Farewell; and if my fortune be not crossed,
I have a father, you a daughter, lost.—Jessica, Act 2, Scene 5.
It is known that Timon of Athens was Karl Marx’s favourite Shakespeare play, due to its powerful treatment of the effect of money on our individual lives. It is referenced extensively in Marx’s Philosophic and Economic Manuscripts and also makes an appearance in Capital. The Merchant of Venice is the runner up for many of the same reasons: it animates Marx’s observations about money, anti-Semitism, the social relations of capitalism, and it earns multiple citations throughout his work.
The Merchant of Venice ranks among Shakespeare’s “problem plays”—it is officially labelled a comedy but the justification for this is mainly the absence of a death toll typical of Shakespearean tragedies. In the Elizabethan era a comedy meant a happy ending; a story without loose ends and where harmony prevails. Like every Shakespeare play, The Merchant of Venice has humorous plot devices. But it is a serious meditation on the economic relations and financial precarity of Renaissance Europe, as illustrated by a cast of duplicitous characters who plunge headlong into an uncertain future.
Venetian Waves
First there is the titular merchant of Venice, Antonio, who has his capital invested in ships importing goods from afar. His friend Bassanio is handsome but cash-poor. He requires a loan from Antonio in order to travel to Belmont and court Portia, the wealthy heiress of the manor. With Antonio’s money at sea, he turns to the Jewish usurer, Shylock, for a loan that he can give to Bassanio. Here we learn that Antonio has often publicly abused and insulted Shylock on account of his Jewish identity. For this, Shylock is willing to forgo interest on the loan but demands a pound of flesh from Antonio should he default. At the same time, Shylock’s daughter Jessica is preparing to abandon her Jewish faith and the legal restrictions that go with it. She steals her father’s ducats and jewelry, elopes with Lorenzo and the pair abscond to Belmont as part of Bassanio’s entourage.
In Belmont, Portia’s deceased father has set up a sort of lottery of caskets that Portia’s potential suitors must win. Despite this, Portia is a woman with a lot of agency in the story which is a pleasant departure from the stifling patriarchal air of a play like Othello. Portia manipulates her suitors to her liking and subtly aids Bassanio to the correct choice of casket so that he wins her hand. She favours Bassanio because she sees him as pliable, lacking fancy hereditary titles or a fortune of his own. We then learn of great misfortune striking Antonio—all three of his ships at sea have met with doom, leaving him vulnerable to his bond with Shylock.
When Shylock drags Antonio to the Duke of Venice’s court to acquire his pound of flesh, Portia arrives in disguise to adjudicate the case. Through rhetorical trickery and technical loopholes, she absolutely devastates Shylock, as he is denied his pound of flesh and is stripped of all his wealth. He is also subject to a forced conversion to Christianity, rendering him socially and economically destitute. She saves Antonio but it is implied that Portia has had a hand in manipulating events when she produces a letter stating that all three of Antonio’s ships had arrived safely to port after all.1 We learn that Lorenzo had an eye on Shylock’s money when pursuing Jessica, just as Bassanio had an eye to Portia’s wealth when pursuing her. Antonio exits the play alone and isolated from his newly-wedded friends.
“On The Jewish Question”
The character that has attracted the most controversy in The Merchant of Venice is undoubtedly Shylock. A Jewish usurer hungry for the Christian blood of Antonio has provoked much discomfort in post-World War II audiences allergic to overcooked stereotypes around moneylending and blood libels. But Shylock is anything but a one-dimensional caricature. Shakespeare endows him with a humanity and honesty that is unique amongst the characters of the play and this makes sympathy toward his plight difficult to resist:
He hath disgraced me, and hindered me half a million;
laughed at my losses, mocked at my gains, scorned my nation,
thwarted my bargains, cooled my friends, heated mine enemies—
and what’s his reason? I am a Jew.
Hath not a Jew eyes? Hath not a Jew hands, organs, dimensions, senses, affections, passions;
fed with the same food, hurt with the same weapons,
subject to the same diseases, healed by the same means,
warmed and cooled by the same winter and summer, as a Christian is?
If you prick us, do we not bleed? If you tickle us, do we not laugh?
If you poison us, do we not die? And if you wrong us, shall we not revenge?
If we are like you in the rest, we will resemble you in that.
If a Jew wrong a Christian, what is his humility? Revenge.
