CapitalCapital, Volume I, Chapter One, Volume I, Chapter One

Labor Theory of Value

Structure of the ChapterStructure of the Chapter

Section 1: The Substance of Value Section 2: The Measure of Value Section 3: The Form of Value

Section 4: Fetishism

Sec. 1: The Substance of ValueSec. 1: The Substance of Value

Flow of the Argument:

From commodity exchange

(A exchanges for B)

to

Abstract Labor

(What they have in common)

““Dialectical” FlowDialectical” Flow

In Hegel:– being? = nothing (becoming)

In Marx– exchange? = abstract labor (money form)

Why “labor”?– At heart of capitalist social relations– Saw in Part VIII on Primitive Accumulation

Why “Abstract” Labor?Why “Abstract” Labor?

Labor abstracted from specificityDefined without regard to type of concrete,

“useful labor” (technical term) “Labor” as a general notionHistorically specific concept

– before capitalism there was no “labor”– with capitalism all activity becomes “labor”

““Labor” = “Work”Labor” = “Work”

Engels differentiated the twoLabor = work in capitalismWork = the more general conceptBut, if there is no general concept of work

outside of capitalism, then there is no difference

““Abstraction” of abstract laborAbstraction” of abstract labor

concept is abstracted from concrete, useful labor

concept designates common social meaning: social control

concept denotes process/tendency toward abstractness, i.e.,deskilling of work

Sec.2: Measure of ValueSec.2: Measure of Value

Ques: How do you measure “useful labor”?Ans: by the time it takesQues: How do you measure “abstract

labor”?Ans: by the social time it takesMeasure of value = SNLT

= socially necessary labor time

Measure and ProductivityMeasure and Productivity

Productivity = output per unit of input, or

= output per hour of workDoubling productivity = 2X product for

same work time (individual or social) Same work time = same useful labor time,

same abstract labor time So, 2X productivity = 1/2 SNLT per unit

Sec. 3: The Form of ValueSec. 3: The Form of Value

The Simple FormThe Expanded FormThe General FormThe Money Form

The Simple FormThe Simple Form

xA = yB

A, B = randomly exchanged commodities x, y = quantifiers “=” sign means “is worth” primary focus is on the qualitative

characteristics of this relationship

The Relative FormThe Relative Form

In the expression xA = yB xA is said to have the “relative form”of

value “Relative form” = the value of A is

expressed “relative” to B “B” can be any commodity, so whatever it

is, the value of A is being expressed relative to that commodity

The Equivalent FormThe Equivalent Form

In the expression xA = yB yB is said to have the “equivalent form” of

value “Equivalent form” = a use-value B is the

expression of A’s valueWe exchange A for B, we look at B and we

say, “Ah! this B is the equivalent of the A we traded away!”

ContradictionContradiction

In the relationship xA = yB, A and B are in a particular kind of relationship Each is the opposite of the other, one has its

value expressed, the other does the expressing Their meaning is inseparable from the relation We call this a “contradiction” (opposition + unity)

In Pt.VIII we saw that the “class” relationship involved such a contradiction

Contradiction & Class - 1Contradiction & Class - 1

Working Class & Capital are like xA = yBWithin capitalism, working class is defined

and takes its meaning from its exchange with capital

Labor market: x(work) = y(income)

Contradiction & Class - 2Contradiction & Class - 2

Workers in “relative form”Workers’s “value” gets expressed in

relationship, e.g., what you are worth is given by your wage

Capital in “equivalent form”Capital’s “equivalent” (wage, income)

expresses this value

Contradiction & Class - 3Contradiction & Class - 3

Yet, the relationship is NOT balancedWorkers can be (and were) people without

capital, outside of wage, etc.Capital can only be capital with people as

its workers So, people can rebel/escape, capital cannotHere is the potential for revolution

Reflexive MediationReflexive Mediation

In xA = yB, B mediates A’s relationship to itself

A discovers its own value through BB is like a mirror In a mirror we see one aspect of ourselves:

our visible light imagesA discovers one aspect of itself: its “value”

Reflexive Mediation & ClassReflexive Mediation & Class

Capital mediates people’s relationship to themselves

They see themselves as as mere “workers” e.g., John Barton - Mill Worker (WC in-itself)

e.g., John Barton - Unionist (WC for-itself)BUT, they can see other aspects of

themselvs outside of this relationship e.g., Job Legh - naturalist

Reflexive Mediation & SchoolReflexive Mediation & School

School mediates students’ relationship to themselves

They see themselves as mere “students” e.g., vis à vis the teacher

e.g., vis à vis the administrationGrade defines “kind” of student e.g., “this is a ‘B’ student Some “students” rebel at this narrow definition

Reflexive Mediation & RelationshipsReflexive Mediation & Relationships

Child - ParentBoyfriend - GirlfriendWife - HusbandAll involve reflexive mediation, BUT People ARE multidimensional People NEED multiple mirrors So, all these relationships, if isolated, can

lead to insanity or rebellion

Child - ParentChild - Parent

Early on: – child identifies with parent, relationship is

enough of a definition of self– parent identifies self as parent

Later: – child must find new mirrors, break free of

single source of self-defintion– Same for parents! Hardest for house-wife-

mother.

