Hosseini, S A Hamed, and Barry K Gills (2024) Capital Redefined: A Commonist Value Theory for Liberating Life. Routledge.
In an age where the detrimental effects and complexities of capitalist systems’ dominance on all aspects of our socio-ecological relations have reached their zenith, the imperative for groundbreaking perspectives and transformative theories becomes paramount. It is within this context that “Capital Redefined,” authored by S. A. Hamed Hosseini (University of Newcastle, Australia), and Barry K. Gills (University of Helsinki), embarks on a new scholarly quest to reassess, and reconfigure the concept of ‘capital’ and its associated values. This short essay explores the core themes and radical insights presented in the book.
The Necessity of Liberating Value from Capital
The book opens with a compelling argument for the urgency of liberating our notion of ‘value’ from capital (Chapter 1). Hosseini and Gills set the stage by illustrating how ecological and social crises are exacerbated by the pervasive influence of capital’s value regime. They emphasize the historical necessity to challenge the capitalistic definition of value, advocating for a radical retheorization that recognizes the detrimental impact of capital on essential resources of our planetary organized life. The radical retheorization they advocate for is rooted in what they term a “commonist perspective.” This perspective seeks to redefine value in a way that transcends its capitalistic constraints, recognizing the intrinsic worth of more-than-human life-domain, human creativity, extra-human convivial and care-oriented relationships, and the emancipatory potentials of prefigurative politics. The commonist perspective, as outlined by Hosseini and Gills, is a holistic approach that values the interconnectedness of all life forms and the collective well-living of communities. It challenges the notion that value is a product of market transactions or economic output, instead proposing a more inclusive and equitable framework that acknowledges the diverse contributions to societal and ecological flourishing in a normative commonist state of becoming.
Rethinking Marxian Value Theory
In a significant thematic section (Chapters 2 and 3), Hosseini and Gills delve into re-evaluating Marxian value theory. They acknowledge the strengths of Marx’s work while simultaneously pointing out its limitations in addressing the complexities of the modern world. The authors argue for a more inclusive approach that transcends traditional analyses focused solely on capital’s “inner organization.” This novel approach lays a foundation for an ontologically coherent and sociologically broader framework that better captures the multifaceted nature of value creation and appropriation under capital.
True Value vs. Fetish Value
A central theme of the book is the distinction between ‘true value’ and ‘fetish value’ (explored across Chapters 1, 2, and 4). It critiques the traditional association of value with capital, introducing the normative-yet-analytical notion of ‘true value’ as a counterpoint to the life-negating ‘fetish value’ created within capitalistic systems. This differentiation is crucial for understanding the book’s core argument: the need to redefine and reclaim value from the clutches of capitalistic exploitation. A central pillar of the book is the call for a defetishization of value, challenging the widely accepted idea of its objectivity. The authors introduce their “commonist value theory,” effectively redefining capital as both the product and the infra-process of perverting the fundamental causes of true value into the causes of fetish value. As the product, ‘capital’ is the corporeal manifestation of fetish value, and as the infra-process, it is essentially the abstraction and appropriation of fundamental commons.
The Modular Architecture of Capital
In an innovative thematic discussion (Chapter 4), the authors introduce a modular framework to understand the “architecture of capital.” This framework is a blend of Marxian theory, critical realism, and Aristotelian causation theory. It provides a comprehensive view of how capital, as ‘fetish value,’ erases ‘true value’ and undermines life’s self-sustenance and how the opposite ((re-)commonization) can happen. The book redefines key concepts like abstraction, reification, and appropriation to elucidate the nature and operations of capital.
Labor Theory of Value in a Commonist Framework
A significant part of the book (Chapters 5 and 6) is dedicated to reconstructing the Marxian labor theory of value through a commonist lens. The authors explore how labor, seen as a perverted form of human creative power, is decommonized under capital. This exploration is crucial for understanding the socio-ecological and political implications of labor in capitalist societies and the potential for its liberation.
Challenges in the Age of Smart Machines and Climate and Care Crises
The book also addresses contemporary challenges to the labor theory of value, particularly in the context of smart machines, the growing role of social reproduction, and ecological crises (Chapter 6). Hosseini and Gills navigate these debates by incorporating their commonist approach, suggesting new ways to understand and apply their new labor theory of value in a rapidly changing world.
Critical Acclaim
Prominent scholars from various fields have praised its substantial contributions to the reimagining of Marxian value theory Leslie Sklair, Emeritus Professor of Sociology at the London School of Economics, hails it as a “challenging contribution” to our understanding. Paul James, Professor of Globalization and Cultural Diversity at Western Sydney University, emphasizes its relevance to the future of human productivity. Ariel Salleh, a Distinguished Visiting Scholar at Queen Mary University of London, appreciates its open-ended approach. William K. Carroll, Professor of Sociology at the University of Victoria, Canada, finds it timely for our troubled times. James Goodman, Professor of Social and Political Sciences at the University of Technology Sydney, finds it essential for envisioning post-capitalist possibilities. Hans A. Baer, Principal Honorary Fellow at the University of Melbourne, describes it as an indispensable literary companion for those exploring revolutionary potentials. Jamie Morgan, Professor of Economics, commends its reimagining of value theory in the age of climate and ecological emergency. Ulrich Brand, Professor of International Politics at the University of Vienna, sees it shaping the debate about radical political strategies.
In conclusion, “Capital Redefined” is not only a critique of existing economic systems but also a radical manifesto and a blueprint for envisioning and working towards post-capitalist futures. This work stands as an essential resource for academics, policymakers, and activists engaged in the pursuit of radically progressive futures.
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