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Reading Notes Readings Questions Search. Ch 1 - The Commodity "The wealth of societies in which the capitalist mode of production prevails appears as an 'immense collection of commodities'". A commodity is a thing which satisfies some kind of human need. The usefulness of a thing defines its use-value, but the usefulness is conditioned on the physical properties of the thing. It is therefore the physical body of the commodity that defines the use value.

Exchange-value is transforming use-value into another kind of value, and is necessarily dependent on context. Consequently, there is no concept of "intrinsic exchange value" to a commodity. An object will have many exchange-values, since it can be exchanged for many items. This is an abstraction of their use-values. With use-values, commodities can differ in quality, while with exchange-values, commodities differ only in quantity.

This leads to the abstraction of human labor who made the table does not matter - only the abstract value of the table.

The exchange value of a commodity is it's "value" - and, a commodity only has value because it has objectified human labor embodied in it. So, for instance, electric looms reduced the value of people hand weaving, even though the amount of labor it took for them to create their product remained the same.

The value of a commodity is inversely proportional to the labor-time necessary to generate such a commodity. Things can be useful, and the product of labor, without being a commodity. So, gifts, taxes of physical objects, etc. For instance, the labor in pants and shirts seems similar, but these items have different use-cases and should be able to confront each other as commodities which, he argues, things with the same use-value cannot confront each other.

Coats with different styles, for instance, may indicate different use-cases. If we subtract the total amount of labor This substratum is furnished by nature without human intervention. There may be a material substratum, the ordering of electrons in your computer say, but it is constantly in flux and - unlike physical commodities - their consistency does not matter.

How does this change capitalism? More complex labor counts as multiplied or intensified simple labor, so a smaller quantity of complex labor is equal to a larger quantity of simple labor.

Commodities are only commodities because they have a dual form: they have a natural form aka, how they are an object of utility and a value form aka, they are bearers of value. The value of a commodity is purely social, in that, it is an expression of the identical social substance of "human labor" and their objective or, abstract value comes from this. The value relation between A and B is that the natural form of commodity B becomes the value form of commodity A or, the physical body of B is a mirror for the value of A.

Value can change over time, so that how much of another commodity one is worth will change. Isn't everything transitived into meaninglessness? Is money a mass delusion? I am skeptical that use-value of an alternative commodity provides any kind of "real" value. Concrete labor becomes the expression of abstract human labor, as the use-value of the commodity equals the exchange value of another, and that the concrete value in that use labor is the expression of the abstract labor value of its equivalent.

Aristotle had difficulty extracting the concept that the "value" of an object equates to "human labor" because Greece was founded on slaves, and human labor was seen as intrinsically unequal. How have American slaved played into American concepts of value? How will computers? In the extended form of value, the value of - say - linen remains unaltered when expressed in coats, coffee, iron, or whatever.

Development of equivalent "extended? A commodity acquires an "equivalent" value from the extended form, because since it can be expressed in any commodity, it has a particular "value" that transcends any individual commodity. Money is, effectively, a purely social commodity it has a "social monopoly" to play the part of universal equivalent. Historically, gold has served as this social commodity.

Th form of wood, for instance, is altered if a table is made out of it. Nevertheless the table as it emerges as a commodity, it changes into a thing which transcends sensuousness. Is there?

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Bush's administration and by progressive voices in the Democratic Party. July sales figures will also be released Thursday.