Capital Redefined: A Commonist Value Theory for Liberating Life

Capital Redefined offers a novel perspective on the nature of "capital" by rejecting reductionist accounts and building an integrative value theory. It proposes a defetishization of value by distinguishing between "fetish value" created by capital and "true value" generated through commons-based forms of coexistence. The authors introduce their "commonist value theory" and theorize capital as a "value regime" that dominates life. They argue for the creation of alternative value systems based on normative principles of living in commons as a basis for criticizing existing power structures and economic systems.

Format: Hardback
Length: 124 pages
Publication date: 12 October 2023
Publisher: Taylor & Francis Ltd

Capital Redefined presents a novel and comprehensive perspective on the concept of "capital," challenging the prevailing reductionist accounts. Authors Hosseini and Gills expand upon Marxian value theory by addressing its limitations and developing their own integrative value theory. They argue that the current understanding of "value" must be re-evaluated and liberated from its subservient ties to capital, while also acknowledging the ways in which capital appropriates value. This is accomplished by distinguishing between "fetish value" created by capital and "true value" generated through various commons-based forms of coexistence.

The authors propose a defetishization of value by rejecting the notion of its objectivity. They introduce their "commonist value theory," which redefines capital as both the product and process of perverting the fundamental commoning causes of true value into sources of fetish value. Capital is theorized through a "modular" framework, where multiple intersecting processes constitute a comprehensive power structure, a "value regime," representing an unprecedented degree of the domination of capital over life.

The authors' theory reconciles two seemingly conflicting views on the notion of value. One view encompasses all inputs involved in capitalist value production and conflates intrinsic and commodity values. The other warns against this conflation, as it treats capital as an entity tightly associated only with commodity production and wage labor.

Recognizing the importance of establishing alternative forms of value creation based on normative principles of living in commons, the authors argue that this serves as a critical analytical base for critiquing existing power structures and economic systems. The book provides a theoretical foundation for transforming our understanding of capital and its implications for society.

Weight: 453g
Dimension: 216 x 138 (mm)
ISBN-13: 9781032374765