SOC231H5 Lecture Notes - Lecture 4: Class Consciousness, Economic Determinism, Making Money
Document Summary
Manifesto of the communist party: the commodification of everything, including social relations and labour power. Any and every object that can be commodified, is commodified according to marx, for capitalism (ex. Language, text, object, image: labour power is not physical activity. The key to capitalism is when the capacity of labour becomes commodified. In addition to what occurs, marx argues that there is a structural problem under capitalism, where a crisis is built into the system itself. Capitalism creates wealth, but this capacity of wealth creates barriers, and creates endless cycles over time. This, according to marx, leads to overproduction: mature capitalism: key features of mature capitalism include a crisis due to overproduction, where the market is flooded with commodities. All the commodities consumed occur from minimum amount of corporation (ex. Adidas and so forth stand as financial representations, whereas products are actually provided through outsourcing). Also, falling rate of profits leads to cutting the cost of production (ex.
