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SOC 111 (46)

Lecture on Capitalism

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SOC 111
Jean Golden

SOC 111 – The Social World 1 November 10, 2011 Capitalism Mode of Production – Capitalism - How we produce and exchange the necessities of life - How we reproduce the species Capitalism - Market economy - things are produced for exchange in the market place - not for personal use (natural vs. exchange economy) Emergence of Commodity Production Commodity: product manufactured for sale in themarket 2 Characteristics of a Commodity: 1. Use value: meets a need - Some are fads  i.e., pet rock 2. Exchange value: price/$ How is Exchange Value Determined? 1. The amount of labour time required to produce a commodity 2. Under normal conditions of production in a given society 3. With the average degree of skill 4. The intensity of labour Labour Power as a Commodity Labour power: - Our mental and physical capacity to work - Workers legally free to sell labour power in marketplace 1 SOC 111 – The Social World 1 November 10, 2011 - Must sell labour power to survive Use Value: helps the capitalist to make $ Exchange Value: wages How is exchange value of labour determined? - Cost of means of survival of the worker - Cost of means of survival of worker’s family - Cost of satisfying social and cultural needs - Cost of workers training = Cost of labour power to produce labour power and the commodities need by family = WAGE But… Price and wage can be affected by: 1. Supply and demand (i.e., Call of Duty: Black Ops) 2. Market conditions (i.e., business cycle) 3. Advertising/Branding (i.e., Air Jordan) 4. Social Conditions: e.g. gender, race, age, ability MODE OF PRODUCTION ↙ ↘ Forces of Production Relations of Production
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