The Structural Revolution of Value
Saussure located two dimensions to the exchange of terms of the langue, which he assimilated to money. A given coin must be exchangeable against a real good of some value, while on the other hand it must be possible to relate it to all the other terms in the monetary system. More and more, Saussure reserves the term value for this second aspect of the system: every term can be related to every other, their relativity, internal to the system and constituted by binary oppositions. This definition is opposed to the other possible definition of value: the relation of every term to what it designates, of each signifier to its signified, like the relation of every coin with what it can be exchanged against. The first aspect corresponds to the structural dimension of language, the second to its functional dimension. Each dimension is separate but linked, which is to say that they mesh and cohere. This coherence is characteristic of the âclassicalâ configuration of the linguistic sign, under the rule of the commodity law of value, where designation always appears as the finality of the structural operation of the langue. The parallel between this âclassicalâ stage of signification and the mechanics of value in material production is absolute, as in Marxâs analysis: use-value plays the role of the horizon and finality of the system of exchange-values. The first qualifies the concrete operation of the commodity in consumption (a moment parallel to designation in the sign), the second relates to the exchangeability of any commodity for any other under the law of equivalence (a moment parallel to the structural organisation of the sign). Both are dialectically linked throughout Marxâs analyses and define a rational configuration of production, governed by political economy.
A revolution has put an end to this âclassicalâ economics of value, a revolution of value itself, which carries value beyond its commodity form into its radical form.
This revolution consists in the dislocation of the two aspects of the law of value, which were thought to be coherent and eternally bound as if by a natural law. Referential value is annihilated, giving the structural play of value the upper hand. The structural dimension becomes autonomous by excluding the referential dimension, and is instituted upon the death of reference. The systems of reference for production, signification, the affect, substance and history, all this equivalence to a ârealâ content, loading the sign with the burden of âutilityâ, with gravity â its form of representative equivalence â all this is over with. Now the other stage of value has the upper hand, a total relativity, general commutation, combination and simulation â simulation, in the sense that, from now on, signs are exchanged against each other rather than against the real (it is not that they just happen to be exchanged against each other, they do so on condition that they are no longer exchanged against the real). The emancipation of the sign: remove this âarchaicâ obligation to designate something and it finally becomes free, indifferent and totally indeterminate, in the structural or combinatory play which succeeds the previous rule of determinate equivalence. The same operation takes place at the level of labour power and the production process: the annihilation of any goal as regards the contents of production allows the latter to function as a code, and the monetary sign, for example, to escape into infinite speculation, beyond all reference to a real of production, or even to a gold-standard. The flotation of money and signs, the flotation of âneedsâ and ends of production, the flotation of labour itself â the commutability of every term is accompanied by speculation and a limitless inflation (and we really have total liberty â no duties, disaffection and general disenchantment; but this remains a magic, a sort of magical obligation which keeps the sign chained up to the real, capital has freed signs from this ânaĂŻvetyâ in order to deliver them into pure circulation). Neither Saussure nor Marx had any presentiment of all this: they were still in the golden age of the dialectic of the sign and the real, which is at the same time the âclassicalâ period of capital and value. Their dialectic is in shreds, and the real has died of the shock of value acquiring this fantastic autonomy. Determinacy is dead, indeterminacy holds sway. There has been an extermination (in the literal sense of the word) of the real of production and the real of signification.1
I indicated this structural revolution of the law of value in the term âpolitical economy of the signâ.2 This term, however, can only be regarded as makeshift, for the following reasons:
- Does this remain a political-economic question? Yes, in that it is always a question of value and the law of value. However, the mutation that affects it is so profound and so decisive, the content of political economy so thoroughly changed, indeed annihilated, that the term is nothing more than an allusion. Moreover, it is precisely political to the extent that it is always the destruction of social relations governed by the relevant value. For a long time, however, it has been a matter of something entirely different from economics.
