The Value Form and the Fetishism of the Commodity

Abstract

Based on Uno’s new insight that in the first chapter on the commodity, the value of a commodity is not yet defined as objectified abstract labor, this article first examines the problems in Marx’s value form theory and presents a new understanding of the simple, the expanded, and the general value form, and reformulates the theory of the commodity into a dialectical whole composed of the world of commodities. Second, the article responds to Elena Lange’s critique of Uno’s value theory. Third, the article argues that fetishism of the commodity never originates from alienated abstract labor but from a specific relationship between commodity owners; therefore, the theories of value form and fetishism of the commodity address the common theme. A reformulated theory of the value form should integrate, not omit, the fetishism of the commodity within it. JEL Classification: B14, B41, D46