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Three provisional theses on Marx’s concept of value

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“Could commodities themselves speak, they would say: Our use-value may be a thing that interests men. It’s no part of us as objects. What, however, does belong to us as objects, is our value. Our natural intercourse as commodities proves it. In the eyes of each other we are nothing but exchange-values.”

–Marx, Capital, Volume I


Value is not transcendental. It is born only when it discovers itself in and through the historical accident of exchange. But the birth of value, which follows its discovery of itself, amounts to it being instituted as that which is a presupposition of exchange so that exchange is its realisation as value. Consequently, exchange ceases to be an accident of history to be transformed into an expression of its systemic principle, which is value. This is precisely the dialectic of history of logic and logic of history that Marx demonstrates while mapping the unfolding of value from its elementary or accidental form to its general form and money-form through the intermediate moment of its total or expanded form.

However, it is precisely the failure to closely attend to this rigorous dialectic of history of logic and logic of history that has often led scholars – mostly post-Marxists, but also a good number of Marxists of various kinds – to erroneously claim (and affirm) that for Marx value begins with exchange. Such an error renders value trans-historical and/or has disastrously reformist political consequences.

Essence, of course, becomes accessible only when it appears. But that does not mean appearance precedes essence or that the latter is an effect of the former. All those who insist that value – or the dialectic qua the principle of mediation – begins with exchange are falling precisely into such an error: it’s only in exchange that value is accessed so exchange precedes value. As a result, they mistake Marx’s demonstration of the historical precedence of exchange over value as the former’s logical priority over the latter.

Qualitative equalisation of (qualitative) difference — valorisation — is not the effect of exchange. Rather, it’s an integral dimension of the mode of organising of production (in its hidden abode) that must be logically prior to exchange in order for it to be realised in exchange. Had that not been the case, there is no way “mental”, “ideal’ or “imaginary” money-form as the measure of value would precede, and be distinct from, the tangible money-commodity as standard of price that really changes hands as definite quantities of metal money in the actuality of exchange. Marx in demonstrating this draws our attention to the logical priority of measure of value (and thus value) over standard of price (and price qua exchange-value). In other words, Marx is emphasising, implicitly or otherwise, how value precedes exchange-value with the latter realising the former.

Besides, if in Marx’s conception value did begin with exchange why would he then need to dwell at length (in Capital, Volume I) on Aristotle’s historical incapacity to come up with a conception of value when the latter is faced with the historical fact of exchange?

Therefore, the assertion that value begins with exchange is a complete and correct statement of things only if one is thinking of value merely in terms of its accidental creation. However, if one is dealing with value in terms of it being the logic of organising production — which is the mode of mobilising labour through quantification of respectively different socially necessary labour times for various qualitatively different concrete labours through a process of reducing them to human labour in the abstract — then this statement is incomplete and perhaps even wrong. In such circumstances, one will do well, instead, to state the following: exchange realises value-relationality (or the dialectic) precisely because the latter presupposes the former. So, instead of saying dialectic begins with exchange one should say the dialectic (value qua value-relationality) appears (or is realised) in exchange (exchange-value qua exchange-relation) precisely because the former is presupposed by the latter as its principle.

To not grasp the dialectic qua the law of mediation, and exchange in those precise terms is likely to lead one into the serious error of conflating and confounding the function of price (and its standard) with that of value (and its measure). Both being distinct functions of the one and the same money-form or money-commodity. That would compel one to erroneously insist, one way or another, that the market is the be all and end all of capital.


Marx’s exposition on value in Capital reveals two things at once. One, value is not transcendental. Two, value in being instituted, however, conceives of itself as being transcendental. This thinking of value by itself, which renders it transcendental (value qua value), is precisely the systemic operation of capital. Marx’s articulation of critique of value is intimately bound up with demonstrating what commodities say about themselves – or what value thinks of itself. In fact, what is important for the Marx of Capital is, first and foremost, the demonstration of what value says about itself. (See the citation with which this post begins.) Hence, Marx demonstrates how value is, in its own thinking, transcendental. He needs to do this because his critique of value is a deconstruction of precisely the transcendentality of value – or value as transcendental.

Marx’s critique of value begins by showing how value is, in its instituting, the abstraction of use-value, which is the irreplaceable, uncountable one (the singular). In other words, value, in thinking itself as being transcendental, is negation of this singularity of use-value. When Marx tells us that exchange-value – which is expression of value – has not an atom of use-value, even as use-value is the “material depository” of value/exchange-value, he is underscoring precisely that. He is drawing our attention to how value conceives of itself, or operationalises itself, as transcendental through a process of abstraction of use-value that is, therefore, the latter’s negation or disavowal.

Therefore, in terms of value conceiving of itself as transcendental – something that Marx demonstrates in the process of developing its critique — use-value is an absence or lack in value/exchange-value. But to the extent, that this negation, which renders that which is negated a lack, is made possible precisely by that which goes lacking the lack in question is constitutive of that which renders it a lack. In other words, Marx demonstrates how use-value is, in terms of value conceiving of itself as transcendental, a constitutive lack.

