1. Capital, Volume I, Chapter One Labor Theory of Value

2. Structure of the Chapter H Section 1: The Substance of Value H Section 2: The Measure of Value H Section 3: The Form of Value H Section 4: Fetishism

3. Sec. 1: The Substance of Value Flow of the Argument: From commodity exchange (A exchanges for B) to Abstract Labor (What they have in common)

4. “Dialectical” Flow H In Hegel: –being? = nothing (becoming) H In Marx –exchange? = abstract labor (money form) H Why “labor”? –At heart of capitalist social relations –Saw in Part VIII on Primitive Accumulation

5. Why “Abstract” Labor? H Labor abstracted from specificity H Defined without regard to type of concrete, “useful labor” (technical term) H “Labor” as a general notion H Historically specific concept –before capitalism there was no “labor” –with capitalism all activity becomes “labor”

6. “Labor” = “Work” H Engels differentiated the two H Labor = work in capitalism H Work = the more general concept H But, if there is no general concept of work outside of capitalism, then there is no difference

7. “Abstraction” of abstract labor H concept is abstracted from concrete, useful labor H concept designates common social meaning: social control H concept denotes process/tendency toward abstractness, i.e.,deskilling of work

8. Sec.2: Measure of Value H Ques: How do you measure “useful labor”? H Ans: by the time it takes H Ques: How do you measure “abstract labor”? H Ans: by the social time it takes H Measure of value = SNLT = socially necessary labor time

9. Measure and Productivity H Productivity = output per unit of input, or = output per hour of work H Doubling productivity = 2X product for same work time (individual or social) H Same work time = same useful labor time, same abstract labor time H So, 2X productivity = 1/2 SNLT per unit

10. Sec. 3: The Form of Value H The Simple Form H The Expanded Form H The General Form H The Money Form

11. The Simple Form xA = yB H A, B = randomly exchanged commodities H x, y = quantifiers H “=” sign means “is worth” H primary focus is on the qualitative characteristics of this relationship

12. The Relative Form H In the expression xA = yB H xA is said to have the “relative form”of value H “Relative form” = the value of A is expressed “relative” to B H “B” can be any commodity, so whatever it is, the value of A is being expressed relative to that commodity

13. The Equivalent Form H In the expression xA = yB H yB is said to have the “equivalent form” of value H “Equivalent form” = a use-value B is the expression of A’s value H We exchange A for B, we look at B and we say, “Ah! this B is the equivalent of the A we traded away!”

14. Contradiction H In the relationship xA = yB, H A and B are in a particular kind of relationship H Each is the opposite of the other, one has its value expressed, the other does the expressing H Their meaning is inseparable from the relation H We call this a “contradiction” (opposition + unity) H In Pt.VIII we saw that the “class” relationship involved such a contradiction

15. Contradiction & Class - 1 H Working Class & Capital H are like H xA = yB H Within capitalism, working class is defined and takes its meaning from its exchange with capital H Labor market: x(work) = y(income)

16. Contradiction & Class - 2 H Workers in “relative form” H Workers’s “value” gets expressed in relationship, e.g., what you are worth is given by your wage H Capital in “equivalent form” H Capital’s “equivalent” (wage, income) expresses this value

17. Contradiction & Class - 3 H Yet, the relationship is NOT balanced H Workers can be (and were) people without capital, outside of wage, etc. H Capital can only be capital with people as its workers H So, people can rebel/escape, capital cannot H Here is the potential for revolution

18. Reflexive Mediation H In xA = yB, B mediates A’s relationship to itself H A discovers its own value through B H B is like a mirror H In a mirror we see one aspect of ourselves: our visible light images H A discovers one aspect of itself: its “value”

19. Reflexive Mediation & Class H Capital mediates people’s relationship to themselves H They see themselves as as mere “workers” e.g., John Barton - Mill Worker (WC in-itself) e.g., John Barton - Unionist (WC for-itself) H BUT, they can see other aspects of themselvs outside of this relationship e.g., Job Legh - naturalist

20. Reflexive Mediation & School H School mediates students’ relationship to themselves H They see themselves as mere “students” e.g., vis à vis the teacher e.g., vis à vis the administration H Grade defines “kind” of student e.g., “this is a ‘B’ student H Some “students” rebel at this narrow definition

21. Reflexive Mediation & Relationships H Child - Parent H Boyfriend - Girlfriend H Wife - Husband H All involve reflexive mediation, BUT H People ARE multidimensional H People NEED multiple mirrors H So, all these relationships, if isolated, can lead to insanity or rebellion

22. Child - Parent H Early on: –child identifies with parent, relationship is enough of a definition of self –parent identifies self as parent H Later: –child must find new mirrors, break free of single source of self-defintion –Same for parents! Hardest for house-wife- mother.