- The term âsignâ has itself only an allusive value. Since the structural law of value affects signification as much as it does everything else, its form is not that of the sign in general, but that of a certain organisation which is that of the code. The code only governs certain signs however. Just as the commodity law of value does not, at a given moment, signify just any determinant instance of material production, neither, conversely, does the structural law of value signify any pre-eminence of the sign whatever. This illusion derives from the fact that Marx developed the one in the shadow of the commodity, while Saussure developed the other in the shadow of the linguistic sign. But this illusion must be shattered. The commodity law of value is a law of equivalences, and this law operates throughout every sphere: it equally designates the equivalence in the configuration of the sign, where one signifier and one signified facilitate the regulated exchange of a referential content (the other parallel modality being the linearity of the signifier, contemporaneous with the linear and cumulative time of production).
The classical law of value then operates simultaneously in every instance (language, production, etc.), despite these latter remaining distinct according to their sphere of reference.
Conversely, the structural law of value signifies the indeterminacy of every sphere in relation to every other, and to their proper content (also therefore the passage from the determinant sphere of signs to the indeterminacy of the code). To say that the sphere of material production and that of signs exchange their respective contents is still too wide of the mark: they literally disappear as such and lose their specificity along with their determinacy, to the benefit of a form of value, of a much more general assemblage, where designation and production are annihilated.
The âpolitical economy of the signâ was also consequent upon an extension of the commodity law of value and its confirmation at the level of signs, whereas the structural configuration of value simply and simultaneously puts an end to the regimes of production, political economy, representation and signs. With the code, all this collapses into simulation. Strictly speaking, neither the âclassicalâ economy nor the political economy of the sign ceases to exist: they lead a secondary existence, becoming a sort of phantom principle of dissuasion.
The end of labour. The end of production. The end of political economy. The end of the signifier/signified dialectic which facilitates the accumulation of knowledge and meaning, the linear syntagma of cumulative discourse. And at the same time, the end of the exchange-value/use-value dialectic which is the only thing that makes accumulation and social production possible. The end of the linear dimension of discourse. The end of the linear dimension of the commodity. The end of the classical era of the sign. The end of the era of production.
It is not the revolution which puts an end to all this, it is capital itself which abolishes the determination of the social according to the means of production, substitutes the structural form for the commodity form of value, and currently controls every aspect of the systemâs strategy.
This historical and social mutation is legible at every level. In this way the era of simulation is announced everywhere by the commutability of formerly contradictory or dialectically opposed terms. Everywhere we see the same âgenesis of simulacraâ: the commutability of the beautiful and the ugly in fashion, of the left and the right in politics, of the true and the false in every media message, the useful and the useless at the level of objects, nature and culture at every level of signification. All the great humanist criteria of value, the whole civilisation of moral, aesthetic and practical judgement are effaced in our system of images and signs. Everything becomes undecidable, the characteristic effect of the domination of the code, which everywhere rests on the principle of neutralisation, of indifference.3 This is the generalised brothel of capital, a brothel not for prostitution, but for substitution and commutation.
This process, which has for a long time been at work in culture, art, politics, and even in sexuality (in the so-called âsuperstructuralâ domains), today affects the economy itself, the whole so-called âinfrastructuralâ field. Here the same indeterminacy holds sway. And, of course, with the loss of determination of the economic, we also lose any possibility of conceiving it as the determinant agency.
Since for two centuries historical determination has been built up around the economic (since Marx in any case), it is there that it is important to grasp the interruption of the code.
The End of Production
We are at the end of production. In the West, this form coincides with the proclamation of the commodity law of value, that is to say, with the reign of political economy. First, nothing is produced, strictly speaking: everything is deduced, from the grace (God) or beneficence (nature) of an agency which releases or withholds its riches. Value emanates from the reign of divine or natural qualities (which for us have become retrospectively confused). The Physiocrats still saw the cycles of land and labour in this way, as having no value of their own. We may wonder, then, whether there is a genuine law of value, since this law is dispatch without attaining rational expression. Its form cannot be separated from the inexhaustible referential substance to which it is bound. If there is a law here, it is, in contrast to the commodity law, a natural law of value.
