The aim of this article is to analyse Anselm Jappe’s interpretation of the connection between the theory of fetishism and the psychic constitution of contemporary subjectivity, the most significant feature of which is narcissism. After establishing the symbiotic relationship between the value-form and the development of the narcissistic phenomenon, the article discusses the self-destructive nature of fetishism and its impact on subjectivity, which leads capitalism to a state of collapse. Finally, the article seeks to explore the implications of Jappe’s analysis—particularly regarding fetishism and crisis—for Evgeny Pashukanis’ critique of legal subjectivity.