To this day, many theorists regard the commodity theory and the credit theory as the two main rival accounts of the nature of money. Yet cryptocurrency has revolutionized the institution of money in ways that most commodity and credit theorists could hardly have anticipated. Given that cryptocurrency is a new form of money, the question arises whether the commodity and credit theories can adequately account for it. I argue that they cannot. I first offer an interpretation of (...) the commodity and credit theories according to which these theories uphold differing claims about the origin of money, the ontology of money, and the function of money. I then argue that thus understood, neither theory can accommodate cryptocurrency. Finally, I develop a novel hybrid hylomorphic account of money which draws on aspects of both the commodity and credit theories, and I argue that this hybrid account can accommodate cryptocurrency. (shrink)

Commodities and Capabilities presents a set of inter-related theses concerning the foundations of welfare economics, and in particular about the assessment of personal well-being and advantage. The argument presented focuses on the capability to function, i.e. what a person can do or can be, questioning in the process the more standard emphasis on opulence or on utility. In fact, a person's motivation behind choice is treated here as a parametric variable which may or may not coincide with the pursuit of (...) self-interest. Given the large number of practical problems arising from the roles and limitations of different concepts of interest and the judgement of advantage and well-being, this scholarly investigation is both of theoretical interest and practical import. (shrink)

Commodities have become an important component of many investors' portfolios and the focus of much political controversy over the past decade. This book utilizes structural models to provide a better understanding of how commodities' prices behave and what drives them. It exploits differences across commodities and examines a variety of predictions of the models to identify where they work and where they fail. The findings of the analysis are useful to scholars, traders and policy makers who want to better understand (...) often puzzling - and extreme - movements in the prices of commodities from aluminium to oil to soybeans to zinc. (shrink)

In the United States today, the human body defines a lucrative site of reusable parts, ranging from whole organs to minuscule and even microscopic tissues. Although the medical practices that enable the transfer of parts from one body to another most certainly relieve suffering and extend lives, they have also irrevocably altered perceptions of the cultural values assigned to the body. Organ transfer is rich terrain to investigate—especially in the American context, where sophisticated technological interventions have significantly shaped understandings of (...) health and well-being, suffering, and death. In _Bodies, Commodities, and Biotechnologies_, Lesley Sharp probes the ideological assumptions underlying the transfer of body parts, the social significance of donors' deaths, and the medico-scientific desires surrounding complex forms of body repair. Sharp also considers the experimental realm, in which nonhuman species and artificial devices present further opportunities for recovery and for controversy. A compelling scientific investigation and social critique, _Bodies, Commodities, and Biotechnologies_ explores the pervasive, and at times pernicious, practices shaping American biomedicine in the twenty-first century. (shrink)

Human subjects in the developing world historically have been, and continue to be, treated like expendable commodities in clinical research. This paper will explore some of the factors that make those in the third world prime targets for exploitation. It will also challenge a deeply-entrenched view that has permitted this unethical conduct to persist—namely, the belief that the standard of medical care should vary depending upon where a research subject lives. The paper will also discuss the Food and Drug Administration’s (...) 2008 decision to disavow the Declaration of Helsinki, to the further detriment of research subjects in developing countries. Finally, the paper will suggest a possible solution to help address this ethical crisis. (shrink)

This essay explores an increasingly popular genre of organized group travel in white mainline and emerging evangelical US Christianity I call “journeys to the margins”: trips centered on learning from marginalized persons for the traveler’s ethical formation. Drawing on ethnographic research with one case study, “Come and See Tours” to Israel/palestine, I interrogate how the commodified form of these trips shape possibilities for ethical subjectivation. First, I demonstrate ways in which journeys to the margins market ethical transformation to American Christian (...) consumers in the form of packaged moral narratives. Second, I focus on the paradoxical nature of journeys to the margins as simultaneously packaged commodities and ethical encounters. Finally, I use reformulations of freedom emerging from the anthropology of ethics to argue that possibilities for ethical subjectivation occur in moments when tour ideals come into tension with lived realities. (shrink)

