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Defining Terms of Marx: Analysis from Capital, Vol. 1
Essay specific features
Written by:
Patricia H
Date added:
October 30, 2011
Level:
University
Grade:
B
No of pages / words:
6 / 1611
Was viewed:
2927 times
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Essay content:
The exchange value is the value of a good or service compared to another good or service. Understanding use value and exchange value broadly defines two kinds of economies - subsistence economies and surplus producing economies. Subsistence economies are concerned with meeting needs for social good while surplus-producing economies are concerned with meeting social needs (real or perceived) and creating excess profit...
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It is important to remember that a good or service becomes a commodity under capitalism because it is produced with the intention of being exchanged for a profit. “in commodity production, production necessarily implies exchange; exchange in a necessary step in the process of reproduction” (Shaikh 1977)...
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