The good of society is here taken to be attained with the maximization of the “annual revenue” which is “always precisely equal to the exchangeable value of the whole annual produce of its industry, or rather is precisely the same thing with that exchangeable value” (p. 484). Today this would be termed the Gross Domestic Product (GDP). The good of society is thus seen to have a quantitative measure residing in the total monetary value of the annual produce of a nation’s industries and it is only with regard to this quantitatively maximized general good as a sum of commodity values, and against the foil of the ‘visible hand’ of government interference, that the phrase “invisible hand” is to be understood. In later liberal economic theory, however, the invisible hand has misleadingly come to mean something much more encompassing, viz. the general good of society as such and not a value-determinate magnitude that comes about only through the intricate estimating interplay on the world’s markets, both domestic and international.

The agents of production “of the whole annual produce” are the society’s entrepreneurial class who as ‘undertakers’ take it upon themselves to bring together the factors of production and organize them in diverse production processes, thus ‘energizing’ their potentials. Each entrepreneur has the individual aim of making a maximum amount of profit, which is the residue left from the sale of the product after all the costs of production consisting of rent, wages, means of production costs and interest have been paid. In other words, the entrepreneur strives to maximize the individual bottom line in both an absolute and relative sense. Ultimately, the measure of his success is the rate of return on capital (ROC), another simple quantitative measure expressing the efficiency with which a single capital bears its offspring, namely, net profit. The measure of entrepreneurial success and of social wealth, as the simple aggregation of individual capitals’ value-products, is thus a measure of sociating movement in the dimension of monetary value. It is the annual rate of value augmentation that serves as measure for both individual and overall social economic success.

The maximization of annual total social value augmentation is in effect the solution to a kind of differential equation to calculate a maximum. Each component of the total social capital must add its maximum possible increment to the annual total value creation for the overall maximum total to be achieved. The notion of the invisible hand says that, compared with the alternative of government intervention that interferes with the striving of entrepreneurial self-interest for gain, it is better for each component part of the social capital to seek maximum gain in the competitive economic interplay. Put another way, the exercise of political power, say, through the imposition of import tariffs or the subsidization of certain domestic industries, can indeed alter, i.e. distort, the value relations that come about through estimating market interplay from where they would otherwise be, and such a shift is only ever paid for caeteris paribus with a diminution (in mathematical terms: a negative first differential) compared to allowing the market interplay to have full sway in determining value-outcomes. The argument of the invisible hand does not depend on assuming some such thing as ‘perfect’ or ‘free’ competition, but is only a comparison with regard to value enhancement between the interventionist exercise of political power on the one hand, and the power play of market interplay among entrepreneurs, on the other.

How is the Smithian notion of the invisible hand to be modified when not just the entrepreneurial players, but all the players striving for income in the gainful game (cf. Chapter 6.3) are taken into account? Or does it need no modification? The entrepreneurs are the functioning capitalists who undertake to set up and operate a production or circulation process within the reproductive circulation of total social capital. They bring together labourers (employees), means of production, finance capital and land for the enterprise’s operations. The value generated by the enterprise and realized on the markets by selling the product, whatever it might be, is divided among the four basic types of income: wages, interest, ground-rent and the residual income: profit of enterprise, along with the costs of the means of production themselves, which have to be replaced either straight away (circulating capital) or after some time (fixed capital). This division of the realized product value can be viewed from the viewpoint of a single enterprise, an industry or a nation’s aggregate social capital. How this division turns out depends upon the power interplay among the various classes with their different kinds of revenue.

The share of total sales revenue left as profit of enterprise limits that enterprise’s ability/ power to invest to enhance productivity which, in turn, affects its competitiveness with other enterprises. Or aggregate social revenue in the form of profit of enterprise in a given industry affects how much enterprises in that industry can invest in enhancing the industry’s productivity which, in turn, affects their overall competitiveness globally in that industry. Since the other income-earners in an enterprise or an industry, i.e. the employees, the lenders of loan capital and land-owners (assuming these character masks are worn by different players), depend on the enterprise’s or industry’s successful valorization to generate total sales revenue, their own self-interests lie in not pushing the enterprise to the wall in demanding excessive wages, interest and groundrent, since this would amount to killing the golden goose. Although all the income-earning stakeholders in an enterprise or industry have opposed interests in the power play over how total sales revenue is carved up, they also are interdependent. Ultimately it is the enterprise’s or the industry’s survival in the competitive struggle that serves as the invisible hand that cybernetically regulates the power interplay over dividing up gross sales revenue. The Smithian invisible hand is therefore, via the mediation of competitive struggle among enterprises, still a guiding hand for the power play among the four basic kinds of income-earners. Under pain of the enterprise’s or the entire industry’s ‘death’, whether they want to or not, they must reach a compromise with which each of the players can ‘live’. No intervention from a superior instance is needed for this cybernetic feedback to work and, indeed, such meddling can only makes things worse. I shall return to this topic in section 9.7 below.

This is a restricted, economic view of the Smithian invisible hand, but it can be seen to be, more deeply, an attribute of anonymous steering, i.e. cybernetics, of an economic way of living that is mediated by reified sociating value, viz. money and capital, that cannot be attributed to any underlying subject. The market interplay power-interplay, although essentially groundless, nevertheless tends through the individualized strivings toward an optimum value power-interplay outcome by continually disciplining and correcting each partial play in the overall interplay according to its relative success or failure as measured, relatively simply, by reified value magnitudes. Smith’s argumentation of the invisible hand aims at a quantitative justification of market-mediated economic activity driven by the pursuit of self-interests as against the possibility of a conscious ‘visible hand’ of state dirigisme in the hands of those vested with political power, to wit, politicians and bureaucrats. But for a capitalist market economy driven in its movement by the pursuit of self-interest on the part of myriad individuals, all the various income-earning players can also be thought through in connection with the existential structure of care (Sorge) that has already been introduced above in section 9.1.

We have already seen that through the estimating interplay which is essentially constitutive of capitalist economic life, self-interested, income-earning individuals come into contact and do a deal that is and must be mutually beneficial to both sides and hence accepted as more or less fair. The mutual benefit consists in making a living or acquiring goods and services that contribute to living well. Thus, despite the necessarily opposed interests of the parties in the exchange interplay, there is at the same time a mutuality of interest in that each furthers the other’s interest. David Hume puts it thus, “I learn to do a service to another, without bearing him any real kindness.”162 Even more than that, there must be also a level of trust between the parties to the exchange relation for it to be practically viable as an everyday practice. Each must accept the other’s word that they will fulfil their end of the bargain. Each must be reliable in the performance of contract if any kind of stable relationship is to come about. Especially the wage-labour relationship reveals a level of mutual trust and reliability that amounts to caring for each other in a positive mode of the existential of care. This can be seen above all from the negative phenomenon of when the wage-labour relationship breaks down and the employee is dismissed, for there is always, in some sense, a breach of trust involved on one side or the other.