Criticism and sarcasm are interspersed with description and analysis throughout Marx's work. Most of the criticism is aimed at one or another side of a single target: what Marx sees as capitalism's pretensions of freedom, equality, and prosperity in the face of exploitation and recurrent crises. But the remarks on commodity fetishism in the first volume of Capital seem to be directed at a different target. Here Marx tells us that a commodity is ‘a queer thing, abounding in (...) metaphysical subtleties and theological niceties.’ But instead of going on to reveal the nature of commodites-the task that occupies him for the preceding 30 and subsequent 700 pages-Marx takes the opportunity to explore their ‘mystical’ character. The passage repays careful consideration. It is one of the few places in his mature writings in which Marx returns to the tone of his youthful works. It is also the passage in which commentators have claimed to find grounds for attributing a doctrine of ‘false consciousness’ to Marx. (shrink)

We revisit the Marxist debate on the commodity form. By following the thought of Alfred Sohn-Rethel and Slavoj Žižek, we attempt to understand the commodity form through the Kantian categories a priori. Sohn-Rethel explores the proposition that there can be no cognition independent of its historical and social conditions and puts forward the daring conclusion of an ontological unity between knowledge and commodity exchange. We suggest that Sohn-Rethel’s thought finds new relevance nowadays, under the prevalence of a (...) cognitive capitalism. We discuss the reformulation of relations of production and consumption under cognitive capitalism and show how knowledge-led immaterial and affective labour adds a higher value to the commodities into which it is embodied. Above all, the commodity form in cognitive capitalism becomes biopolitical. (shrink)

In ‘Reification and the Consciousness of the Proletariat’, Lukács analyses the commodity-structure as ‘the universal category’ that frames society as a whole. Taking seriously the aspiration to follow Marx in going ‘to the root of the matter’, Lukács examines the ways and extent to which the commodity structure extends into and remoulds society, focusing on living individuals, their needs and relations to things as use values. We propose a reading drawing on the idea of concern-in-indifference, which addresses the (...) complexity of the practice of owning that underpins Lukács’s analysis. We argue that attention to this complexity enables us to shine a light on the commodity structure’s capacity to conceal, directing us away from Lukács’s focus to an appreciation of the significance of the universal category’s power to deny a future ethical substantiality of togetherness while giving rise to singular beings for whom this substantiality remains an orienting vision. (shrink)

: This essay examines the increasing commodification of the body with respect to tissues, gametes, and embryos. Such commodification contributes to a diminishing sense of human personhood on an individual level, even as it erodes commitments to human flourishing at the societal level. After the case for social harm resulting from the increasing commodification of the body is made, the question becomes whether that harm is best remedied by following any of three approaches by which government traditionally seeks to promote (...) the flourishing of its citizens. The author concludes that it is not, and that what is needed is a pragmatic and somewhat casuistic approach to the regulation of contested commodities--that which legal scholar Margaret Jane Radin calls "incomplete commodification.". (shrink)

In recent years, the free market position has been gaining strength. In this book, Radin provides a nuanced response to its sweeping generalization.

This article draws on a five-year, multi-sited transnational research project on the global traffic in human organs, tissues, and body parts from the living as well as from the dead as a misrecognized form of human sacrifice. Capitalist expansion and the spread of advanced medical and surgical techniques and developments in biotechnology have incited new tastes and traffic in the skin, bones, blood, organs, tissues, marrow and reproductive and genetic marginalized other. Examples drawn from recent ethnographic research in Israel, the (...) Palestinian Authority and Turkey serve to cast light on the dark side of organs harvesting and transplantation. The article focuses on the dangers of the `fetishized kidney' for both sellers and buyers, for whom this new commodity has become an organ of opportunity and an organ of last resort. The bodily sacrifice is disguised as a donation, rendered invisible by its anonymity, and hidden under the medical rhetoric of `life saving' and `gift giving'. It suggests that the ultimate fetish as recognized long ago by Ivan Illich is the idea of `life' as object of manipulation. (shrink)

