Fetishism and the Theory of Value: Reassessing Marx in the 21st Century - Paperback

by Desmond McNeill (Author)

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

Back Jacket

"Desmond McNeill's beautifully written and very accessible book deals with one of the most fundamental of social science issues: why we must distinguish (but generally don't) 'value' from 'price'."

-- Robert H. Wade, Professor of Global Political Economy, London School o Economics and Political Science

"Discussion throughout is extraordinarily accomplished, well-written, well-informed, a pleasure to read, insightful and of considerable synthetic originality."

-- Ben Fine, Emeritus Professor of Economics, School of Oriental and African Studies (SOAS), UK

"Desmond McNeill's deep and broad learning brilliantly illuminates his exegesis of Marx's relevance to our understanding of the contemporary capitalist world of neo-liberalism."

-- James C. Scott, Sterling Professor of Political Science and Anthropology

"This brilliant book shows what may still come of a careful reading of Marx ...demands to be read not only by economists, but by sociologists and anthropologists."

-- Christina Toren, Professor of Social Anthropology, University of St Andrews

This book demonstrates the continuing relevance of Marx's critique of the capitalist system, in which value is equated simply with market price. Marx's concept of fetishism is explored in detail, including the distinction between commodity fetishism and other forms: of money, capital and interest-bearing capital. Marx's theory of exchange-value is analysed in relation to those of Ricardo and Samuel Bailey. The case is made for understanding value by analogy with language, followed by a critical assessment of Structural Marxism. Marx's focus on the social relations of production is broadened to also include exchange and consumption. A lengthy final section critically assesses recent Marx-inspired literature relating to the two major crises of our time, finance and the environment.

Desmond McNeill (PhD, economics, University of London) is attached to the Centre for Development and the Environment, at the University of Oslo, Norway, where he has earlier been Research Professor and Director.

Author Biography

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