Seen more generally in the context of generalized exchange interplay in a capitalist market economy or “katallaxy”,163 the intertwining of self-interest and mutual interest that is part of the socio-ontological structure of estimating interplay itself (a win-win game) to weave a social fabric justifies the (sober rather than ebullient) use of the term Fürsorge or caring-for to describe capitalist economic market interchange. All the players in a capitalist economy are dependent on the economic interplay to acquire goods (both material and immaterial) that they require and desire to live well. All these goods can be regarded ultimately as services provided by others, either directly or indirectly, and are paid for. The ‘others’ in the economy thus, in the neutral sense of a socio-ontological existential, play a positive role in caring for the economic actor, and capitalist economic life can be thought of as that intermeshed, complex web of intertwined, money-mediated, mutually beneficial economic activities and estimating interplay, a movement without an underlying subject disciplined and guided by value magnitudes, that provides for the livelihood of individuals through these individuals’ caring for each other in the sense of providing services to each other. “They are led by an invisible hand [...] and [...] without intending it, without knowing it, advance the interest of the society...”164

Caring-for, of course, must always be taken to mean caring-for in all possible shades and variants within the entire spectrum of the existential of care, ranging from the attempt to simply exploit and take advantage of the other, through callous indifference to genuinely wanting to serve the other’s requirements in good faith. Nevertheless, in a fundamental sense, even the pursuit of self-interest in a capitalist economy is not incompatible with positive, satisfying modes of caring for others. In fact, caring for contractual partners whether they be customers and clients or employees and suppliers, and taking their interests into account can be a successful formula for the long-term satisfaction and furthering of one’s own self-interests. Conversely, ruthlessly asserting one’s own self-interest vis-à-vis all the other players engaged with in the economic game can be, and often is, a formula for one’s own long-term demise in the value interplay. This, of course, leaves aside the question of the justice or fairness of the rules of play for the economic interplay as investigated in Chapter 6. It also leaves aside the question concerning how fair, general rules of play for the interplay are laid down more or less cleverly and wisely by the state in the form of enforceable laws and regulations. Such laying down of rules of interplay through fiat of political power must be distinguished from state interference in the economic game itself, thus unfairly benefiting certain particular players to the detriment of certain others and distorting the value outcomes of the interplay.

From the perspective of the ontological concepts of existence, care and caring-for, it also comes to light that economic activity need not be regarded simply as productive activity or the rampant exploitation of the earth’s non-renewable resources for the sake of providing material consumer goods. Capitalist economic growth is often (mis)understood and harshly criticized as essentially productive activity that rapaciously exploits the earth’s finite resources and places a burden on the environment. Of course, material goods and the use of the earth’s resources are an essential part of any economic activity because material goods make up an essential part of the goods required to live at all well in any way of social living. But the exploitation of resources and their consumption by no means exhaust the repertoire of possibilities under the constellation of capitalist, market-mediated social interplay, and, precisely because of the abstract nature of estimating interplay mediated by reified value, compatibility with environmental friendliness is not essentially excluded for a prospering configuration of global economic interplay.

If capitalist market economy is conceived (thus showing itself in its presencing) as a kind of mutual social caring-for in interchanges of all kinds, then it can be seen that the countless ongoing exchange plays among the economic players are ways of serving each other in exercising individual abilities, i.e. individual, developed powers that can be more or less ‘productive’ or ‘performative’, depending upon the knowledge, know-how and skill each individual has appropriated through practice and hence embodies. This serving, of course, must be taken in a socio-ontological-existential sense of including also the negative mode of doing a disservice to the other and merely exploiting the other ‘carelessly’ and callously to one’s own advantage. But it means that capitalist economic growth can conceivably (i.e. in a thinking guided by the ontological sight of beings) consist in expanding and intensifying economic interplay in which the economic players serve each other by selling service commodities — from which all sides benefit.

This implies that there are no necessary, essential limits to economic growth because there is no end to the possibilities for how human individuals even via the mediation of reified value can care for and serve each other whilst mutually satisfying their self-interests. The kinds of service commodities possible through realizing individual potentials are limited only by human ingenuity and inventiveness, for human being itself in relation to the world is always a casting of possibilities of living well. Such possibilities of living well can include also finding ways of getting around the finiteness of the earth’s non-renewable resources, including above all technological advances — and that even under the self-interested incentive of gain. Thus, not only are new commodity gadgets, both small and large, continually and endlessly being invented, but also new services, new ways of serving each other. Seen from this perspective, which can only come from thoroughly rethinking the socio-ontology of value, there can be no ‘limits to growth’ and no danger that jobs or the need for labour could ‘dry up’ in a ‘jobless economy’. John Stuart Mill expresses an analogous thought already in 1857:

It is scarcely necessary to remark that a stationary condition of capital and population implies no stationary state of human improvement. There would be as much scope as ever for all kinds of mental culture, and moral and social progress; as much room for improving the Art of Living and much more likelihood of its being improved.165

An even earlier, not unrelated source is Virgil, who writes in Georgics 1.123 of “curis acuens mortalia corda”, “sharpening the vital tension of mortals’ wits by care”.166 Such a sharpening of wits through care is always also an enhancing of individual abilities. Care as the existential constitution of human being pricks (acus) us to tighten the vital tension of the gut-strings (chordae) of our wits in tuning our abilities, and these abilities are invariably exercised not only for oneself, but also in caring for each other in the estimating interplay of daily life.

One could object that this understanding of endless economic growth amounts to a view of human living as endless economic materialism and consumerism, but that would be to regard the possibilities of caring for each other in a capitalist economy cynically only from the hard-nosed viewpoint of making money and to regard the other merely ‘instrumentally’ as a potential source of income for oneself. Why should the conception of economic life as the interchange of services for each other be labelled across the board as materialism and consumerism? Are goods merely ‘matter’ that is ‘consumed’ — to the neglect of the ‘conservation’ of the ‘spirit’? The implicit invocation of a transcendent spirit is more than questionable today, but that does not dispense with the lively human spirited mind with its endless possibilities of enrichment rather than degeneration. Nothing prevents the hard-nosed, self-interested, ‘capitalist’ perspective from being seen through and thus complemented and intertwined with the possibility of catering to each other’s desires and enhancing each other’s lives by providing immaterial goods and services that contribute to living well, or that economic interchanges can be mutually satisfying and even mutually enriching. The Janus-faced possibilities of the simple socio-ontological structure of capitalist sociating interplay remain historically in Protean flux. Serving each other, even under the impetus of earning incomes of all kinds (cf. Chapter 6.8), need not be regarded as merely mercenary, but as a rewarding possibility of combining the necessity of earning a livelihood with the satisfaction of positively caring for others. ‘Rewarding’ thus gains a double meaning. Notwitstanding ineradicable predilections for underdog sob stories, not only can economic interplay be mutually beneficial whilst being based on self-interest, but it can also provide a framework for genuinely rewarding, satisfying possibilities of caring for others, despite the less satisfying and often downright disheartening exigencies of coping with the market competition in which such caring-for is necessarily estimated. Indeed, as a existential possibility held open by the socio-ontological existential structure of caring-for, the possibility of serving each other in economic life must have its place in one mode or the other.

As has been shown, positive, negative and indifferent modes of caring-for necessarily intermingle in economic interplay, if only because human being is shared being-in-the-world also in the sense of mutual economic interdependence. Seen as an historical socio-ontological existential possibility of humans living together, there is nothing to prevent thinking from casting something resembling caring capitalism as a possibility of shaping the future. In truth, even thinking this possibility in a socio-ontologically well-founded way is the recasting itself. Since caring-for as a socio-ontological existential always encompasses the full gamut of positive, negative and neutral modes, the casting of an historical possibility of a caring, katallactic capitalism by no means amounts to proposing the fanciful Utopia of an harmonious, idyllic way of economic life, but rather to opening up the vista, and thus the option, of a more affirmative stance toward the historical possibilities still lying dormant in the schema of reified estimating interchanges under capitalism. It may be that the pressures of competition go hand in hand with a tendency to better serve one’s customers, not merely by offering the lowest prices, but by catering to customers’ desires and even awakening and engendering desires by offering new possibilities of living that do not necessarily have to be booked under the heading of mere shoddy ‘consumerism’. Such competition to invent new ways of caring-for (which, since human being is essentially openness to possibility, are endless in a good sense) could even turn out to be a virtuous circle that offsets the more grinding aspects of tough economic competition, which is also an integral part of market-mediated interplay. Much depends upon the socio-ontological clearsightedness of mind, but also on power struggles to make manifest and assert alternatives to an all-too-grasping capitalism.

