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Critique, 2021 Vol. 49, Nos. 1–2, 81–97, https://doi.org/10.1080/03017605.2021.1934084 Abstract Spectrality, Marxism, and the Critique of Value Thomas Waller This essay brings Jacques Derrida’s Spectres of Marx (1993) into critical dialogue with the German-language school of Marxist theory known as Wertkritik. Through an engagement with value-critics such as Robert Kurz and Norbert Trenkle, as well as with figures associated with the neue-Marx Lektüre such as Moishe Postone and Alfred Sohn-Rethel, the essay makes four interrelated arguments: (1) that Derrida privileges the ‘exoteric’ over the ‘esoteric’ Marx through a lack of engagement with Marx’s categorical critique of bourgeois political economy; (2) that Derrida projects aspects of Marx’s early work into his reading of Capital in a way that sets up Marx as a straw dog against which Derrida launches his familiar critique of Western metaphysics; (3) that Derrida trans-historicises the category of labour and shares fundamental assumptions with the same traditional Marxism he sets out to critique; (4) that Derrida misrepresents the categories of use-value and exchange-value, to which he ascribes a teleological process when no such relationship exists. In this way, the essay seeks to contribute to the development of a concept of spectrality as an immanent characteristic of the value-form under capitalism. Keywords: Value; spectrality; Marxism; Derrida; real abstraction Introduction For the school of Marxist critical theory known as Wertkritik or ‘value-critique’, the concept of spectrality is a fundamental one.1 Although never developed in a systematic way by any of its proponents, it is everywhere present in their work by virtue of the fact that value itself is a spectral phenomenon, as Marx suggested when he 1 This essay presumes a pre-existing familiarity with both Wertkritk and the related tradition of the NeueMarx Lektüre, and as such does not attempt to summarise their origins or theoretical legacies for the reader. For a representative overview of the critique of value, see Neil Larsen, Mathias Nilges, Josh Robinson, and Nicholas Brown (ed.), Marxism and the Critique of Value (Chicago, IL: MCM′, 2014). © 2021 Critique