This paper explores the claims made by various authors that the fair-trade network provides an initial basis for a challenge to the commodification of goods under global capitalism. Proponents of fair trade generally advance two essential arguments in this regard. First, they claim that fair trade reveals the social and environmental conditions under which goods are produced and brings producers and consumers together through 'ethical consumerism', which challenges the commodification of goods into items with an independent life of their own. (...) Second, they argue that fair trade affirms non-economic values of co-operation and solidarity which challenge the capitalist imperatives of competition, accumulation, and profit-maximisation. Drawing from cases in the fair-trade coffee sector, these assertions are critically examined and it is argued that, while fair trade can provide a symbolic challenge to commodity fetishism, in the end this challenge is strictly limited by the power of global market imperatives and the network's market-driven approach. (shrink)

Amidst expanding interest in local food and agriculture, food banks and allied organizations across the United States have increasingly engaged in diverse gleaning, gardening, and farming activities. Some of these programs reinforce food banks’ traditional role in distributing surplus commodities, and most extend food banks’ reliance on middle class volunteers and charitable donations. But some gleaning and especially gardening and farming programs seek to build poor people’s and communities’ capacity to meet more of their own food needs, signaling new roles (...) for some food banks in promoting community food security and food justice. This article reports the results of a national survey and in-depth case studies of the ways in which food banks are engaging in and with local agriculture and how this influences food banks’ roles in community and regional food systems. The patterns it reveals reflect broader tensions in debates about hunger relief and food security. (shrink)

This article offers a reading of the effect of exchange on subjectivity. Two modes of exchange are discussed: commodity-exchange and gift-exchange. Following Marx, Simmel, Lukács, and Bewes, commodity exchange is argued to be detrimental to subjectivity insofar as it leads to abstract, mediated social relationships, and reifies the subject. Debates around the notion and application of reification are investigated. The anthropological insight of Mauss on gift-exchange is introduced and used to challenge elements of the thesis of reification and (...) process of on-going commodification. Gift-exchange is argued to perpetuate concrete, immediate social relations. Critical attention is drawn to the gift as critique of the commodity. My interrogation suggests that there is a problem because the gift is often over-idealized in much gift discourse and figures as a binary opposite to the commodity. This is especially the case with one of the leading contemporary theorists on the gift, Jacques Godbout. Themes that support the notion of the gift, such as family and community bonds, reciprocity, and ‘face to face’ relations, are often taken for granted as being fully enabling. On the other hand commodity exchange is perceived as being exclusively disabling. The article begins to challenge this thinking. (shrink)

This article explores the financialisation of the world’s most important commodity, oil. It argues that much of the literature on the financialisation of commodities tends to adopt a dualistic approach to financial markets and physical producers, where financial and non-financial activities are assumed to be externally-related and counterposed to one another. The article locates the roots of this analytical separation in a mistaken acceptance of the fetish character of interest-bearing capital (IBC) – a view that the exchange of loanable (...) sums of capital represents a relationship between money-capitalists rather than a relationship to the moment of production. Against such dichotomous readings, the article argues that the financialisation of oil needs to be understood as part of the reworking of ownership and control across the oil commodity circuit, expressed through the combined centralisation and concentration of capital over the money, productive and commercial moments. This argument is demonstrated through an original empirical investigation of the US oil industry, including 20 years of weekly trading data on the New York Mercantile Exchange (NYMEX) and a detailed study of more than 160 oil and energy-related firms in the US. By mapping the structural weight and connections between different capitalist actors involved in accumulation across the oil sector, we gain a better understanding of the ultimate dynamics (and beneficiaries) of the carbon economy. (shrink)