9.6The set-up and the endless cycle of self-augmentation of reified value (Marx, Heidegger) – The historical possibility of the side-step into endless mutual caring-for

There remains yet another critique of capitalist market economy and the invisible hand to be considered that consists in claiming not so much that capitalist social relations are uncaring and alienating, but that the process of capitalist economy as a whole is a way of living, now globalized, that has gotten out of hand and is in its essence a senseless process that, besides ruthlessly exploiting natural resources, demeans human being itself and alienates it from the historical alternative of an authentic mode of human being.167 Elements of such a critique can be unearthed in Marx’s critique of capitalism as a process without a conscious social subject,168 but they can also be found, with an entirely different focus, in Heidegger’s questioning of modern technology against the foil of the alternative of humankind dwelling poetically on the Earth. We shall start with Marx.

9.6.1The gainful game

According to the late Marx, who radicalizes the concept of alienation laid out in his early works, the essence of capital, its whatness, is the endless, limitless valorization of value, the endless deployment of reified value for self-augmentation through never-ending cycles of money-capital being advanced and returning bloated with a surplus. This is a sociating movement which sets itself up and asserts itself “behind the backs” of people, as Marx often puts it (hinter dem Rücken, e.g. Gr.:136, 156, MEW23:59). Valorization is the translation of German ‘Verwertung’, which can mean simply ‘use’, ‘utilization’, ‘drawing the value or benefit from something’, but in the context of Marx’s thinking it signifies above all the ‘use’ of reified value to make more reified value through the circular movement of the advance and return of capital. Valorization is the movement characterizing what capital is, whereby the movement here cannot be thought in terms of human action, but as a destiny, an historical sending as a cast of being that prevails over everything, enticing with its possibilities. To think valorization as attributed to historical destiny goes against the grain of Marxian thinking, of course, for which something destinal would have to be treated as an ahistorical fetishism which could be dissolved as a figure of “bourgeois false consciousness” by deciphering value and valorization as ostensibly a “social product just like language” (MEW23:88) that is attributable ultimately to human subjectivity.

Nevertheless, just as we shall see, when discussing Heidegger’s thinking on the set-up, that the essence of technology is nothing technical, the essence of capital is nothing economic; the valorization of value cannot be thought ultimately as an economic phenomenon but solely as an historical casting of human being and the beingness of beings within the 3D-temporal clearing for being itself. Marx’s critique of political economy is not a theory of capitalist economy with the appropriate specialized concepts; rather, as critique, it is a questioning and a presentation of the socio-ontological essence of capital which — now expressed in Heidegger’s language — is not merely a human machination. The analysis of the value-form, that has plagued and puzzled readers of the first chapter of Das Kapital ever since its first publication, is a socio-ontology of value, as the very word ‘form’ indicates, a term that goes back to Plato and Aristotle as the Latin translation of ἰδέα and μορφή, terms coined to formulate the beingness of beings, their ‘looks’ as beings.

If the valorization of value expresses the essence of capital, i.e. its whatness, then capital is gathered into the various modes of valorization. In this gathering, everything that is reveals itself to be valorizable, i.e. as capable of being drawn into a circuit of valorization, i.e. of self-augmentation of reified value. Value is neither money nor capital but the essence of valorizing, which lets all beings appear as valorizable. With the reification of value in the sociating thing, money, and the self-movement of this value-thing through transformations into commodities and production process in circuits of self-augmentation, the connection of reified value-movement with being valuable for human beings is lost, alienated. The movement is out of human hands and instead humans themselves are enticed and motivated to move by an eery power of endless augmentation of value. Whereas previously (Chapter 5.1) we have seen that the phenomenon of value is to be uncovered first of all in things and people being valuable for living, i.e. in enhancing a way of life, and exchange-value is to be understood as a derivative form of value that arises in the social practice of exchange, Marx traces an inversion of value in which it becomes a self-moving subject of its own augmentation and as such a reified social power (cf. Chapter 10.1). This is the Marxian concept of fetishism, which assumes various phenomenal ‘looks’, including commodity fetishism, money fetishism, capital fetishism, interest fetishism (cf. Chapter 6.8). The common essential trait of these fetishisms is that value has assumed a reified look remote from any human appreciation of value as value for living that initiates a movement within a topsy-turvy world of self-augmenting self-movement of reified value. “It is only the determinate social relation of humans themselves which here assumes for them the phantasmagoric form of a relation among things.” (Es ist nur das bestimmte gesellschaftliche Verhältnis der Menschen selbst, welches hier für sie die phantasmagorische Form eines Verhältnisses von Dingen annimmt. MEW23:86)

Value expresses itself quantitatively as well as qualitatively in the potential or realized exchange against money, but, despite the real appearance of reification, it cannot be identified with the thing ‘money’, for this is already an inversion. Exchange-value comes about, in the first place, in the sociating movement of estimating interplay of commodity goods. Nevertheless, once this value reification and fetishism are established (preontologically in understanding, ontologically in philosophical thought and historically in the world), the essence of capital expresses itself above all in money and money-capital’s augmenting self-movement. The capitalist world gathers itself in money; in the thing ‘money’, the world ‘worlds’ capitalistically, as soon as the movement of valorization, i.e. the augmenting deployment of all beings as values, achieves an absoluteness. The absoluteness consists in reified value no longer having any relation to how things and people’s abilities are valuable for human living. In the capitalist world, all beings have a direct or indirect relation to money; the totality of beings passes like Alice through the value-mirror, money, into an inverted world of capital valorization. The critique of capitalist economy amounts to deciphering this inversion.

If reified value is the way the totality of beings opens up and shows itself in its being, and also is kept in perpetual movement as a metabolism of value-forms, the question arises as to what the gathered gathering of valorization should be called. With this naming, the essence of modern capitalist society would also be named. Instead of tracing back value to social labour in an abstractly universal form (as Marx does, thus suggesting that a socialized human subject could re-invert the reification of value into a conscious sociation of labour according to a total social plan that would do away with reified social relations), labour itself now also has to be thought in tracing it back into its groundless ground in the never-ending movement of valorization, since labouring humans, too, are merely used by this essencing that holds sway historically as a way in which the world shapes up and manifests itself in our age. We call the gathering of valorization that attains domination in the capitalist world in an essential sense the gathering of the gainable or, simply, the gainful game (Gewinnst, Gewinn-Spiel). The gainful game as the gathering of the gainable is here neither profit nor winnings nor a purely economic magnitude, nor the successful result of a human struggle or human labour, but the open gathering of all the risky opportunities for gain through reified, estimating interplay, which holds sway groundlessly as the essence of capitalism’s truth. The gainful game offers itself to view as a world of apparent opportunity for human being whilst appropriating human being to itself. Within this gathering as a constellation of being, human beings are enticed to cast their selves into the endless, uncertain pursuit of gain as its unwitting agents.

According to Grimm: “Winnings (Gewinn) are associated with winning (attaining something through struggle, labour).” With this definition, only a human action would be addressed. The definition also takes account of the contingency — the fortune, chance, hap, luck — at play in the pursuit of winnings. The manifold of winning as the essence of capital’s sociating movement signifies more originarily and more uncannily the gathering of all modes of possible gain in which humans, too, are drawn into and are (or can be) used by the circular self-movement of valorizing value. Only from a human perspective does the gathering of the gainable appear as a goal that is achieved by struggle and labour, viz. earning a livelihood. The gathering of the gainable as a constellation of being’s disclosive truth in historical time, however, makes everything that is (exists) present itself as valorizable material. In this way, it entices and ensnares humans in grasping striving. Everything is only to the extent that gain can be had from it. Everything that does not allow itself to be drawn into the circuit of valorization, through which advanced capital can be augmented, is not (is worthless). Everything is only insofar as a capital sum can generate from it winnings as offspring. The gathering of the gainable challenges all beings — both whats and whose — to allow themselves to be drawn into the circuit of valorization and thus to contribute to the growth of capital. The gathering of the gainable thus sets all beings into motion by sucking everything a priori into the risk-taking calculus of valorization, of winning and losing.

