Okay – here’s the really controversial one [edited down substantially, since the original version - oh dear...].
In my opinion, the Labour Theory of Value is a fetishised form of thought – a theory that’s the product of, rather than say an expose or analysis of, fetishism, as fetishism is defined in Chapter One of Volume One of Capital.
Here’s part of the famous passage.
“It is nothing but the definite social relation between men themselves which assumes here, for them, the fantastic form of a relation between things… I call this the fetishism which attaches itself to the products of labour as soon as they are produced as commodities”.
This sort of fetishism stuff is I think generally read as something like: the thing which is manifested and occluded in commodities is the value-producing activity of labour. Value may appear to be a quality of the commodities themselves, but it is actually a property produced by labour, and then fetishistically attached to commodities, occluding the fundamental link between labour and value.
Now, as I’ve already said, I don’t think we should accept that labour has the particular property of producing value, or of endowing commodities with value. Instead, value is a social category produced or enacted by a whole set of social and economic relations.
Under some circumstances, in capitalism, it becomes plausible to attribute the property of producing value not to this whole set of relations, but rather to a particular relation – the relation between a worker and the means of production – and in particular to the labouring activity itself. It becomes plausible to see labour as solely productive of value. But this is not, in fact, the case. We have taken a complex set of social relations, actions, interactions, etc. and attributed their properties or the social properties they produce/enact to a particular object or activity. In relation to the commodity, in Chapter One, Marx calls this fetishism – a “definite social relation among men” which “assumes the fantastic form of a relation among things”. But men are things too – and our labouring activity can also fetishistically be granted properties that are in reality produced by a larger set of social relations. I think the labour theory of value can best be understood in these terms.
Now clearly this kind of ‘fetishism’ is less pervasive, in capitalism, than commodity fetishism; and there’s a whole lot of other stuff that really ought to be said, expanded on, or qualified. But the usual excuses. More to follow, eventually, hopefully.