Form of manifestation of value: Heinrich’s monetary theory of value – a review of the Philosophical methodology based on Marx’s labour theory of value

Abstract

Marx’s scientific labour theory of value is fundamentally inseparable from his philosophical method of advancing from the thinking abstract to the thinking concrete. He employs the power of abstraction to reveal the essential determination of value, and then to accomplish a generalisation of the commonness of all commodity-money relations. Through the intermediate links, Marx advances from the abstract to the concrete, grasping the historical individuality and form of manifestation of value in the specific capitalist phase. Heinrich is acutely aware of the methodological revolution achieved by Marx in his treatment of value theory, and, therefore, advocates examining the value theory from the philosophical methodological perspective. However, in his view, it is the emphasis on the form of value that is Marx’s fundamental critique to the political economy, with money as a necessity in the capitalist society. Consequently, he proposes the term ‘monetary theory of value’ to replace Marx’s labour theory of value. Heinrich, who lacks the scientific power of abstraction, directly focuses on the concrete phase of capitalism and, thus, merely attaches great importance to the external form of manifestation of value. The underlying cause of his deficiency is the philosophical methodology he adheres to, i.e. the formal dialectics.