The essence of capital (that calls for an historical, hermeneutic recasting) is thus not anything merely capitalist but rather the reified historical consummation of what Plato and Aristotle call πλεονεξία (cf. Chapter 4.1, 4.4, Chapter 6.1), the striving for more. It is neither the principal sum of money that is augmented, nor merely the ethos of a subject that is greedily or otherwise after monetary gain. It is neither money nor the lust for money, neither something objective nor subjective, but a calculating, ‘gainful’ mode of revealing the totality of beings in whose 3D-temporal clearing everything appears valuable as having the potential for winnings, so that humans are enticed by the gainful game as players and compelled to think in a thoroughly calculative, albeit risk-taking, manner that sets up everything in images and representations of potential for gain. The gainful game is a constellation of being, an historical hermeneutic cast of being, that holds sway as a way in which the totality of beings discloses itself. Since it is an historical sending, a cast of the beingness of beings, the essence of capital, cannot be tied down to any ‘thing’, even though everything that can be valorized ultimately has a relation to money, i.e. a price. Nor is capital the self-interested ‘invention’ of a social class, the ‘bourgeoisie’. Marx speaks of value as a social relation, which suggests that it is constituted by sociated humans themselves, of course, without them knowing what they are doing, i.e. unconsciously. (“They don’t know it, but they do it.” Sie wissen es nicht, aber sie tun es. MEW23:88) The concept of the gainful game, by contrast, does not aim at anything made by human subjects and a fortiori not at anything merely social, but at an historical way of disclosure of beings as beings in their totality that has always already targeted possibilities for gain and which calls forth the corresponding human re-actions and social structures, i.e. the corresponding modes of being-together in estimating interplay. The sociating of human beings accomplished by the historical socio-ontological constellation of the gainful game does not posit merely capitalist, gainful social relations among (pre-existing) human beings, but constitutes human beings themselves as competitive players, i.e. human beings’ very being is constituted by the gainful game.

In Marx, the value relation remains in the economic and social realm; it is the money-mediated social relation of commodities to each other which covers up and distorts the relations of working people to each other. Capital as a social relation mediated by things provides the economy with its ontological form and form of self-movement and also constitutes the basis upon which a superstructure is erected. The other social instances — the state, the legal forms, morality, culture, ideologies, philosophy, etc. — are supposed to be thought proceeding from this basis and in a correspondence to it. According to the (never completed) program of Historical Materialism announced by Marx, a social whole is to be thought in this way: the bourgeois social totality, that is, a structured totality of beings. Here in the present study, by contrast, an attempt is being made to take capital and the valorization of value back to something more originary, namely back to a constellation of disclosive truth in an historical age (our own) in which all beings appear as what and as who they are.

In the constellation of being called the gainful game, everything is disclosed in the light of being potentially good for bringing in winnings. All beings must have a potential use for gain, however indirect, otherwise they are worthless and do not ‘register’ in this historical cast of being. All beings appear refracted through the prism of reified value. Use for humans is not the criterion, but use for a circuit of valorization, i.e. ultimately, for the gainful game which turns endlessly within itself, throwing off winnings and gain for all the income-source owners. Even untouched nature can be and is valorized in the gainful game, not only through the exploitation of natural resources, but also, say, as a recreational value for valorizable humans, who in turn are employed by the circuit of valorization as labourers and clerks and managers. A valorization of untouched nature is even conceivable via the value-category of ground-rent whereby the Earth’s capacity to absorb pollutants such as carbon dioxide is marketed and thus valorized.169 That is, even the Earth in an untouched state, without being drawn into an exploitative capitalist production process of whatever kind, presents itself as valorizable for the gainful game.

Valorization is here no longer, as in its Marxian guise, only the augmentation of money-capital in a circuit, but is conceived more broadly as exploiting to achieve success, and as winning and gaining in general, and more especially as the earning of the four basic kinds of income by the competitive players (cf. Chapter 6.8). Such gaining and winning always has a more or less tenuous monetary aspect, i.e. it can be expressed directly or indirectly in costs, savings, profits, surpluses, asset-values, goodwill, brand-value, celebrity-value, prestige-value, political influence and suchlike. Insofar, all beings can be quantified and incorporated into calculations on the basis of which the success or failure can be measured in a universal measure of value: money. The estimating interplay among whos in esteeming each other (cf. Chapter 5.6) is thereby reified in being ‘monetized’ in some fashion. The gathering of opportunities for gain entices and ensnares humans in a competitive struggle for gain in the broadest sense, where they struggle with each other, and in this way, the gainful game valorizes and deploys human beings themselves. The value for valorization cannot be restricted directly to monetary value but indirectly covers everything that can be won from beings as gain and success. Even though certain kinds of success cannot be turned directly into cash, a connection with money-value is nevertheless maintained insofar as success appears valuable. Success can show itself simply in the form of a gain in social status and prestige, i.e. as gaining a successful stand in whoness, which can then, in turn, be deployed in the pursuit of monetary gain. The striving for gain in this case assumes the phenomenal form of vanity as a thirsting to have one’s who-status estimated highly by others, and this thirsting, in turn, sprouts also a striving to have more of those “conveniencies of life” (Adam Smith) which one ‘deserves’.

As sketched above, the value-form, i.e. the socio-ontological ‘look’ of value, analyzed by Marx can be traced back to a more originary valorization in an historical hermeneutic constellation in which the totality of beings opens up and beings show themselves a priori from the perspective of potential contribution to gain. The reason for the non-originariness of the Marxian analyses of the value-form is that they mainly tease out the contradiction between private and social, i.e. particular and universal subjectivity with the aim of relating everything back to the historical possibility of a consciously sociated universal subject that would underly the total economic process. Insofar, Marx’s thinking is situated within the subjectivist metaphysics of modernity in the particular form of Feuerbachian anthropology in which all beings in their being are traced back to humankind and in particular to ‘productions’ and ‘projections’ of the labouring human as the underlying subject. The fetish character of the value-form includes that the products of human labour have assumed an autonomy vis-à-vis human subjectivity and therefore evade its control. Subjectivity as the metaphysical environment in which Marxian thinking abides is, however, not originary, but is in turn grounded in a clearing of historical truth that decides as what the totality of beings reveals itself, without lying simply at the disposition of human actions as a ‘production’. Rather, a recasting requires our receptivity for an hermeneutic message. Marx wants to bring renegade objectivity, which is thought under the rubric of fetishism, back into a non-reifiedly, authentically sociated subjectivity, in which collectivized human beings are consciously mediated social subjects, but this by no means implies that the totality of beings would cease to reveal itself as a gathering of opportunities for gain or even that there would be a twist in such revelation.

If, therefore, to see more clearly, we must take leave of the modern metaphysics of human subjectivity in the form of labouring human being as what is, or ought to be, underlying, this leave-taking does not have implications solely for the value concept, which now can no longer be traced back ultimately to human labour as abstract value-substance. Accordingly, the value concept must now be thought without a pro-ductive relation to human labour as that which ultimately underlies, as the valuableness of beings themselves which, conceived in a more Hegelian way, is neither purely subjective nor purely objective, but rather subjective-objective.