Boyfriend - Girlfriend Boyfriend - Girlfriend Wife - HusbandWife - Husband

Early On: – Intense focus on the other as VERY favorable

mirror of self, reciprocal mirroring

Later On: – 1. People’s lives are multidimensionable and

intense focus can’t be sustained– 2. People must find multiple mirrors

Deficiency of Simple FormDeficiency of Simple Form

Equivalent form B is discreet, accidental “Value” expressed by product of a

particular useful laborBUT, the nature of value is universal So, there is a contradiction between the

universal substance of value (abstract labor) and its particular expression in the simple form of value

The Expanded FormThe Expanded Form

xA = yB

= zC

= nNExpanded relative form of valueLimitation of equivalent form is overcomeEquivalent form consists of ALL other

commodities and thus no longer particularThis form is “totalizing”, infinite

TotalizationTotalization

Expanded form is “totalizing” because every commodity that exists can represent the value of any one commodity

Capital seeks this totalization– seeks to convert all of life into commodities– seeks to impose work on everyone– seeks to impose a “master narrative” on world

Infinity - 1Infinity - 1

The expanded form is infinite in the sense that there is no limit to expanding world of commodities, “nN” goes to infinity

Capital has this quality of endless expansion– through space (colonialism, imperialism, SciFi)– through time (“end of history”)– through all of reality (commodification of the

cosmos, galactic work-machine)

Infinity - 2Infinity - 2

However, the infinity of the expanded form is a “bad” infinity, in the Hegelian sense

The expression of value is not unified; it is a mosaic of differentiated expressions

This contradicts the unitary nature of valueA unique substance should have a unique

expression

The General FormThe General Form

yB = xA

zC = xA

nN = xA In the general form the value of each and

every commodity has a common, unique expression.

The equivalent form is universal “A” is the “universal equivalent”

Good InfinityGood Infinity

The General Form is infinite just like expanded form: expands endlessly

BUT, this is a “good” infinity because it is not just a list of discrete expressions

Rather, it is a unified expression of a unitary substance, common to all

Universal equivalent mediates everthing

Syllogistic Mediation - 1Syllogistic Mediation - 1

yB = xA

zC = xA

nN = xA yB is related to zC only through xA two things mediated by a third is called

“syllogistic mediation”

Syllogistic Mediation - 2Syllogistic Mediation - 2

Aristotelian syllogism:– Caesar is a man– All men are mortal– Therefore: Caesar is mortal

Caesar the Individual is related to the Universal trait of mortality through his Particular characteristic of being a man (I-P-U)

Syllogistic Mediation - 3Syllogistic Mediation - 3

Hegel’s Interest: Syll. = form of movementElements: (U)niversal, (P)articular, &

(I)ndividual In a fully developed syllogistic form all

elements are mediated in their relationships I-P-U, P-U-I, U-I-P

Syllogistic Mediation & Class-1Syllogistic Mediation & Class-1

Working class in-itself defined by capitalWorking class in-itself is a “serial group”Capital seeks to mediate among workers

– pays some a wage, some not– pays some more, some less– divides by job, plant, industry– divides to control

Syllogistic Mediation & Class-2Syllogistic Mediation & Class-2

Worker (W) - (I)ndividaulCapital (K) - (U)niversalUnion -(P)articularW - K - U (right to work laws)But also: K - W - U (K uses scabs)

: W - U - K (U mediates W vs K)Rupture: wildcat strikes bypass U

Syllogistic Mediation & SchoolSyllogistic Mediation & School

Elements: (S)tudents, (P)rofessors, (A)dministration

S - P - A (profs impose rules, absorb anger) P - S - A (admin uses student evaluations) S - A - P (profs use admin against students)

Rupture: S bypass P and attack A

Syllogistic Mediation & Syllogistic Mediation & RelationshipsRelationships

Elements: men (M),women (W) & capital (K)M - K - W (marriage, sodomy, divorce laws)

K - M - W (K uses M to control W)K - W - M (K uses W to control M)

Rupture: Women’s movement bypasses M to attack capital directly, eg. welfare

The Money Form - 1The Money Form - 1

yB = xAu

zC = xAu

nN = xAuAu = gold, moneyOnly difference from general form is that

universal equivalent is determined by social custom, structures of power

The Money Form - 2The Money Form - 2

Includes all previous formsHas all their characteristics

– contradiction (unity & opposition)– reflexive mediation (money shows value)– totalizing (money value displaces all others)– infinite (endless expansion, common link)– syllogistic mediation (everything is mediated

by money), eg., yB - xAu - zC, or C - M - C

--End----End--