Re: [OPE-L] Michael Heinrich, A Thing with Transcendental Qualities: Money as a Social Relations

From: Rakesh Bhandari (
Date: Tue Nov 07 2006 - 10:20:01 EST

>Individual private commodity producers are connected with one another
>through the societal division of labor, but their products acquire social
>character only in retrospect, namely, when they realize their value on the
>market.  In a society based upon exchange, the social character of goods
>produced does not consist solely of their ability to satisfy the needs of
>others; products must stand in a quantitative exchange-relationship to one
>another, they must possess a Value in addition to their use-value.  In
>bourgeois society, wealth becomes an abstract quantity: it no longer
>consists of a multiplicity of use-values and amenities, but rather of
>abstract "Value."

I thought value is an abstract quantity is contrasted to wealth which
still consists of  a multiplicity
of use values. Surely wealth in the latter sense does not cease to
exist and condition the accumulation
process and put us under ecological strain.

>  What is new is that in
>the last few decades, a largely internationalized financial system has
>emerged, which increasingly dictates international standards of capital
>valorization.  If the increase in speculation is seen as the main cause of
>the ills of capitalism, which is therefore in need of regulation, the
>necessary interrelationship between the financial system and capitalist
>production is torn apart and -- at least tendentially -- a "good,"
>productive capitalism is contrasted with a "bad," speculative financial

I thought the good productive capitalists were heavily involved in
this bad speculative financial capitalism.


This archive was generated by hypermail 2.1.5 : Thu Nov 30 2006 - 00:00:06 EST