Responsible business conduct (RBC)—the corporate activities and initiatives that proactively address corporate involvement in human rights, environmental, and governance threats—has become an increasingly used means to counteract and prevent adverse effects of global businesses. Unlike other business sectors whose adverse impacts and RBC efforts (or lack thereof) are well documented, a comprehensive understanding of the state of commodity trading (CT), has been missing. In response, this paper uses a multidisciplinary literature review to provide an integrative understanding of the current (...) state of research on the relationship between CT and RBC. Based on a review of 131 articles, we advance a granular understanding of the current and prospective role of commodity traders in RBC by grouping extant research into three overarching themes: (1) industry self-regulation and co-regulatory initiatives, (2) government-led regulatory initiatives and policy responses, and (3) company-level management strategies impacting RBC practices. In addition to illustrating the themes through existing research and identifying gaps along the overarching themes, we use our literature review to suggest avenues for future research. The paper’s overarching contribution is, first, to synthesize previously fragmented findings into a coherent framework of CT and RBC. And second, to offer guidance on how scholarship in this important domain can be developed into a more mature, legitimate and practical stream of research. (shrink)

Storage and Commodity Markets is primarily a work of economic theory, concerned with how the capability to store a surplus affects the prices and production of commodities. Its focus on the behaviour, over time, of aggregate stockpiles provides insights into such questions as how much a country should store out of its current supply of food considering the uncertainty in future harvests. Related topics covered include whether storage or international trade is a more effective buffer and whether stockpiles are (...) more useful in raw or processed form. Several chapters are devoted to analysing such government programmes as price bands, buffer stocks, and strategic reserves. This material is in the domain of applied welfare analysis with public finance. Because the theory presented is sufficiently general, it should be of interest to macroeconomists studying aggregate inventories or savings and to those in operations research studying inventory and pricing policies of large firms. (shrink)

There have been several criticisms of Object-Oriented Ontology from the political Left. Perhaps the most frequent one has been that OOO’s aspiration to speak of objects apart from all their relations runs afoul of Marx’s critique of “commodity fetishism.” The main purpose of this article is to show that even a cursory reading of the sections on commodity in Marx’s Capital does not support such an accusation. For Marx, the sphere of entities that are not commodities is actually (...) quite wide, including all the beings of nature not subject to exchange, as well as bartered goods, and tithes and rents paid in kind to feudal lords. In short, the theory of commodity fetishism is a theory of v a l u e, not an anti-realist theory of b e i n g, and thus does not touch on OOO at all. In closing, I make some brief comments on Marx’s relation to Kantian formalism and to Heidegger’s famous account of present-at-hand and ready-to-hand. (shrink)

People diagnosed with Borderline Personality Disorder (BPD) may engage in what are called self-injurious acts. This paper situates self-injury within a larger cultural context in which body modifications are differently evaluated according to inscribed meanings. To provide a framework for ethical interactions with people diagnosed as BPD who self-injure, I draw on two concepts from theories of meaning: signification and uptake. I suggest possible significations of self-injury, but argue that clinicians have a duty to give uptake to the patient's own (...) interpretations of her behavior. Proper giving of uptake, which involves responding to others' communications such that the communicator's integrity is preserved, is crucial to ethical practices for clinicians, and uptake is never simply neutral or objective. This analysis suggests that sense-making about a client's self-injurious acts involves an understanding not only of the client's own interpretation of her behavior and its meaning, but also of the discursive production and function of such signs in our culture. I offer five maxims to guide the therapeutic process for clinicians working with self-injurious behavior in BPD patients. (shrink)

This paper is a critique of Adorno’s ideas concerning jazz from his own perspective. I approach the topic from a dialectical standpoint, accounting for the historical development of jazz in the African-American context while trying to understand why Adorno found nothing of the genre redeemable; he scorned jazz as an unoriginal product of the culture industry. Drawing on the work of Eric Hobsbawm and Fumi Okiji on jazz, history, and Adorno, I try to demonstrate the internal contradiction of Adorno’s dislike (...) of jazz and appraisal of Beethoven. Although Adorno’s critical tools of the culture industry, deconcentration, and his usage of Lukács’s idea of reification are indispensable, Adorno should have consistently applied the subtle distinction between two intrinsically tied but nevertheless separate entities: an artwork and the mode of production in which it is developed. (shrink)

