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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]
Since the 19th century, when Karl Marx presented the theory of commodity fetishism, in Section 4, "The Fetishism of Commodities and the Secret thereof", of the first chapter of Capital: Critique of Political Economy (1867), the constituent concepts of the theory, and their sociologic and economic explanations, have proved intellectually fertile ...
The commodification of nature has its origins in the rise of capitalism.In England and later elsewhere, "enclosure" involved attacks upon and eventual near-elimination of the commons—a long, contested and frequently violent process Marx referred to as "primitive accumulation."
Marx's theory of value differs from the classical view in his definition of labor. Marx separates it into two different types: concrete and abstract labor. [15] Concrete labor can be thought of as the unique characteristics of labor such as the work of a farmer versus a tailor.
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's analysis of the commodity is intended to help solve the problem of what establishes the economic value of goods, using the labour theory of value. This problem was extensively debated by Adam Smith, David Ricardo [26] and Karl Rodbertus-Jagetzow among others.
Marx addressed a wide range of issues, including alienation and exploitation of the worker, the capitalist mode of production and historical materialism, although he is most famous for his analysis of history in terms of class struggles, summed up in the opening line of the introduction to The Communist Manifesto: "The history of all hitherto ...