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In Marx's theory, a commodity is something that is bought and sold, or exchanged in a relationship of trade. [4] It has value, which represents a quantity of human labor. [5] Because it has value, implies that people try to economise its use. A commodity also has a use value [6] and an exchange value. [7]
Karl Marx considered commodity a cell-form of capitalism. The Marxist understanding of commodity is distinct from its meaning in business. Commodity played a key role throughout Karl Marx's work; he considered it a cell-form of capitalism and a key starting point for an analysis of this politico-economic system. [16]
The socialist mode of production, also known as socialism or communism, [a] is a specific historical phase of economic development and its corresponding set of social relations that emerge from capitalism in the schema of historical materialism within Marxist theory. The Marxist definition of socialism is that of production for use-value (i.e ...
In the Marxist theory of historical materialism, a mode of production (German: Produktionsweise, "the way of producing") is a specific combination of the: . Productive forces: these include human labour power and means of production (tools, machinery, factory buildings, infrastructure, technical knowledge, raw materials, plants, animals, exploitable land).
In a conspectus and critique of Adam Smith's theory of value, Marx similarly gives a brief description of simple commodity production (although admittedly he did not use that terminology): "Let us assume that all workers are producers of commodities, and not only produce their commodities but also sell them.
In 20th-century discussions of Karl Marx's economics, the transformation problem is the problem of finding a general rule by which to transform the "values" of commodities (based on their socially necessary labour content, according to his labour theory of value) into the "competitive prices" of the marketplace.
Marx never provided a complete definition of the capitalist mode of production as a short summary, although in his manuscripts he sometimes attempted one. In a sense, it is Marx's three-volume work Capital (1867–1894; sometimes known by its German title, Das Kapital ), as a whole that provides his "definition" of the capitalist mode of ...
However, in Marx's theory, the value-creating function of labour power is not its only function; it also importantly conserves and transfers capital value. If labour is withdrawn from the workplace for any reason, typically the value of capital assets deteriorates; it takes a continual stream of work effort to maintain and preserve their value.