23. Boyfriend - Girlfriend Wife - Husband H Early On: –Intense focus on the other as VERY favorable mirror of self, reciprocal mirroring H Later On: –1. People’s lives are multidimensionable and intense focus can’t be sustained –2. People must find multiple mirrors

24. Deficiency of Simple Form H Equivalent form B is discreet, accidental H “Value” expressed by product of a particular useful labor H BUT, the nature of value is universal H So, there is a contradiction between the universal substance of value (abstract labor) and its particular expression in the simple form of value

25. The Expanded Form xA = yB = zC = nN H Expanded relative form of value H Limitation of equivalent form is overcome H Equivalent form consists of ALL other commodities and thus no longer particular H This form is “totalizing”, infinite

26. Totalization H Expanded form is “totalizing” because every commodity that exists can represent the value of any one commodity H Capital seeks this totalization –seeks to convert all of life into commodities –seeks to impose work on everyone –seeks to impose a “master narrative” on world

27. Infinity - 1 H The expanded form is infinite in the sense that there is no limit to expanding world of commodities, “nN” goes to infinity H Capital has this quality of endless expansion –through space (colonialism, imperialism, SciFi) –through time (“end of history”) –through all of reality (commodification of the cosmos, galactic work-machine)

28. Infinity - 2 H However, the infinity of the expanded form is a “bad” infinity, in the Hegelian sense H The expression of value is not unified; it is a mosaic of differentiated expressions H This contradicts the unitary nature of value H A unique substance should have a unique expression

29. The General Form yB = xA zC = xA nN = xA H In the general form the value of each and every commodity has a common, unique expression. H The equivalent form is universal H “A” is the “universal equivalent”

30. Good Infinity H The General Form is infinite just like expanded form: expands endlessly H BUT, this is a “good” infinity because it is not just a list of discrete expressions H Rather, it is a unified expression of a unitary substance, common to all H Universal equivalent mediates everthing

31. Syllogistic Mediation - 1 yB = xA zC = xA nN = xA H yB is related to zC only through xA H two things mediated by a third is called “syllogistic mediation”

32. Syllogistic Mediation - 2 H Aristotelian syllogism: –Caesar is a man –All men are mortal –Therefore: Caesar is mortal H Caesar the Individual is related to the Universal trait of mortality through his Particular characteristic of being a man (I-P-U)

33. Syllogistic Mediation - 3 H Hegel’s Interest: Syll. = form of movement H Elements: (U)niversal, (P)articular, & (I)ndividual H In a fully developed syllogistic form all elements are mediated in their relationships H I-P-U, H P-U-I, H U-I-P

34. Syllogistic Mediation & Class-1 H Working class in-itself defined by capital H Working class in-itself is a “serial group” H Capital seeks to mediate among workers –pays some a wage, some not –pays some more, some less –divides by job, plant, industry –divides to control

35. Syllogistic Mediation & Class-2 H Worker (W) - (I)ndividaul H Capital (K) - (U)niversal H Union -(P)articular H W - K - U (right to work laws) H But also: K - W - U (K uses scabs) : W - U - K (U mediates W vs K) H Rupture: wildcat strikes bypass U

36. Syllogistic Mediation & School H Elements: (S)tudents, (P)rofessors, (A)dministration H S - P - A (profs impose rules, absorb anger) H P - S - A (admin uses student evaluations) H S - A - P (profs use admin against students) H Rupture: S bypass P and attack A

37. Syllogistic Mediation & Relationships H Elements: men (M),women (W) & capital (K) H M - K - W (marriage, sodomy, divorce laws) H K - M - W (K uses M to control W) H K - W - M (K uses W to control M) H Rupture: Women’s movement bypasses M to attack capital directly, eg. welfare

38. The Money Form - 1 yB = xAu zC = xAu nN = xAu H Au = gold, money H Only difference from general form is that universal equivalent is determined by social custom, structures of power

39. The Money Form - 2 H Includes all previous forms H Has all their characteristics –contradiction (unity & opposition) –reflexive mediation (money shows value) –totalizing (money value displaces all others) –infinite (endless expansion, common link) –syllogistic mediation (everything is mediated by money), eg., yB - xAu - zC, or C - M - C

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