Philosophy & Social Criticism, Volume 48, Issue 9, Page 1302-1328, November 2022. Robinson Crusoe is a mythic character who lives not only in the popular imaginary but through the history of political and social thought. Defoe’s protagonist lives marooned on his island, isolated and apart from society. The narrative is a perfect naturalisation of the ‘bourgeois’ world, dependent on an ontology of the self-sufficient individual. This article analyses this lineage in the social contract theory of Hobbes, Locke and Rousseau. Later, (...) Hegel used the novel to illustrate his dialectic of mastery/servitude. Challenging the atomism of the state of nature, Hegel’s theory of recognition gives an account of positive freedom, where the individual is formed in and through social interdependence. This sociality is continued by Marx, who satirises Defoe's novel in his value-form critique of political economy. The value-form provides insight into Robinson's island labour and Marx's difference with Locke's labour theory of value. For Marx, the myth of ‘natural man’ hides the domination of capitalist development and Robinson Crusoe reflects the internalisation of the abstract rationality of commodity society. However, Marx's immanent critique of the novel points to a radical idea of social life and freedom. (shrink)

With the increasing scale of e-commerce, the complexity of image content makes commodity image classification face great challenges. Image feature extraction often determines the quality of the final classification results. At present, the image feature extraction part mainly includes the underlying visual feature and the intermediate semantic feature. The intermediate semantics of the image acts as a bridge between the underlying features and the advanced semantics of the image, which can make up for the semantic gap to a certain (...) extent and has strong robustness. As a typical intermediate semantic representation method, the bag-of-visual-words model has received extensive attention in image classification. However, the traditional BoVW model loses the location information of local features, and its local feature descriptors mainly focus on the texture shape information of local regions but lack the expression of color information. Therefore, in this paper, the improved bag-of-visual-words model is presented, which contains three aspects of improvement: multiscale local region extraction; local feature description by speeded up robust features and color vector angle histogram ; and diagonal concentric rectangular pattern. Experimental results show that the three aspects of improvement to the BoVW model are complementary, while compared with the traditional BoVW and the BoVW adopting SURF + SPM, the classification accuracy of the improved BoVW is increased by 3.60% and 2.33%, respectively. (shrink)

The struggle for domination clearly persists in The Homecoming as it does in almost all of Pinter’s works. Because of the vague atmosphere, enigmatic characters, and dark, tragicomic dialogue and action, a single decisive meaning for the play cannot be identified. Many character analyses have been carried out on the play, frequently focusing on Ruth and her decision at the end. Moreover, critics have sought to read the play in the light of psychoanalysis, centering on the characters’ past and complexes. (...) By adding a sociopolitical dimension to purely realistic or symbolic readings, this article attempts to analyze the relationships of domination and servitude between characters at the micro-level of the family structure through Marx’s notions of fetishism in relations between individuals, and commodity fetishism as expounded by Slavoj Žižek. With the help of Žižek’s ideas on ideology, a new layer of sociopolitical signification to the relationships held between characters is added, particularly that between Ruth and the men, which is seen as a parallel to the macro-level fetishized relationships in pre-capitalist societies and commodity fetishism in a capitalist one. (shrink)

A review of economic thought since the sixteenth century reveals two streams of economic discourse, dirigisme and laissez-faire. Starting with the mercantilists, dirigiste approaches to economics embrace the real-world complexity of commodities that often differ greatly in attributes that are growth- and rent- augmenting. Most importantly, this means that free trade is likely to be polarising: it concentrates growth- and rent-augmenting commodities in countries that already enjoy a head start in these commodities. Advanced countries, therefore, support laissez-faire, while lagging countries (...) tend to support dirigisme. In order to rationalise their laissez-faire stance, advanced countries began developing a new economic discourse that strips commodities of their complexity. The foundations for this ideological reconstruction of economics were first laid by Adam Smith; this process eventually reached its climax with the neoclassical economists who stripped commodities down to one attribute: their capital intensity. In opposition to this laissez-faire economics, other writers, supportive of the interests of lagging countries, brought complexity back into their economic discourse; they argued that lagging countries had a fighting chance of catching up to advanced economies only by indigenising a growing array of growth- and rent-augmenting commodities. (shrink)

