SOCIOL 101 Lecture Notes - Lecture 4: Labour Power, Fetishism
Document Summary
A commodity that is used as a universal equivalent. C m = commodities exchanged for money. M c = money exchanged for commodities. Sell labor power get paycheck buy commodity you didn"t have before (food, rent, things) Start with money go out and buy commodities sell commodities for more than you paid for. Buying in order to sell for a profit. Value that is in the process of transforming into more value. Surplus value comes from difference of labor that capitalist receives and actual cost of labor. Fact that value of labor power is less than the value it produces. Marx"s theory of capitalism - the fetishism of commodities. Labor: human activity that creates use-values (useful products) Labor-power: the mental and physical capabilities of humans for producing use-values. Key commodity in modern capitalism (can be bought and sold) Slaves, serfs, cannot choose to sell their labor, they have no choice.
