In the dialogue between Socrates and Polos in Gorgias at 477e, Plato presents an innocuous, if not to say naive, view of money-making:
Σωκράτης: τίς οὖν τέχνη πενίας ἀπαλλάττει; οὐ χρηματιστική;
Πῶλος: ναί.
“Socrates: Now what is the art that sets free from poverty? Is it not money-making?
Polos: Yes.”
The very art, or technique, whose usefulness is said is to reside in setting free from poverty, also induces it for, as it turns out, this art is the germ of what will become a couple of millennia later full-blown capitalism. There are today countless apologists for capitalism who point out that capitalism has raised millions and millions out of poverty, with poverty being measured by how many dollars an individual has to spend daily, e.g. one, or even two, dollars a day. Not a word about how capitalism, through its essential striving for surplus-value, simultaneously destroys the way of life of a people. With this destruction, especially of the environment, people have no choice but to seek to earn an income some other way. This may result in their entering the fray of competition for urban jobs. Indigenous peoples lose their roots in an old culture that goes under in the modern, market-mediated way of capitalist life.
Capitalism started out very modestly as τέχνη χρηματιστική, the art of money-making. It manifested itself above all in commerce and trade. Commerce is the coming-together of goods on the market, where they can be and are exchanged. In doing so, they are mutually estimated, valued for what they are worth as exchange-value. Usually this is done through the medium of money, in which they are quantitatively valued. As medium of exchange, money is merely a serviceable means to an end, namely, exchange. The mediation of exchange is thus listed as one of the functions of money. This seems reasonable enough.
The art of money-making had to take over the production process of goods to transform itself into genuine capitalism, that is premised upon money-capital buying the means of production and hiring labour power to employ them producing goods. This extension and transformation of money-making into mature capitalism took millennia. Greek thinking did not have this development in its sights. For the Greeks, τέχνη χρηματιστική was just one τέχνη alongside other τέχναι including, notably, τέχνη ποιητική. The art of making useful things existed alongside the art of making money, but it was the former that played an essential role in Greek thinking, serving as it did as the paradigm for investigating the ontology of movement.
The question of movement was at the core of Greek philosophical thinking when it arose in the sixth century B.C.E. It focused on the investigation of κινούμενα, things that can be moved, physical things, which is the subject matter of physics. Aristotle’s Physics is itself at the heart of his metaphysics, but he does not take the natural movement, say, of celestial bodies, as the paradigm for physical movement. Instead he investigates the movement of making things, i.e. τέχνη ποιητική, to fashion the key concepts of his ontology of (productive) movement which then, fatefully, has been transferred to other kinds of movement for which it is ill-suited, thus obscuring the truth of the pertinent phenomena..
Another paradigm residing in τέχνη χρηματιστική was available for an alternative ontology of another kind of movement, viz. interchange, but this was left to one side by Greek thinking. Seriously taking up and unfolding this alternative leads to an alternative interpretation of the world by an alternative cast of mind. So far in Western thinking, this opportunity has been missed and dismissed. Be that as it may, without Aristotle’s ontology of productive movement, the crucial importance of energy (ἐνέργεια) would not figure in today’s world. The unbridled will to power over productive movement would by hindered. It would lack an indispensable concept. The so-called March of Progress would be held up.
The interweaving and intermeshing of productive movement with the exchange movement on the various exchanges and markets of global capitalism characterize what we today call capitalism. An ontology of exchange and interchange, however, has so far been lacking. Among other things, it would allow the intermeshing of the two kinds of movement to be suitably conceptualized. I have attempted to fill this lacuna with an ontology of exchange that serves not only as key to conceptualizing capitalism, but also as the basis for a social ontology of how we sociate with each other in society through mutual estimation of who we are. Such a power play of whoness requires concepts entirely different from those required for an ontology of productive, efficient causal movement at the heart of all the modern sciences. Unfortunately, the modern mind is currently not up to thinking ontologically, and will be out of action for another time to come.
Neither Plato nor Aristotle had, nor could have had, something resembling capitalism in view or in mind. In this sense, they remained necessarily naive. Nevertheless, the two paradigms of productive movement (τέχνη ποιητική) and gainful movement (τέχνη χρηματιστική) slumbered in the Greek world. Especially the latter has clandestinely sprung to life in our own, attaining an eery, destructive independence from any human intentions in the valorization of thingified value. The former does show its face, albeit obscurely, in the guise of the thoroughly empiricist modern sciences. Yet humans kid themselves that everything is still under control, viz. under the control of us humans as subjects.
Further reading: Plato Gorgias. Greek: https://el.wikisource.org/wiki/Γοργίας_(Πλάτων)
Social Ontology of Whoness: Rethinking core phenomena of political philosophy De Gruyter, Berlin 2019.
‘Technology, Technique, Interplay: Questioning Die Frage nach der Technik’ in Technology and Society Magazine IEEE Issue 2, Summer 2013 pp. 13-21.
