Question

A commodity can be approached from the standpoint of use value, exchange value, and value. Take an example of any commodity and explain its different aspects through these three different value concepts. Using your chosen commodity, define and explain what Marx meant by commodity fetishism.

Answer 1

The commodity is the product or service which has been sold in an economic market regardless of the manufacturers. The commodity is related with three factors like the use value, exchange value and the value. Here a commodity “book” is taken into consideration for the purpose of analyzing it based on the value concepts.

Use value: The use of the book or the degree to which the book satisfies the needs of the society is the use value of the book. Based on the use value of the book, its demand in the market increases or decreases. This use value acts as the major factor for the marketing purposes and also forms its unique selling point.

Exchange value: The ratio to which the book can be exchanged with another product. When the exchange value of a commodity is high in the market then that product is competitive in the market. The book can be exchanges with another book. The quality, credibility, and the content of the book determines the exchange value of the book

Value: Marx relates the value of the product to the monetary value of the product. Here in case of the book the value of the book is the price of the book.

Marx critiques the political economy by the term commodity fetishism. According to him commodity fetishism is the perception that exists in the relationships. He explains that the actual relationship is between the commodity and the price or other monetary or the non monetary exchange forms of the product rather than the relationship between the producer and the product. He explains that when a commodity obtains its use value and exchange value then its value is determined by the monetary terms and not by the relationship between the producer and the buyer or the commodity. In the economic market the commodity is seen regardless of the manufacturer.