Defining Terms of Marx: Analysis from Capital, Vol. 1

Explain the following terms: use lever, substitution esteem, foster of labor power, constant capital, socially necessary labor fourth dimension (SNLT) and labor value of a commodity. How does Marx derive the role of money in a commodity exchange economy? economic consumption value of a good or assistant is created by all societies, capitalistic and non-capitalist. The use values of such argon not specifically measurable in a numerical sense; it is the level of demand by a community, or social necessity for certain goods or suffices. Unique to capitalist production is the exchange value of goods or services. The exchange value is the value of a good or service comp atomic number 18d to other good or service. Understanding use value and exchange value broadly defines two kinds of economies - subsistence economies and surplus producing economies. Subsistence economies are concern with meeting needs for social good while surplus-producing economies are concerned with meeting social needs (real or perceived) and creating superabundance profit. It is important to remember that a good or service becomes a commodity under capitalism because it is produced with the intention of world exchanged for a profit. in commodity production, production needfully implies exchange; exchange in a necessary grade in the process of reproduction (Shaikh 1977).

However, all commodities, in attachment to having an exchange value, retain their use value as well. Goods that set out a use value can transition to withal having an exchange value when they are appropriated by private industry. An usage of this is the water industry in Bolivia, which was owned and maintained by the government, and provided as a service to the public. When the water industry was privatized, the service of water was given an exchange value, for which citizens than had to pay for. Through a recent process of renationalization, the water industry was taken stake under control of the government and it maintained its use value while it lost its exchange value. The value... If you want to get a full essay, order it on our website: Ordercustompaper.com

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