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The Market as a Social Institution
Question
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Explain Commodification as feature of capitalism.

Answer

The term 'Commodification' can be described as:

  1. Commodification occurs when things that were earlier not traded in the market become commodities.

  2. According to Marx and other critics of capitalism, the process of commodification has negative social effects.

  3. But in modern society, almost everyone accepts the idea that a person’s labour can be bought, or that other services or skills can be provided in exchange for money.

  4. Under commodification labour or skills become things that can be bought and sold.

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