Value conceives itself as being transcendental (value qua value) that is expressed as and in the empirical (of exchange). This means value as such – that is, as the final instant of determination in its loneliness – conceals itself as the character of its (empirical) expressions. This also means that value as this concealed character of its expressions in and as the empirical (of things)  is also a concealment of the process of abstraction of the concrete (“historical character” of “meanings” as Marx says in Capital) by which it comes to be the (hidden) essence — the transcendental — of its (empirical) expressions, and the concrete as such (use-value as the singularity it is). In such circumstances, when value as the concealed character of its (empirical) expressions is revealed in its hiddenness, its (empirical) expressions come across as the mystifications or fetishisms/fetishes they are.

Therefore, value as this hidden character of its expressions in and as the empirical — which is value conceived by itself as being transcendental – in being revealed thus is not itself a fetish, a mystification or an ideology. It is, instead, the character of fetishism, mystification and/or ideology. Following Adorno’s explication of the dialectic in Negative Dialectics, we could characterise value as the truth of the untrue. Hence, value qua value, which is value conceived by itself as being transcendental, is not in itself an ideology but is the character, or truth, of ideology.

Besides, value in being revealed as this hidden character of its (empirical) expressions — which are themselves, concomitantly, demonstrated to be fetishes or ideologies — is also a revelation of both the process of abstraction of the concrete and its concomitant repression as that process of abstraction.

This clearly implies that revelation of value as the hidden character of its (empirical) expressions – i.e. its revelation as the character or truth of fetishism or ideology – is also a positing of the concrete qua the reversal of the process of abstraction of the concrete. Which means value in its revelation as the character of fetishism or ideology – or the truth of the untrue – must be grasped and envisaged as the division of this truth of the untrue into itself and truth as such.


It is this Alain Badiou points towards in Theory of the Subject, when he writes: “There are two dialectical matrices in Hegel. This is what turns the famous story of the shell and the kernel into such a dubious enigma. It is the kernel itself that is cracked, as is those peaches that are furthermore so irritating to eat whose hard internal object quickly cracks between one’s teeth into two pivoting halves.”

So, it is not simply about extracting the rational kernel of value (dialectic) from its mystical shell – which is ideology qua exchange-value as the (empirical) expression of the rational. Rather, this extraction of the rational kernel from the mystical shell is also the former’s division between itself as the rationality of the irrational and rationality as such. More precisely, it is the transformation of the rational kernel in its extraction. Althusser is quite clear on that score while explaining in an anti-Hegelian register “how”, in Marx, “can an extraction be an inversion?”.  He writes in ‘Contradiction and Overdetermination’: “…the mystical shell is nothing but the mystified form of the dialectic itself: that is, not a relatively external element of the dialectic (e.g. the ‘system’) but an internal element, consubstantial with the Hegelian dialectic. It is not enough, therefore, to disengage it from its first wrapping (the system) to free it. It must also be freed from a second, almost inseparable skin, which is itself Hegelian in principle (Grundlage). We must admit that this extraction cannot be painless; in appearance an unpeeling, it is really a demystification, an operation which transforms what it extracts.”

But what would this demystification – this extraction as transformation of that which is extracted – amount to? On this count Badiou’s Hegelianism against itself in his Theory of the Subject is brilliantly lucid. At any rate, it is more rigorous than what Althusser’s anti-Hegelianism is in ‘Contradiction and Overdetermination’. Badiou writes:

“In the peach there is still a kernel of the kernel, the bitter almond-shaped nut of its reproduction as a tree. But out of Hegel’s division, we will draw no secondary unity, not even one stamped with bitterness.” He then goes on to contend: “…at the heart of the Hegelian dialectic we must disentangle two processes, two concepts of movement, and not just one proper view of becoming that would have been corrupted by a subjective system of knowing. Thus:

“a) A dialectical matrix covered by the term of alienation; the idea of a simple term which unfolds itself in its becoming-other, in order to come back to itself as an achieved concept.

“b) A dialectical matrix whose operator is scission, and whose theme is that there is no unity that is not split. There is not the least bit of return into itself, nor any connection between the final and the inaugural….”

Therefore, unless value in its revelation as the hidden character of its (empirical) appearances – that is, in its revelation as the character of ideology or the truth of the untrue – is also the manoeuvre that divides it between itself and truth as such, which is the concrete as the process of abstraction of the concrete in reverse, it would amount to what “unfree mysticism” – Marx’s characterisation of the Stoics in his doctoral thesis on Epicurus and Democritus.

But what of the Marx of Capital – the one who is supposedly an incorrigible and an incurable Hegelian? In the section on fetishism of commodities, he provides us with his own version of Hegelianism against Hegel — one that indicates in its own way how the revelation of the truth of the untrue must also be a division between itself and truth as such. He writes: “The determination of the magnitude of value by labour-time is therefore a secret, hidden under the apparent fluctuations in the relative values of commodities. Its discovery, while removing all appearance of mere accidentality, from the determination of the magnitude of the values of products, yet in no way alters the mode in which that determination takes place.”

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