The valorization of value cannot be traced back to a production, i.e. to a bringing-forth, by human labour in which surplus value is siphoned off, but as a bringing-about (Zeitigung) in a mutually estimating interplay of competitive struggle, i.e. a power play in which abilities of all kinds, including entrepreneurial abilities, vie for tangible, monetary, value estimation and validation. The totality of beings opens itself to us human beings as valuable, estimable — and therefore worth desiring, as desirable — in the broadest of spectrums that includes also what is worth-less, value-less, but also whos as well as whats. The whos are not subjects and the whats are not objects. Valuableness comprises not only things’ being useful (being-good-for...) in the broadest sense of being appreciated, estimated and valued, but also the value of being seen as somewho and reflected in a good light by others, being appreciated by others, in the first place, in having one’s abilities estimated, validated and rewarded through reflection in the “value-mirror” (Wertspiegel, MEW23:72). Money is the highest embodiment or crystallization of this value-being as the reified, tangible mediator in the dimension of valuableness that provides also the universal reified measure for all that is valuable. Money itself as the representative of wealth in general is the universal key to what is valuable by means of exchange and so itself becomes desirable as the focused aim of the striving for gain. The open gathering of opportunities for gain entices human beings into a striving for gain that, from another perspective, is nothing other than the reified movement of money as capital which sets all beings into motion for the sake of gain, thus becoming a circular end in itself and insofar senseless.

9.6.2The set-up

In order to assess the uncanny nature of the gainful movement set in train by fetishized sociation through reified value and put it into relation with the socio-ontology of exchange, interchange and interplayas well as the notion of the invisible hand, all of which have been developed in earlier chapters, it is helpful to draw on Heidegger’s thinking on the set-up (Gestell) as the essence of modern technology. We read in a lecture given by Heidegger in Bremen in 1949:

Das Bestellen stellt. Es fordert heraus. Das Bestellen geht jedoch, wenn wir es in seinem Wesen bedenken und nicht nach möglichen Wirkungen, keineswegs auf Beute und Gewinn, sondern immer auf Bestellbares. ‘Immer’, das sagt hier: im vorhinein, weil wesenhaft, das Bestellen wird nur deshalb von einem Herstellbaren zum folgenden fortgezogen, weil das Bestellen zum voraus alles Anwesende in die vollständige Bestellbarkeit hingerissen und dorthin gestellt hat, mag das Anwesende im Einzelfall schon besonders gestellt sein oder nicht. Diese alles überholende Gewalt des Bestellens zieht die gesonderten Akte des Bestellens nur noch hinter sich her. Die Gewalt des Bestellens läßt vermuten, daß, was hier ‘Bestellen’ genannt wird, kein bloßes menschliches Tun ist, wenngleich der Mensch zum Vollzug des Bestellens gehört.

(‘Das Ge-Stell’ GA79:29f, emphasis in the original)

Setting-up sets up by order170. It challenges. If we consider it in its essence and not according to possible effects, however, ordered setting-up does not aim at booty and gain/winnings (Gewinn), but always at what can be ordered to set up. ‘Always’ means here: a priori, because essentially, ordered setting-up is only dragged forth from one being that can be pro-duced to the next because ordered setting-up has from the outset always already torn everything present into a total availability for being set up by order and sets it up in this total availability — no matter whether in an individual case the present being may be specifically set up or not. This violent force of ordered setting-up that surpasses everything only draws the specific acts of ordered setting-up in its wake. The violent force of ordered setting-up suggests that what is called ‘ordered setting-up’ here is no mere human act, even though humans belong to the execution of ordered setting-up. (‘Das Ge-Stell’ GA79:29f, emphasis in the original)

Despite all this “violent force of ordered setting-up” that “surpasses everything”, the chain of ordered setting-up, according to Heidegger,

läuft auf nichts hinaus; denn das Bestellen stellt nichts her, was außerhalb des Stellens ein Anwesen für sich haben könnte und dürfte. Das Be-stellte ist immer schon und immer nur daraufhin gestellt, ein Anderes als seine Folge in den Erfolg zu stellen. Die Kette des Bestellens läuft auf nichts hinaus; sie geht vielmehr nur in ihren Kreisgang hinein. Nur in ihm hat das Bestellbare seinen Bestand.

(‘Das Ge-Stell’ GA79:28f)

comes to nothing, for ordered setting-up does not set up anything in presence that could have or could be allowed to have a presence for itself outside setting-up. What is ordered into the set-up is always already and always only set up in order to set up in success an other as its successor. The chain of ordered setting-up does not come to anything; rather, it only goes back into its circling. Only in this circling does what can be ordered into the set-up have its stand.

Heidegger thinks here ordered setting-up as the essence of nihilism, that comes to nothing, circling only in its “aim-lessness” (Ziel-losigkeit171) and senselessly drawing all beings into its incessant circular movement. Human beings themselves cannot be the subject of this constellation of being called the set-up because they, too, are drawn into “absolute servitude” (unbedingte Dienstschaft, XXV V&A:87), degraded to the status of mere “employee” (Angestellte) inserted into the set-up and employed as its “most important raw material” (XXVI V&A:91). The quintessential formula for Heidegger’s questioning of the modern world is the “will to will”, a formula forged from his long critical engagement with Nietzsche and the latter’s formula of the “will to power”. The ghostly absolute ‘subject’ of the ceaseless circling of the set-up is named as “the will to will”, a will that wills only “the absolute and complete securing of itself” (Wille zum Willen [...] die unbedingte und vollständige Sicherung seiner selbst, V&A:84). The will to will is thus but a ghostly presence and an enticing siren in whose presence all beings are drawn into a circular movement of setting-up for the senseless sake of setting-up. The origin of this setting-up, according to Heidegger, is the productive know-how that has its beginnings in Greek τέχνη (ποιητική) and which provides the paradigm for all Western metaphysical thinking, including its theological thinking. The ancient Greeks already thought being as having-been-produced (Hergestelltsein), as having been brought forth into standing presence, and Heidegger sees modern technology, enabled by the exact sciences that arose in the seventeenth century, in its absolute domination as the historical culmination of this metaphysical destiny.

Because of his single-minded focus on production, Herstellung, which conforms with the asserted one-dimensional constellation of being he calls the Ge-Stell, Heidegger has to assert, as quoted above, “ordered setting-up in no way aims at booty and winnings, but always at what can be ordered to set up” (‘Das Ge-Stell’ GA79:29). But how is this assertion to be squared with Marx’s insight into the essence of capital as the “restless movement of winning, gaining” (die rastlose Bewegung des Gewinnens, MEW23:168)? Heidegger remains totally blind to the phenomenon that all that is produced by the Gestell also has to estimated and validated in an interplay as value in order to be. This may seem at first sight to be an overly strong assertion.

Marx’s thinking, in contrast to Heidegger’s, focuses not only on the capitalist production process, but also on the exchange process, the interplay, through which the phenomenon of value first becomes visible in its form, its ‘look’, i.e. first comes about as such. The concept of value is the foundation of Marx’s socio-ontology of capitalism. This concept of value remains ambiguous in Marx because, on the one hand, only through exchange does the form, the ‘look’ of value itself come about (and this form or look of value must be regarded as the beingness of the exchangeable), but on the other, value is said to have a measurable quantitative substance residing in the “productive expenditure of human brain, muscle, nerve, hand, etc.” (produktive Verausgabung von menschlichem Hirn, Muskel, Nerv, Hand usw., MEW23:58) whose agglomeration produces value (and not just brings it about in the estimating interplay of exchange). Value in Marx’s thinking is thus thought ambiguously both as coming about through the mirror interplay of exchange and also, true to the age-old paradigm of productionist metaphysics, as being produced by labour expended. We have criticized this latter conception of labour-value, which forms the basis of the famous labour theory of value, in Chapter 6.3. We have also seen (Chapter 8.2) that this conception enables Marx to construct a Cartesian, ‘law-like’ type of theory of capitalist economy because, if labour is the substance of value, capital-value can be continually augmented through the extraction and reification of this substance by having labourers labour under the command of capital. Value is accordingly pro-duced, brought forth through the production process, and the exchange of produced commodities on the market is then only the realization of already produced, substantial value, including a component part of surplus value, in money.