A mutation shakes this edifice of a natural distribution or dispensing of wealth as soon as value is produced, as its reference becomes labour, and its law of equivalence is generalised to every type of labour. Value is now assigned to the distinct and rational operation of human (social) labour. It is measurable, and, in consequence, so is surplus-value.
The critique of political economy begins with social production or the mode of production as its reference. The concept of production alone allows us, by means of an analysis of that unique commodity called labour power, to extract a surplus (a surplus-value) which controls the rational dynamics of capital as well as its beyond, the revolution.
Today everything has changed again. Production, the commodity form, labour power, equivalence and surplus-value, which together formed the outline of a quantitative, material and measurable configuration, are now things of the past. Productive forces outlined another reference which, although in contradiction with the relations of production, remained a reference, that of social wealth. An aspect of production still supports both a social form called capital and its internal critique called Marxism. Now, revolutionary demands are based on the abolition of the commodity law of value.
Now we have passed from the commodity law of value to the structural law of value, and this coincides with the obliteration of the social form known as production. Given this, are we still within a capitalist mode? It may be that we are in a hyper-capitalist mode, or in a very different order. Is the form of capital bound to the law of value in general, or to some specific form of the law of value (perhaps we are really already within a socialist mode? Perhaps this metamorphosis of capital under the sign of the structural law of value is merely its socialist outcome? Oh dear âŚ)? If the life and death of capital are staked on the commodity law of value, if the revolution is staked on the mode of production, then we are within neither capital nor revolution. If this latter consists in a liberation of the social and generic production of man, then there is no longer any prospect of a revolution since there is no more production. If, on the other hand, capital is a mode of domination, then we are always in its midst. This is because the structural law of value is the purest, most illegible form of social domination, like surplus-value. It no longer has any references within a dominant class or a relation of forces, it works without violence, entirely reabsorbed without any trace of bloodshed into the signs which surround us, operative everywhere in the code in which capital finally holds its purest discourses, beyond the dialects of industry, trade and finance, beyond the dialects of class which it held in its âproductiveâ phase â a symbolic violence inscribed everywhere in signs, even in the signs of the revolution.
The structural revolution of value eliminated the basis of the âRevolutionâ. The loss of reference fatally affected first the revolutionary systems of reference, which can no longer be found in any social substance of production, nor in the certainty of a reversal in any truth of labour power. This is because labour is not a power, it has become one sign amongst many. Like every other sign, it produces and consumes itself. It is exchanged against non-labour, leisure, in accordance with a total equivalence, it is commutable with every other sector of everyday life. No more or less âalienatedâ, it is no longer a unique, historical âpraxisâ giving rise to unique social relations. Like most practices, it is now only a set of signing operations. It becomes part of contemporary life in general, that is, it is framed by signs. It is no longer even the suffering of historical prostitution which used to play the role of the contrary promise of final emancipation (or, as in Lyotard, as the space of the workersâ enjoyment [jouissance] which fulfils an unremitting desire in the abjection of value and the rule of capital).4 None of this remains true. Sign-form seizes labour and rids it of every historical or libidinal significance, and absorbs it in the process of its own reproduction: the operation of the sign, behind the empty allusion to what it designates, is to replicate itself. In the past, labour was used to designate the reality of a social production and a social objective of accumulating wealth. Even capital and surplus-value exploited it â precisely where it retained a use-value for the expanded reproduction of capital and its final destruction. It was shot through with finality anyway â if the worker is absorbed in the pure and simple reproduction of his labour power, it is not true that the process of production is experienced as senseless repetition. Labour revolutionises society through its very abjection, as a commodity whose potential always exceeds pure and simple reproduction of value.
Today this is no longer the case since labour is no longer productive but has become reproductive of the assignation to labour which is the general habit of a society which no longer knows whether or not it wishes to produce. No more myths of production and no more contents of production: natio...