Outlines of a Critique of Political Economy">Outlines of a Critique of Political Economy</a></li> <li><a href="/wiki/An_Introduction_to_the_Three_Volumes_of_Karl_Marx%27s_Capital" title="An Introduction to the Three Volumes of Karl Marx's Capital">An Introduction to the Three Volumes of Karl Marx's Capital</a></li> <li><a href="/wiki/Critique_of_Economic_Reason" title="Critique of Economic Reason">Critique of Economic Reason</a></li> <li><a href="/wiki/Discourse_on_Inequality" title="Discourse on Inequality">Discourse on Inequality</a></li> <li><a href="/wiki/The_Accursed_Share" title="The Accursed Share">The Accursed Share</a></li> <li><a href="/wiki/Who_Cooked_Adam_Smith%27s_Dinner%3F" title="Who Cooked Adam Smith's Dinner?">Who Cooked Adam Smith's Dinner?</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assume_a_can_opener" title="Assume a can opener">Assume a can opener</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical economics</a></li> <li><a href="/wiki/Chrematistics" title="Chrematistics">Chrematistics</a></li> <li><a href="/wiki/Criticism_of_capitalism" title="Criticism of capitalism">Criticism of capitalism</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Economic_anthropology" title="Economic anthropology">Economic anthropology</a></li> <li><a href="/wiki/Economics" title="Economics">Economics</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream economics</a></li> <li><a href="/wiki/Occam%27s_razor" title="Occam's razor">Occam's razor</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" href="https://en.wikipedia.org/w/index.php?title=Value-form&oldid=1258610555">https://en.wikipedia.org/w/index.php?title=Value-form&oldid=1258610555</a>"</div></div> <div id="catlinks" class="catlinks" data-mw="interface"><div id="mw-normal-catlinks" class="mw-normal-catlinks"><a href="/wiki/Help:Category" title="Help:Category">Categories</a>: <ul><li><a href="/wiki/Category:Marxian_critique_of_political_economy" title="Category:Marxian critique of political economy">Marxian 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