Bernie Gunther said:
Fair enough, that sounds potentially interesting, although the "refers to nothing at all" bit sounds like pomo gibberish at first glance.
What I meant was that, by the end of the twentieth century, financial value was widely recognized to be independent of the material tokens that are used to represent it. The last vestiges of materiality have departed from it, and value is now revealed as a purely imaginary, but nonetheless real and powerful, force. It is also revealed to be pure representation, a system of signs that function independently of any material referents. The manipulation of these financial signs is the motor of the postmodrn economy, and bigger fortunes are now made by this manipulation than by material production.
I now want to return to the *four* qualities that, as I have argued, differentiate financial value from any other "idea," to the degree that it cannot by described as an "idea" (I see no difference between the terms "idea" and "construct" in this context, BTW). We shall discuss each in turn. Let us begin with the *power* of value, its efficacious force in the real world. Value is an instance of what J.L. Austin calls the "performative sign," it is a sign that *does* things. On these grounds, many philosophers of money have drawn an analogy between value and spirit, as for instance Karl Marx in On The Jewish Question. Note how Marx describes the imposition of exchange-value upon use-value (of which financial value is the instrument) as an *unnatural* imposition of sign upon essence. Referring to financial value he writes:
"It is clear that this mediator thus becomes a real God, for the mediator is the real power over what it mediates to me. Its cult becomes an end in itself. Objects separated from this mediator have lost their value. Hence the objects only have value insofar as they represent the mediator, whereas originally it seemed that the mediator only had value insofar as it represented them." (1975, 3:212)
So a capitalist economy is a *supernatural* economy, which works by imposing human concepts and signs on natural objects. The supernatural, or metaphysical if you prefer, force of value obscures the natural essence of things. The first obstacle to conceiving of value as a spirit is thus eliminated: it clearly *is* possible for nonmaterial entities to have material effects that transcend the volition of human agents. A further quote frm Marx will illustrate, this time from Capital:
"In order... to find an analogy, we must take flight into the misty realm of religion. There the products of the human brain appear as autonomous figures endowed with a life of their own, which enter into relations both with each other and with the human race. So it is in the world of commodities with the products of men's hands." (1975, 165).
Note that Marx describes value and the spirits of religion as being equally real--or rather, equally *unreal.* They are real, or unreal, in the same way. Is financial value "real?" This is the next question we will consider.