Abstract
Carver's interpretation of Marx's value theory (Terrell Carver, ‘Marx's Commodity Fetishism’, Inquiry, Vol. 18 [1975]) is accepted, but his rejection of it criticized by explicating the reasons Marx gives for his theory after his faulty analysis of exchange-value at the very beginning of Capital. The central concept of abstract labour is shown to relate commodity exchange to other forms of distribution; by being compared to these the function of commodity exchange is recognized as the attachment of an amount of abstract labour to a commodity, and exchange-value as that which determines that amount What it means to say value is thought to inhere in commodities is explicated.
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