The connections between science and education, disciplines which are usually considered separately, were particulary strong in the U.S.A. in the early decades of the nineteenth century. Many American scientists at that time were employed as educators, and interested in matters of pedagogy. Like educators they were interested in popularizing their subject, and promoting it into a profession. The overlapping of science and education was especially evident in the area of apparatus. The philosophical apparatus that American scientists were acquiring at a (...) great rate might be considered scientific. In fact, it was often used for public demonstrations of natural philosophy, and seldom used for the advancement of science. In many instances this apparatus was indistinguishable from that developed for the educational reform known as object teaching. The proliferation of this apparatus was furthered by a growing apparatus industry operating within a growing consumer culture. (shrink)

The medium of payment typically is defined as that which is generally accepted in payment for goods and services or in the settlement of debt. Perhaps because modern monetary systems function so well in providing media of payment, we seldom consider the question of why they enjoy the general acceptability by which they are identified. Yet, because monetary systems evolve and change, such basic questions warrant occasional re-examination to ensure that contemporary analysis does not, unwittingly, embody and foster the errors (...) of an earlier time. (shrink)

The critical concept of commodity fetishism and its developed forms of money and capital fetishism ground the contemporary shape of social life under the rule of capital. This chapter offers a novel interpretation based on Marx’s Capital, elucidating the oft-overlooked interconnection of the fetishism triptych that accounts for domination, as well as the normalisation of exploitation as experienced in capitalist life. In commodity fetishism, a market-based pseudo-social ‘thing-hood’ preponderates over commodity owners and producers, concealing the double inversion (...) that constitutes the ‘world of commodities’. Money’s fetish form makes it appear as the ‘sovereign’ of the commodity world, possessing the exclusive social power to establish the value hierarchy of all persons and objects relativised in regard to it. The universal condition of monetisation of the life process in bourgeois society necessitates the adoption of the competition principle, leading to the generalised formation of a commodity self, shaped by competitive individualism. The social separation of the great mass of commodity producers from the means of production and the consequent need to sell themselves as commodities in the form of wage labour constitutes the social basis of capital fetishism, through which the process of capital ‘valorisation’ is enfolded within the process of use value production, disappearing into its socio-material character and thus naturalised. Capital fetishism dissimulates the production of surplus value by social labour and constructs the harmonised appearance of an equitable contribution of ‘factors of production’ in the sharing of the surplus product, thereby obscuring distributional struggles over it. Such antagonisms over surplus undergird the logic of neoliberal capitalism’s two-pronged strategy, pursuing ‘deregulation of labour relations’ on the one hand and dismantling the welfare state on the other. (shrink)

In the transition from the feudal-corporate order to industrial capitalism, German and British producers adopted contrasting definitions of the workers' conveyance of labor as an abstract, quantifiable substance. These definitions of labor as a commodity structured techniques of manufacture and discipline in the early factory systems of Germany and Britain. The contrasting understandings of labor also shaped the dynamics of capital investment and workers' understandings of exploitation in each country before the First World War. Recast as an analysis of (...) the cultural assumptions of capitalist practice, Marx's theory of labor values offers powerful, empirically demonstrable predictions. (shrink)

In recent years, the public sphere, which represents a realm in civil society where people can debate and discuss a range of issues and common concerns important to them, has become a key area for research in the humanities and social sciences. Arguably, however, Marxist theory has yet to advance a theoretical account of the most abstract and simple ideological properties of the capitalist public sphere as these appear under universal commodity relationships. The paper therefore tentatively seeks to develop (...) such an account. Specifically, the paper theoretically derives a peculiar public sphere under capitalism, which is mediated between at least two commodity owners who also possess distinctive personalities driven by desires to own commodities. The paper then explains in more detail how the social form of this public sphere develops through other elements of commodity relations and their contradictions. (shrink)