He begins his thesis with an introduction to the complex history of the word:

My argument, then, is that the fetish could originate only in conjunction with the emergent articulation of the ideology of the commodity form that defined itself within and against the social values and religious ideologies of two radically different types of noncapitalist society, as they encountered each other in an ongoing cross-cultural situation. This process is indicated in the history of the word itself as it developed from the late medieval Portuguese feitiço, to the sixteenth-century pidgin Fetisso on the African coast, to various northern European versions of the word via the 1602 text of the Dutchman Pieter de Marees... The fetish, then, not only originated from, but remains specific to, the problem of the social value of material objects as revealed in situations formed by the encounter of radically heterogeneous social systems, and a study of the history of the idea of the fetish may be guided by identifying those themes that persist throughout the various discourses and disciplines that have appropriated the term. Stallybrass concludes that "Pietz shows that the fetish as a concept was elaborated to demonize the supposedly arbitrary attachment of West Africans to material objects. The European subject was constituted in opposition to a demonized fetishism, through the disavowal of the object." History
Initially, the Portuguese developed the concept of the fetish to refer to the objects used in religious practices by West African natives.
The contemporary Portuguese feitiço may refer to more neutral terms such as charm, enchantment, or abracadabra, or more potentially offensive terms such as juju, witchcraft, witchery, conjuration or bewitchment. The concept was popularized in Europe circa 1757, when Charles de Brosses used it in comparing West African religion to the magical aspects of ancient Egyptian religion. Later, Auguste Comte employed the concept in his theory of the evolution of religion, wherein he posited fetishism as the earliest (most primitive) stage, followed by polytheism and monotheism. However, ethnography and anthropology would classify some artifacts of monotheistic religions as fetishes. The eighteenth-century intellectuals who articulated the theory of fetishism encountered this notion in descriptions of "Guinea" contained in such popular voyage collections as Ramusios Viaggio e Navigazioni (1550), de Brys India Orientalis (1597), Purchass Hakluytus Posthumus (1625), Churchills Collection of Voyages and Travels (1732), Astleys A New General Collection of Voyages and Travels (1746), and Prevosts Histoire generale des voyages (1748).The theory of fetishism was articulated at the end of the eighteenth century by G. W. F. Hegel in Lectures on the Philosophy of History.