Value is linked to devaluation just as the inclusion of some is linked to the exclusion of others. This mechanism, called "externalization as a principle", is characteristic for the capitalist formation of value, which is shaped by domination and systematically causes devaluations and exclusions. The construction of this externalizing principle is analyzed in terms of theory and history of ideas in order to then look for current changes: A rupture of values through COVID-19? Domination-free values without externalization in alternative spaces of action? The results of the case study invite critical reflections and forward-looking considerations.