SOC 203 Study Guide - Final Guide: Global Health, General Agreement On Tariffs And Trade, Meritocracy
4 Mar 2014
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Labour theory of value: use value can drive in a nail). The qualitative value of a commodity; what the commodity actually does. (hammer: exchange value. Not necessarily price, but rather, represents what (quantity of) other commodities it will exchange for, if traded. (hammer can be exchanged for ). The excess of value produced by the labor of workers over the wages they are. Commodity - a raw material or primary agricultural product that can be bought and sold, such as copper or coffee. Commodity fetishism - capitalism affects the way people interact with each other based on the economic class the belong to and the means by which this is reflected are commodities. For instance, under capitalism everything that can be exchanged becomes a commodity, even labor. So by selling your labor to an employer you are commoditizing yourself, and that defines the kind of relationship you and your employer will have.
