Abstract

Should the regulation of production and distribution in a socialist society be based on the law of value? In this article we ask (1) Is this question not based on an ontological understanding of labour, on a rational and therefore conceptual understanding of abstract labour and, ultimately, a transhistorical understanding of value and the so-called ‘law of value’?; (2) is it not precisely this deception and power of the fetishism of commodities that, by eternalising value and the ‘law of value’, limits the horizon and perspective of ‘realistic politics’ (Realpolitik)?; and (3) whether this question does not treat socialism as a political situation where the solution to its ‘economic’ problem is unrelated to its very identity? In order to answer these questions, we provide a novel understanding of Marx’s fundamental category of value, its substance, form and magnitude, with the help of the German expression Formgehalt, translated as form-content.