Question
Explain Commodification as feature of capitalism.
Solution
The term 'Commodification' can be described as:
- Commodification occurs when things that were earlier not traded in the market become commodities.
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According to Marx and other critics of capitalism, the process of commodification has negative social effects.
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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.
- Under commodification labour or skills become things that can be bought and sold.
