Capital Redefined presents a unique perspective on the nature of “capital,” departing from the prevailing reductionist accounts. Hosseini and Gills offer an expanded perspective on Marxian value theory by addressing its main limitations and building their own integrative value theory. They argue that the current understanding of “value” must be re-examined and liberated from its subservient ties to capital while acknowledging the ways in which capital appropriates value. This is achieved by differentiating between “fetish value” created by capital and “true value” generated through various commons-based forms of coexistence. The authors propose a defetishization of value by rejecting the commonly accepted idea of its objectivity. They introduce their “commonist value theory,” which redefines capital as both the product and process of perverting the fundamental commoning causes of true value into sources of fetish value.
