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Money as a “Social Power†: Commodity Fetishism and Financialization

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  • Ann E. Davis

Abstract

Marx’s concepts of commodity and money fetishism explain the perception that money and commodities have “value,†presumably as part of their intrinsic properties. In fact, the exchange value of commodities and money results from living labor and the extraction of surplus value. With a historic review of the institutions for production, circulation, and credit, this appearance of capitalism can be explained. Further, the view that money is valuable in itself can lead to overexpansion of credit, stagnation, and instability. The attribution of “value†to living labor and the environment instead of money would result in different policies and priorities, and a more stable and equitable economy, rather than “financialization†and crises. JEL Classification : N23, G15, G23, B52

Suggested Citation

  • Ann E. Davis, 2024. "Money as a “Social Power†: Commodity Fetishism and Financialization," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(4), pages 522-530, December.
    • Handle: RePEc:sae:reorpe:v:56:y:2024:i:4:p:522-530
    DOI: 10.1177/04866134241270682
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    Keywords

    fictitious capital; financial markets; fiscal/military state; safe asset;
    All these keywords.

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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