Christian Marazzi: Capital and Language: From the New Economy to the War Economy (2002/2008)

“The Swiss-Italian economist Christian Marazzi is one of the core theorists of the Italian postfordist movement, along with Antonio Negri, Paolo Virno, and Bifo (Franco Berardi). But although his work is often cited by scholars (particularly by those in the field of “Cognitive Capitalism”), his writing has never appeared in English. This translation of his most recent work, Capital and Language (published in Italian in 2002), finally makes Marazzi’s work available to an English-speaking audience.

Capital and Language takes as its starting point the fact that the extreme volatility of financial markets is generally attributed to the discrepancy between the “real economy” (that of material goods produced and sold) and the more speculative monetary-financial economy. But this distinction has long ceased to apply in the postfordist New Economy, in which both spheres are structurally affected by language and communication. In Capital and Language Marazzi argues that the changes in financial markets and the transformation of labor into immaterial labor (that is, its reliance on abstract knowledge, general intellect, and social cooperation) are just two sides of the same coin.

Capital and Language focuses on the causes behind the international economic and financial depression of 2001, and on the primary instrument that the U.S. government has since been using to face them: war. Marazzi points to capitalism’s fourth stage (after mercantilism, industrialism, and the postfordist culmination of the New Economy): the “War Economy” that is already upon us.

Marazzi offers a radical new understanding of the current international economic stage and crucial post-Marxist guidance for confronting capitalism in its newest form. Capital and Language also provides a warning call to a Left still nostalgic for a Fordist construct—a time before factory turned into office (and office into home), and before labor became linguistic.”

Introduction by Michael Hardt
Translated by Gregory Conti
Originally published in Italian by DeriveApprodi, 2002
Publisher Semiotext(e), 2008
Foreign Agents series
ISBN 1584350679, 9781584350675
180 pages

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PDF (updated on 2017-6-26)

Adam Arvidsson, Elanor Colleoni: Value in Informational Capitalism and on the Internet. A Reply to Christian Fuchs (draft, 2011)

This article critically engages with recent applications of the Marxist ‘labor theory of value’ to online prosumer practices, and offers an alternative framework to theorize value creation in such practices. We argue that the labor theory of value is difficult to apply to online prosumer practices for two reasons. First because value creation in such practices is poorly related to time. Second because the realization of the value accumulated by social media companies generally occurs on financial markets, rather than in direct commodity exchange. In alternative we offer an understanding of value creation as based primarily on the capacity to initiate and sustain webs of affective relations, and value realization as linked to a reputation based financial economy. We argue that this model describes the process of value creation and appropriation in the context of online prosumer platforms better than an approach based on the marxian labor theory of value. We also suggest that our approach can be cast new light on value creation within informational capitalism in general.

Available at Social Science Research Network (SSRN)
Working Paper Series
February 2011

original paper by Christian Fuchs
response to Arvidsson&Colleoni’s paper (Poor Richard, P2P Foundation)

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David Graeber: Toward an Anthropological Theory of Value: The False Coin of Our Own Dreams (2001)

“This innovative book is the first comprehensive synthesis of economic, political, and cultural theories of value. David Graeber reexamines a century of anthropological thought about value and exchange, in large measure to find a way out of quandaries in current social theory, which have become critical at the present moment of ideological collapse in the face of neoliberalism. Rooted in an engaged, dynamic realism, Graeber argues that projects of cultural comparison are in a sense necessarily revolutionary projects: He attempts to synthesize the best insights of Karl Marx and Marcel Mauss, arguing that these figures represent two extreme, but ultimately complementary, possibilities in the shape such a project might take. Graeber breathes new life into the classic anthropological texts on exchange, value, and economy. He rethinks the cases of Iroquois wampum, Pacific kula exchanges, and the Kwakiutl potlatch within the flow of world historical processes, and recasts value as a model of human meaning-making, which far exceeds rationalist/reductive economist paradigms.”

Publisher Palgrave Macmillan, 2001
ISBN 0312240457, 9780312240455
337 pages

Review: Sutton (Anthropological Theory, 2004).

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PDF (updated on 2015-3-6)