Clarifying value judgment: Principles of content and procedure

This contribution to the debate over Marx's theory of value gives an account of his concept of ‘abstract labour’. Contrary to Stanley Moore {Inquiry, Vol. 14 [1971]), Marx never abandons his early critique of the Hegelian ‘Concept'; for he gives a material basis to the conception of social labour as concretely universal. If, in analysing the commodity form of the product of labour, Marx characterizes the labour that forms the substance of value as ‘abstractly universal labour’, the priority of the abstract over the concrete at this point is not due to the influence of Hegel's Logic on Marx's work, but reflects the material process of abstraction occurring in commodity exchange. We show that Marx takes up a critical stance to this reality.