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72

Anti-Value: The Theory of Devaluation

3
terms
2
notes

Harvey, D. (2017). Anti-Value: The Theory of Devaluation. In Harvey, D. Marx, Capital and the Madness of Economic Reason. Profile Books, pp. 72-93

80

[...] debt is a claim on future value production that can be redeemed only through value production. If future value production is insufficient to redeem the debt then there is a crisis. Collisions between value and anti-value spark periodic monetary and financial crises. In the long run, capital has to confront ever-escalating claims on future values to redeem the anti-value building up within the debt economy and credit system. Instead of an accumulation of values and of wealth, capital produces an accumulation of debts that have to be redeemed. The future of value production is foreclosed.

—p.80 by David Harvey 7 years, 2 months ago

[...] debt is a claim on future value production that can be redeemed only through value production. If future value production is insufficient to redeem the debt then there is a crisis. Collisions between value and anti-value spark periodic monetary and financial crises. In the long run, capital has to confront ever-escalating claims on future values to redeem the anti-value building up within the debt economy and credit system. Instead of an accumulation of values and of wealth, capital produces an accumulation of debts that have to be redeemed. The future of value production is foreclosed.

—p.80 by David Harvey 7 years, 2 months ago

(noun) the point in the orbit of an object (as a satellite) orbiting the earth that is at the greatest distance from the center of the earth / (noun) the point farthest from a planet or a satellite (as the moon) reached by an object orbiting it / (noun) the farthest or highest point; culmination

83

The concept of anti-value reaches its apogee in the massive devaluations that occur at times of major crises.

anti-value as in claims on value (debt, etc)

—p.83 by David Harvey
notable
7 years, 2 months ago

The concept of anti-value reaches its apogee in the massive devaluations that occur at times of major crises.

anti-value as in claims on value (debt, etc)

—p.83 by David Harvey
notable
7 years, 2 months ago
87

Marx agreed that workers employed in circulation (e.g., in marketing) do not produce value (otherwise he would have to concede that value could be produced by market exchange). They can, however, be a source of surplus value. They are like machines which cannot produce value but whose use can increase relative surplus value by lowering the costs of wage goods and so diminishing the value of labour power thereby producing more surplus value for the capitalist. Costs entailed in circulation and state administration, Marx argued, should be viewed as deductions out of value and surplus value production. Costs of circulation in the market (other than those of transportation), no matter whether borne by the industrial or merchant capitalist, are considered as necessary deductions from potential value already produced. [...]

—p.87 by David Harvey 7 years, 2 months ago

Marx agreed that workers employed in circulation (e.g., in marketing) do not produce value (otherwise he would have to concede that value could be produced by market exchange). They can, however, be a source of surplus value. They are like machines which cannot produce value but whose use can increase relative surplus value by lowering the costs of wage goods and so diminishing the value of labour power thereby producing more surplus value for the capitalist. Costs entailed in circulation and state administration, Marx argued, should be viewed as deductions out of value and surplus value production. Costs of circulation in the market (other than those of transportation), no matter whether borne by the industrial or merchant capitalist, are considered as necessary deductions from potential value already produced. [...]

—p.87 by David Harvey 7 years, 2 months ago

(noun) a judicial decision or sentence / (noun) a decree in bankruptcy / (verb) to settle judicially / (verb) to act as judge

89

The adjudication between the rights of labour and the rights of capital over working hours depends on the balance of class forces: 'between equal rights, force decides'

—p.89 by David Harvey
notable
7 years, 2 months ago

The adjudication between the rights of labour and the rights of capital over working hours depends on the balance of class forces: 'between equal rights, force decides'

—p.89 by David Harvey
notable
7 years, 2 months ago

(adjective) occurring in an abnormal place / a concept in human geography elaborated by philosopher Michel Foucault to describe places and spaces that function in non-hegemonic conditions

89

Anarchist communes, religious-based communities and indigenous social orders constitute heterotopic spaces within the interstices of the capitalist system but outside of the rule of the law of value.

—p.89 by David Harvey
notable
7 years, 2 months ago

Anarchist communes, religious-based communities and indigenous social orders constitute heterotopic spaces within the interstices of the capitalist system but outside of the rule of the law of value.

—p.89 by David Harvey
notable
7 years, 2 months ago