Against Heidegger’s single-minded focus on production and the totalized, “pre-calculable” (vorausberechenbar, ‘Die Frage nach der Technik’ in Vorträge und Aufsätze S. 25) bringing-forth and setting-up of all beings in the Gestell, and also against Marx’s postulation of labour as a value-substance with a standing presence that can be calculably produced in a production process through extracting this substance from living labour power, it has been shown that value is not produced, but comes about (sich zeitigt) as the ongoing outcome of an estimating interplay on the markets in which what is offered is subjected to a competitive valuation in the mirror of money. The form of value, i.e. its look, is nothing other than this social process of estimation and validation. Value is only in being seen as such by human being which is itself involved in the mirror play of exchange. The markets as a whole are an ongoing interplay of estimation and validation, and thus coming-about as valuable of all the abilities of those involved in the competitive struggle to have their abilities and efforts recognized and rewarded in a social metabolism of estimation mediated by the sociating thing, money. Value can only be thought in its being as a social concept which means, it can only be thought relatively, i.e. as a relation of estimating interplay.

Moreover, because value is a relational, ongoing outcome of a value mirror play, it can also circulate as capital. Produced products and abilities and services offered directly or indirectly to society can only become and be values through the mirror of estimation in other goods and abilities similarly offered. Because Marx, at least in his dialectical value-form analysis, locates value in the exchange process, his determination of the essence of capital as a restless movement of self-augmentation of value is closer to the phenomena as they show themselves in the market-mediated striving for gain. The goal of competitive striving, money-income, is conceived by Marx as reified value, and the incessant striving for money-income holds the capitalist economy in its characteristic restless, augmentative movement which Marx ultimately thinks through in concrete, complex, conceptual detail in the (relatively neglected) Volume II of Capital on the Circulation Process of Capital. Heidegger’s conception, by contrast, can only postulate a ghostly, god-like and therefore quasi-theological “will to will” that asserts itself in an endless bringing-forth and setting-up without being able to conceptualize how this postulated “will” as essence appears, i.e. is mediated with the phenomena of everyday life in which the mobilization of beings is apparent. The very being of what is pro-duced by the Gestell is value, and such value only comes about as an outcome, and not as a product, through the sociating interplay in which these beings are estimated and come to belong as such to sociated human being. This, too, is a possible rendering of Parmenides’ famous Fragment 3: τὸ γὰρ αὐτό νοεῖν ἐστίν τε καὶ εἶναι “Being and human being belong together.” Why? Because the estimating interplay of valuation presences in the 3D-temporal clearing as such to the human mind.

Marx’s analysis of capitalism is also able to show precisely how the striving to increase productivity through the application of all sorts of technology — the power of bringing-forth — meshes with the essence of capitalism which he formulates as the valorization of value. The connecting link is what he conceptualizes as “relative surplus value production” in Part 4 of the first volume of Das Kapital. Even when the value-substance of labour-content is purged from the value concept as untenable, the striving to augment value considered in its money-form, i.e. in its ‘money-beingness’, can nonetheless still be enhanced by producing more productively because, other things being equal, greater productivity in comparison to lower productivity is invariably ‘honoured’, estimated and valued by the market in the ongoing competition with a greater monetary reward. All that is important here is the comparative or marginal or differential perspective: greater productivity, whether it be more quantity or better quality, gives an edge over competitors. In other language, the concept of relative surplus value production says that the employment of technology is a means of enhancing the chances of gain within that constellation of being called the gainful game.

Technology is and can be employed as such a means because money-capital has the social power of developing or acquiring such technology by employing people in research processes. The power of bringing-forth is thus endlessly furthered because it intermeshes with the endless pursuit of monetary gain which, in turn, must intermesh with products being estimated and validated in the market mirror play in their being as valuable. Since Heidegger’s conception of the set-up entirely lacks socio-ontologically founded concepts of value and money, the phenomenon of the link, through the mediation of a socio-ontological concept, between the striving for gain and the striving to continually enhance productivity must remain in his thinking invisible and unfounded.

Both Heidegger and Marx, of course, diagnose the state of the world as being out of kilter. Heidegger focuses on “the mad race of technology” (das Rasende der Technik, FndT VA:39), whereas Marx damns not only class exploitation (which depends on the untenable labour theory of value), but also the uncontrollable, subjectless process of valorization of value (to be remedied — purportedly — historically through socialism and the construct of a totally socialized subject). For Heidegger, a major consequence of the unleashed technological way of thinking is the “devastation of the earth” (Verwüstung der Erde, ‘Überwindung der Metaphysik’ XXVIII Vorträge und Aufsätze S. 95).

Aber die Erde bleibt im unscheinbaren Gesetz des Möglichen geborgen, das sie ist. Der Wille hat dem Möglichen das Unmögliche als Ziel aufgezwungen. Die Machenschaft, die diesen Zwang einrichtet und in der Herrschaft hält, entspringt dem Wesen der Technik, das Wort hier identisch gesetzt mit dem Begriff der sich vollendenden Metaphysik.

(‘Überwindung der Metaphysik’ XXVIII Vorträ
ge und Aufsätze
S. 95)

But the earth remains sheltered in the inconspicuous law of the possible which the Earth is. The will has forced on the possible the impossible as aim. The machination that sets up this compulsion and holds it in domination arises from the essence of technology, the word here being set identical to the concept of metaphysics in its self-consummation.

Heidegger’s diagnosis depends entirely on how he thinks Western metaphysics onto-theologically. The primary thesis, first formulated in 1922, remains to the end “being means having-been-produced”172. In the late text, ‘The Question Concerning Technology’, we even read, “Even φύσις, the emergence from within itself, is a bringing-forth, is ποίησις” (Auch die φύσις, das von-sich-her Aufgehen, ist ein Her-vor-bringen, ist ποίησις. FndT VA:15) When Heidegger looks for that which could save the earth from devastation and the human essence from total absorption in calculative thinking and disclosure from being exhausted in “ordering setting-up” (Bestellen, FndT VA:38), he points therefore to something “related” because “any saving [power] must be of a higher, but at the same time related essence to that which is endangered” (alles Rettende höheren, aber zugleich verwandten Wesens sein muß wie das Gefährdete, FndT VA:38). This related something that could save is therefore, Heidegger proposes, itself a kind of ποίησις, namely “art” (Kunst, FndT VA:39). All of a sudden, Heidegger switches from his talk of τέχνη pure and simple, without qualification, to τέχνη ποίητική whose poietische character as art now becomes pertinent. But otherwise, he totally ignores τέχνη κτητική., the ‘art’ of acquiring, which involves exchange. With his concept of Gelassenheit or ‘letting-be’, Heidegger also sees the possibility of an alternative in dealing with the “mad race of technology” by stepping back from its imperious challenges. In both cases, however, he misses the possibility of the side-step into estimating interplay.

