Published by Crackers Books,

6 September 2024

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“Read Capital: The First Sentence” by John ​Holloway


Holloway, J. (2015). Read Capital: The first sentence. Historical Materialism, 23(3), 3–26. ​https://doi.org/10.1163/1569206X-12341340




John Holloway’s article, “Read Capital: The First Sentence,” delves into a critical reinterpretation of ​the first sentence of Marx’s Capital. Holloway argues that contrary to traditional readings, Marx does ​not start his analysis with the commodity, but with wealth. This distinction carries significant ​theoretical and political implications, as it challenges conventional understandings of Marx’s critique of ​political economy and the nature of capitalist societies.


Key Arguments


1. Starting with Wealth, Not Commodity: Holloway emphasizes that the first sentence of Capital ​focuses on “the wealth of societies in which the capitalist mode of production prevails,” rather than ​immediately jumping into an analysis of commodities. This wealth, according to Holloway, is not just ​material but encompasses the broader concept of richness — the universality of human needs, ​capacities, and creative potentialities.


2. The Appearance of Wealth as Commodities: Holloway scrutinizes the phrase “appears as an ​immense collection of commodities,” suggesting that wealth’s appearance as commodities is not ​merely a perception but a real, structured form of existence within capitalist societies. This appearance, ​however, is inherently antagonistic, as it conceals the richer, more diverse forms of human creativity ​and potential that lie beneath the commodity form.


3. Ecstatic Relationship between Wealth and Commodity: Holloway introduces the idea of an “ec-​static” relationship, wherein wealth exists in, against, and beyond the confines of capitalist commodity ​forms. This misfit suggests that wealth is not fully subsumed under the capitalist mode of production ​but constantly overflows it, pushing towards alternative forms of existence and social relations.


4. Crisis and Resistance: The transformation of wealth into commodities is not a completed process ​but an ongoing struggle, where the appearance of wealth as commodities is always under threat from ​the wealth that does not conform. Holloway views this as a dynamic battlefield, where human creativity ​continually resists being reduced to commodity form, embodying the crisis of capitalist social relations.


Reflective Insights


Holloway’s reinterpretation of Marx’s starting point is a provocative call to rethink not just the critique ​of political economy but also the nature of anti-capitalist struggle. By emphasizing wealth as the true ​subject, Holloway aligns the analysis of capitalism with an emancipatory perspective that foregrounds ​human creativity and potential over rigid structural determinism.


This approach challenges readers to reconsider how they engage with Marx’s work, moving away from ​seeing Capital merely as an account of capitalist domination and towards viewing it as a theory of ​struggle and misfit. Holloway’s focus on the ecstatic relation between wealth and commodities provides ​a powerful framework for understanding capitalism not as a static system but as an arena of perpetual ​conflict and possibility.


Furthermore, Holloway’s argument opens up space for hope, positioning wealth as a site of resistance ​that constantly pushes beyond its commodified form. This interpretation resonates with contemporary ​movements that seek to reclaim the commons, resist commodification, and imagine new forms of social ​cooperation beyond capitalist constraints.


Conclusion


Holloway’s article is a compelling and radical rethinking of Marx’s Capital that shifts the focus from ​commodities to wealth, highlighting the inherent tensions and struggles within capitalist society. It ​invites readers to see Capital not just as a critique of economic forms but as a living document of ​resistance, emphasizing the potential for human creativity to transcend the limitations of the ​commodity form. Holloway’s work thus serves as both a critique of traditional Marxist interpretations ​and an inspiration for ongoing struggles against capitalism.


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