Capital as ‘fetish value’ has no ‘true value’: Beyond the Divide between the Analytical and the Normative

This paper argues that a normative frame of reference is necessary to redefine the notion of value from a more-than-human societal perspective, differentiating between ‘fetish value’ and ‘true value.’ The former is a product of capital, while the latter is capital's prey but also its antidote. The paper emphasizes the importance of a normative frame of reference that considers the economic, ethical, and political dimensions of value production, and calls for a shift in focus from a purely analytical understanding of capitalism as a social and economic system to a more integrated (analytical-normative) approach. This approach would require a more nuanced understanding of how value is created and distributed, and how it impacts different social groups and the environment. The paper argues that this new approach would enable us to imagine alternative economic systems that prioritize social and environmental well-being over profit maximization and shift the focus from merely challenging existing power relations and economic structures to creating alternative forms of value creation and exchange based on normative principles of social justice and ecological sustainability. The paper highlights the importance of perceiving capital as the product of the perversion of commons that are vital for the creation of true value.