Gelassenheit could serve as a mild injunction to the siren calls of the manifold gathering of opportunities for gain that constitutes the constellation of being under capitalism and lead to a re-evaluation of what is valuable for dwelling on earth. Refusing to heed and follow without limit the enticements of the possibility of gain in favour of living well within appropriate mortal limits is an echo of Aristotle’s distinction between economics and chrematistics, as discussed in Chapter 4.1. It is an exercise of human freedom to set a limit to the pursuit of gain and, ultimately, only the free individual can say ‘Enough!’ and draw that line beyond which it refuses to participate in the hard, competitive power play of striving for gain. Such a freedom, of course, is not possible for an individual living on the edge of destitution. But even this stepping-back from the gainful game leaves out of consideration that the gainful game itself can be seen through and seen as a mutual caring-for. Namely, we have already pointed to another possibility lying at the heart of metaphysics from its beginning, a possibility which Heidegger did not see. The fixation on ποίησις and production comes from the way δύναμις (power, potential) is thought ontologically by Aristotle as being the “governing starting-point for a change in something else” (ἀρχὴ μεταβολῆς ἐν ἄλλῳ Met. Theta 1, 1046a9f). In this formula for a key ontological structure, however, there is an ambiguity residing in the term μεταβολή, which can mean both ‘change’ and ‘exchange’ or ‘interchange’. This ambiguity opened the way for us to think through in Chapter 5 a socio-ontology of exchange distinct from traditional productivist metaphysics. Μεταβολή is the fulcrum where the lever of rethinking can be placed to pivot productivist ontology into an other ontology of interchange that is, with a shift of perspective from what to who, at the same time an ontology of whoness: the other as a starting-point of its own freedom of movement. This alternative understanding of μεταβολή must be regarded as “related” in Heidegger’s sense, and within this alternative understanding, exchange and interchange must be thought as a groundless, estimating mirror interplay of powers, in contrast to production, which is the exercise of a grounded power of knowing on a passive ‘material’ to bring forth a change in something else, namely, the ‘material’, which may even be a human being. Furthermore, as shall be investigated in Chapter 10, social power in general cannot be thought as a production but — as long as it is not the exercise of brute physical violence — only through a relational process of mirroring estimation and validation in which a superior power is recognized as superior (if only as potentially physical violent) by a free human being and thus submitted to.

What is saving in this pivoting side-step from productionist metaphysics, as indicated in Chapter 9.5, is the possibility of thinking the competitive interplay of a capitalist market economy also in its ambiguous, Janus-faced possibility as an interchange of caring-for based on mutual self-interest and even on mutual satisfaction. An intensification of caring for each other in the mutual exercise of abilities of all kinds that are estimated and appreciated as valuable in the ongoing metabolism of social interchange could represent an alternative to the “devastation of the earth” that concerns not only Heidegger. The Janus-faced possibility lying dormant in the ambiguity of human interchange must be seen as a complement to the possibility Heidegger sees in the set-up:

Zwischen den epochalen Gestalten des Seins und der Verwandlung des Seins ins Ereignis steht das Ge-stell. Dieses ist gleichsam eine Zwischenstation, bietet einen doppelten Anblick, ist — so könnte man sagen — ein Januskopf. 173

Between the epochal Gestalten of being and the transformation of being into propriation stands the set-up. This is, so to speak, an intermediate station, offering a double sight, is — one could say — a Janus-head.

If the set-up (Ge-stell) as the gathering of all possibilities of bringing-forth and the gainful game (Gewinn-Spiel) as the gathering of opportunities for gain in gainful interplay are complementary constellations of a twofold way in which the world opens up for human being, which is invariably also a striving for what contributes to living well or better, including mutual esteem, estimation and validation, then the alternative to the restless pursuit of gain that resides in seeing social interchange as opportunities for caring-for, albeit under the impetus of mutual self-interest, must also be brought clearly to light as an historical possibility. Such a possibility of rethinking, of hermeneutic recasting, itself cannot be had without power struggle among those who genuinely dedicate themselves to thinking.

9.7State intervention in the economic interplay of civil society

The modern state, equipped as it is with a full panoply of powers financed by prodigious taxation, can intervene in the economy in all sorts of ways to divert the economic resources of a nation into endeavours whose aims are political. A political aim is an aim set by the polity whose constitution — assumed here to be democratic, on which more in Chapter 13 — provides for the state, led by the government, to legislate and devise policy in all areas of social life and action, including the economy, ostensibly for the sake of the well-being of society as a whole. This conscious, knowing, political positing of a conception of social well-being may well, and mostly does, cut across the grain of where an invisible hand would lead. A political aim which goes against economic rationale is, for example, to maintain a domestic coal-mining industry for the sake of having an independent national energy supply, even though the domestic coal-mining industry is less efficient, i.e. more expensive, than other energy resources available from abroad. National interest in self-sufficiency is then said to have priority over economic efficiency.

Another example of a political aim which goes against economic rationale, at least in the short term, is to subsidize renewable energy technologies or specifically tax coal-generated energy for the sake of diminishing the dangers of global warming. The subsidy in this case is intended to kick-start a new industry until it becomes technologically cost-efficient and stand on its own feet in the competitive, gainful, economic, interplay. The examples of state intervention in the economy are myriad and for myriad political reasons, some of which are based on a more or less genuine conception of national well-being and others which are based merely on the compromise outcome of a power struggle among the vested self-interests of segments of the population, and yet again others deriving from the power struggles among nation states (such as championing the national economy, or for military strategic reasons). In intervening in the economy, the state posits by will and its political power a shaping of economic activity that diverges from what it would be if left to the laissez-faire gainful striving of economic self-interests alone. Such intervention is made in the name of the good of society and especially in the name of that ubiquitous slogan, (redistributive) social justice (cf. Chapter 6.5).

State intervention in the economy must be distinguished from state regulation of markets for the general well-being, e.g. to ensure that those offering services (such as health services) on the market are actually qualified to provide them, or to ensure that companies present accurate accounts of their financial situation when floating publicly on the stock exchange, or to prevent price collusion among the member companies of oligopolies, etc. etc. State regulation has to do with the state setting up and overseeing the (formal, legal) rules of play under which the pursuit of economic self-interest can be played out in power interplay. It is an aspect of the rule of law in the name of (commutative, including reciprocal) justice in its guise as fair rules of play for the strivings of economic self-interests in a competitive game. We speak of state regulation providing for a ‘level playing field’ for all those competing on various markets for possible successful outcomes. Regulation does not posit or guarantee certain outcomes, but only sets the formal boundary conditions that are supposed to be fair and just and also protect members of society from abuse at the hands of some players. Good state regulation does not merely hinder the free movements of individuals competing in the interplay that is civil society, but rather enables it as fair interplay. Such regulation, if it is to facilitate rather than impede fair gainful interplay, should be ‘light-touch’ rather than bureaucratically heavy-handed.

As discussed in section 9.5 above, Adam Smith’s notion of the invisible hand can be extended beyond entrepreneurial action to include also the other income-earning players or character masks in the gainful game, namely, the land-owner, the wage-earner and the financier (cf. also Chapter 6.8). These players, too, strive to maximize their incomes relative to what they give in return on the relevant markets and this leads to a certain distribution of economic resources under the managerial command of the entrepreneurial class. As has been shown, the market metabolism, whose inner spring is the individual striving to further self-interest in a mutually beneficial way, induces an efficient allocation of resources which will maximize overall wealth-creation measured in the dimension of monetary value (and also provide for a sharing of the annual value generation among the various classes of players within certain disciplining limits; cf. section 9.5). Adam Smith argues that state planning could not achieve the same degree of efficient resource allocation as the working of markets:

What is the species of domestic industry which his [the entrepreneur’s] capital can employ, and of which the produce is likely to be of the greatest value, every individual, it is evident, can, in his local situation, judge much better than any statesman or lawgiver can do for him. The statesman, who should attempt to direct private people in what manner they ought to employ their capitals, would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. (p. 485) Here Smith claims not only that knowing (or guessing), willed state-allocation of economic resources through various sorts of policies is inefficient, but furthermore that it is dangerous. The danger lies both in the presumption that a conscious plan could foreknowingly lay down the best allocation of resources and also in political economic decisions being made that further only the ends of politicians or other powerful and influential persons or interest groups who have the ear of government (lobbying), or satisfy clamouring desires of a part of the electorate for the sake of re-election. It is a question of “an authority which could safely be trusted”, a recurring motif in all liberal thinking on the state. Against the concentration of power in the hands of political agents who enjoy the backing of the state’s overwhelmingly superior power, Adam Smith, and all liberal thinking, urge a ‘healthy’ mistrust of political power of whatever kind and, in its stead, the kind of sociation provided by money-mediated markets which allow great individual degrees of freedom with better economic results. The sociating, estimating, gainful interplay of the economy is thus modified by the interplay of political powers in the state (cf. Chapter 12.1).

