This article provides a Spinozist-Marxist analysis of the political consequences of those transformations affecting the sphere of production in the development of the so-called post-Fordist economies. Characterized by the constant integration of communicational and affective activities into the sphere of social value production, this new epoch of capitalist accumulation reveals both a remarkable progress and a somewhat astonishing evolution of the separation of individuals from the conditions of their material existence, which the capitalist mode of production had begun to realize at the dawn of the industrial age and has now, it seems, definitively completed. As all ethical and symbolic productions have been irreversibly conquered by market dynamics, the possibility of overcoming the misery engendered by this new extension of capitalist valorization – a most profound and novel form of misery – would require new foundations. This article accounts for a political thought that proposes, rather than a rescue operation of the autonomy of public sphere, an interpretative method, by way of the productive subjectivities themselves, of the subjectivation dynamics that are specific to this epoch of capitalist accumulation. I wish to portray the main aspects of the project I call a “hermeneutics of misery,” that is to say, the manner in which misery itself, in its own imaginative gesture, grasps the dynamics that are contributing to it and thereby enacts the communist composition of a productive power.