If a Christian wrong a Jew, what should his sufferance be by Christian example? Why, revenge.2
Although Jews have worn a certain money-grubbing stereotype thanks to the material realities of the Middle Ages, Shakespeare endows Shylock with a transparency of intentions absent in the other characters of the play. He has an integrity that contrasts sharply with Antonio, Bassanio, Jessica, Lorenzo and Portia, who are all prone to degrees of hypocrisy: they marry for money, they engage in theft, they seek loans from those they abuse, they leverage their fortune to manipulate others.3 Shylock points out the hypocrisy of Christian society in general, as attendees of the Duke’s court sit in possession of involuntarily enslaved humans yet cast judgement on his voluntarily signed, mutually agreed upon contract.
It has been pointed out that Renaissance England did not have Jewish moneylenders but they did have Italian ones and they were much loathed: “It was not axiomatic to an Elizabethan theatre audience that Italian merchants were more economically virtuous than Jews; Robert Wilson had a good deal of success in the 1580s and 1590s with The Three Ladies of London, a play that pitted a morally upright Jewish merchant against a thoroughly unscrupulous Venetian.”4
Through the play, Shakespeare reveals that Jews and Christians are at least as equal in ethics as they are in body. In doing so, he renders the foamy saliva and slurs hurled at the Venetian Jews of his play to be completely unjust.
Marx, separated from the Renaissance by centuries, was writing during a period of heightened anti-Semitism in Germany and across Europe. Although he had a rabbinical heritage, his family was forced to convert to Christianity so that his father could evade a ban on Jews practicing law. Like Shakespeare, Marx recognized this social discrimination to be unjust, with anti-Semitism only masking a collective distaste toward the capitalist economy and predatory finance.
Scapegoating as Capitalist Projection
In Capital, Marx twice likens the capitalist seeking the sweat of labour to Shylock seeking his pound of flesh: “Aye his heart. So says the bond.” Marx also delivers one of his most misunderstood lines in Chapter Four: “The capitalist knows that all commodities, however scurvy they may look, or however badly they may smell, are in faith and in truth money, inwardly circumcised Jews, and what is more, a wonderful means whereby out of money to make more money.”
Marx’s reference to “inwardly circumcised Jews” is a direct citation of Romans 2:29 in the New Testament: a Christian, a follower of Jesus, is circumcised by an inward, spiritual cut to the heart instead of the genitals.5 Similarly, commodity production and trade seeks an inner value that will express itself in surplus.6
Surplus value is what Antonio needs his ships to deliver and it is what every capitalist needs to reproduce their class. Marx makes this analogy in order to emphasize the universal profit motive of capitalist commodity production. Marx and Shakespeare converge on the idea that profit-seeking is not some noxious Jewish attribute—it’s capitalism.
By setting his play in Venice, the commercial capital of Renaissance Europe, Shakespeare had foreshadowed the total conquest of commerce over global society. The result is a world where, in Marx’s words: “Money is the pimp between need and object, between life and man’s means of life…Money appears as an inverting power in relation to the individual and to those social and other bonds which claim to be essences in themselves. It transforms loyalty into treason, love into hate, hate into love, virtue into vice, vice into virtue, servant into master, master into servant, nonsense into reason, and reason into nonsense.”7
As we observe in our own world, so it is in The Merchant of Venice. Marriages, familial bonds, friendships and even hatreds are all mediated by the need of money. With money as our pimp, the reduction of individuals into venal objects can always be justified. Morality is inextricably bound to how we collectively produce and reproduce our lives. It is not the characters of The Merchant of Venice who are amoral—it is the economic system that produces them.
Thanks for reading!

Robin Russin, “The Triumph of the Golden Fleece: Women, Money, Religion and Power in Shakespeare’s The Merchant of Venice,” Shofar Vol. 31, No. 3: 124. ↩︎
See Act 3, Scene 1. ↩︎
For Antonio is full of hubris when he offers a pound of flesh to secure a loan against even Shylock’s advice; Bassanio and Lorenzo seek women to stabilize their financial standing and Portia uses her wealth to misinform Antonio about the fate of his ships, even going so far as to orchestrate a dramatic courtroom standoff where she casually destroys Shylock after a passionate speech about the value of mercy. ↩︎
It is also worth noting that Shylock consistently forgoes profit in order to maintain the prospect of exacting revenge on Antonio for his abuse. Shylock is therefore much less “money hungry” than others in the play—including his daughter Jessica as well as Bassanio and Lorenzo. ↩︎
From the New King James version of the Bible: “He is a Jew who is one inwardly; and circumcision is that of the heart, in the Spirit, not in the letter; whose praise is not from men but from God.” ↩︎
Expressed in the formula: M-C…C’-M’ (money to commodity, commodity + surplus value to money + surplus value). The principal sum of money is thus transformed into a greater quantity. ↩︎
Karl Marx, “The Economic and Philosophic Manuscripts of 1844” in Essential Writings of Karl Marx (Red and Black Publishers, 2010): 137, 140. ↩︎