The value-creation of a society, which is measured in money, is itself the outcome of economic competition on the market-place and thus of an interplay of social powers that decides ultimately what economic effort is worth. It is not necessary for the aim of total social value-creation to be in view in advance; on the contrary, it is hidden and cannot be shown as the result of consciously planned social action, not because an economic process is too complex (ontically), but because (socio-ontologically) value-creation itself is ‘simply’ not the outcome of any kind of pro-duction (a μεταβολή in one sense of the word), but of myriad social interchanges (μεταβολαί in the other sense of the word) that are in principle (i.e. from the starting-point of a knowing ἀρχή) unpredictable, unforeseeable. The productionist kind of thinking that advocates concerted, willed, totally controlled social action may be appropriate for a military machine, but it suffocates the free metabolism of civil society.

Market interplay as a whole knows what is best for the whole without knowing, i.e. without the whole as such ever becoming transparently visible for a foreknowing insight. The knowledge of the optimization of economic resource allocation is available only retrospectively and indirectly by means of a kind of mathematical differential reasoning such as was inaugurated by Newton and Leibniz. The invisible hand provides an optimum solution to a practical differential function of individual strivings to do well in earning income without this optimum being foreseeable in advance. This mathematical differential reasoning is only possible because there is a reified entity called total social wealth at all which is quantifiable as the ongoing outcome of monetary market interchanges. The quantifiability of social wealth is only possible because there is such a thing as value measured in monetary terms, a ‘natural product’ of social interplay. The quantitative-qualitative dimension of reified value first enables and sociates definable, measurable economy, and only in the mirroring estimation of money is the result of individual strivings measured. This circumstance, in turn, seduces political economy to emulate mathematized physics’ astounding success by likewise mathematizing to become the social science of economics. As discussed in Chapter 7, these efforts are socio-ontologically misguided.

Total social wealth and total social wealth creation are magnitudes possible only in the dimension of monetary value, and insofar Adam Smith’s quantitative reasoning in favour of the invisible hand rests upon socio-ontological preconceptions, namely, that society itself is sociated via interplay among individual players who, of course, must also be free to play in the gainful power interplay. The dimension of reified value is what sociates modern society in the first place by sociating a priori the dissociated, private activities of individuals striving for monetary gain. By a priori here I mean that the aim of monetary gain through estimating interplay is already a sociating aim, albeit an abstractly sociating, quantified aim that is pre-ontologically already in view. The social formation is formed first of all through the value-form174 ‘looks’ of market interchange, i.e. through the cash nexus. The value-forms as such, however, remain invisible socio-ontologically. Moreover, total social wealth and total social wealth creation are each simple sums of individual, dissociated wealth and value-creation that have come about through the strivings of market interplay. The individual, dissociated striving to maximize income returns through reified sociation in a given period such as a year leads in the sum to a maximization of total social value creation by maximizing the individual marginal contributions. Any thwarting of this individual striving for whatever (qualitative, political) reason leads to a marginal diminution of the magnitude total annual social value creation.

But Adam Smith’s reasoning of the invisible hand does not depend necessarily on the players in the economic interplay striving to maximize monetary gain through the exercise of their various powers. The differential nature of the reasoning in favour of the invisible hand says only that it is always advantageous to allow the economic players themselves to decide how best and to what extent and intensity they exercise their powers in striving for gain compared to the state interfering with them and directing them to act economically in a certain way, especially directing them negatively by placing obstacles in their way such as controlling prices or wages, or hindering investment. Not only does the state, through its apparatuses, not have any better insight into the state of play of the economic interplay (for it is in principle impossible to plan the outcome of interplay), but blunting the motivating incentive of individual gain through onerous interference can only spoil the value-performance of the interplay. One must therefore not be misled by an exclusively quantitative focus on the economic metabolism of civil society (even though money itself, as a unique kind of social quantitative measure, enables such a viewpoint), but must consider also the qualitative comparison between leaving the economic players to make their own gain-promising decisions and having the state dictate the terms of play themselves rather than restricting itself to ensuring the boundary conditions for fair play.

Liberal thinkers argue in favour of the blind ‘wisdom’ of market metabolism for distributing social economic resources, whereas opponents argue that markets lead to distortions averse to overall social well-being, and above all detrimental to (redistributive) social justice. Liberal thinkers, however, easily concede that monopolies, cartels, oligopolies, in particular, are themselves distortions of market mediation which require the oversight of state regulation. Proponents of reliance on markets as the medium of economic sociation, today called neo-liberals, are criticized for reducing ‘everything’ to monetary terms, for, it is said, how can overall social well-being be measured quantitatively by such a soulless thing as money? This raises the issue of money as a ‘look’ of reified value, and the striving to acquire it, as a medium of reified sociation versus politics (its institutions, deliberation, discourse, power struggles, etc.) as a medium of λόγος-facilitated sociation. Both media are media of social power (cf. Chapter 10.1): reified value through the estimating interplay of individual powers on the markets in countless interchanges, and politics through the power plays in the institutions of state that can work only by being invested with a superior power capable of overwhelming any individual or interest group in civil society. Both are sociating media and as powers they also have an interplay with each other that is visible already, say, in money’s powerful influence in politics, a more than familiary phenomenon whose socio-ontology, however, still awaits explication.

9.8Uncertainty of income-earning – The ‘law’ of social inertia and the tendency toward conservation of a way of life – Openness to the future vs. risk-aversion – The ensconcing of particular interests behind protectionist barriers

In the context of existential care, earning a living is one of the cares whose taking-care-of is subject to the vagaries of contractual exchange interplay on the market. Selling a self-produced good or service piecemeal on the market depends on fluctuating market conditions that vary from day to day. Even though the good (including service goods) may be reliably producible, its sale and thus how it is valued on the market are insecure, unpredictable variables. For some ways of earning a living which are exposed to the bounty or niggardliness of nature (e.g. fishing, agriculture), even the production of goods may be a cause for concern. Human being, whose existence includes essentially taking care of matters to lead a life, has an inherent tendency to secure its conditions of living, i.e. to lessen the cares of life and thus be se cura (L. lit. ‘without care’). For those earning their living by hiring out their labour power, there is specifically the tendency to seek a secure job. The original meaning of job as a one-off task has become the term for a position of employment on a lasting basis that is conceived quasi as a thing that an employer ‘gives’ to an employee, thus inverting the employee’s giving his or her labouring powers to the employer. Continuity of employment provides security in the sense of removing the care of having to confront the market interplay every day from scratch. An individual entering an employment contract is just as much concerned with being paid as well as possible for services rendering as with securing a long term contract with guarantees against being laid off. A secure job is a kind of shelter against the cares whipped up by the continually changing seas of the market-place, which is the site for the power interplay of all the economic players.

..................Content has been hidden....................

You can't read the all page of ebook, please click here login for view all page.
Reset
18.224.39.32