Commodity money

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Utopian futures, present the Marxist ideas of commodity fetishism, alienation and modernity as it relates to the human need for happiness, security and spirituality and/or religiosity. The futuristic worlds that both authors set up in their short stories deal with the ramifications of modernity in societies; in both worlds the threat against individual and collective life of humans is what drives them into developing values that keep such threats at bay. Commodity Fetishism is an inherent…

Emotional relationships developed with the material is reflected on other individuals in their efforts of communication. Social relationships were then established to be based on material wealth, in the act of conspicuous consumption followed by commodity fetishism. Materialist behaviour stratified…

Karl Marx is known for his work on commodity fetishism. A commodity is an object considered to be merchandise or a possession. Marx referred to a commodity as having its’ exchange value determined by how much labor and time was put into producing that certain object or desired item. The fetishism part of a commodity is defined as the habitual act of characterizing commodities with possessing qualities that are human-like or larger than life. Marx sees commodity fetishism as people defining…

how commodities can be perceived in several ways. For example, gold can be seen as a commodity or as a form of currency that, varying in amount, can represent the value of different commodities and be used to facilitate exchange. In this example, Marx demonstrates how, when we use money as a medium of exchange, objects we once used as commodities have metamorphosed into objects with a different use, that of a medium of exchange. Marx goes on to explain that this change occurs after commodities…

traditional money system cannot be relied upon to hold our economy. The Industrial age in the early 18th century drastically changed everything, through the rise of factories and development of commercial goods, currencies based on commodity became unnecessary for many reasons. Correspondingly, due to the innovative and highly tech forward society of today, more than ever, has it become a need to have a money system that is regulated by a central authority. Metallism, the old school money…

create more money in the way that colonial paper bills did. Marx’s generalized system will be used to demonstrate the process in which this occurred. Marx’s generalized system, which can be represented as m-m-c…p…c’-m’-m’’. The first portion (m-m) represents the loan from the institution to the industrialist, next (m-c), which represents the purchasing of commodities by the industrialist, which are used to produce commodities (c…p…c’) where (c’) represents the newly produced commodities with a…

Alexis Villarreal Prof. Matlock English 1302 12 August 2015 Gold Standard Gold has been admired and criticized throughout the centuries. There has been many unimaginable commodities like stones, pottery, tobacco, and after many errors of the wrong one, human kind embraced Gold. People did not randomly adopt Gold; it was rare, dense, shiny and easily identifiable. Even nowadays all people go crazy for a piece of gold, and would even kill. The gold standard would open up opportunities for…

since it will be used to repay the advance” (p. 198). Thus, “[b]ank-notes are claims on a defined quantity of gold. Paper money is a means of payment whose purchasing power over goods (or gold) is fixed on the market according to variations in supply and demand. It is a legal claim, and it is only the law which gives it the power to settle debts” (p. 199). [Legal-tender paper money settles a debt by passing that debt to another. However, being an obligation of the issuer, it can never extinguish…

“‘Goodwill’ developed into trading as a more equitable means of maximizing individual satisfaction”. Therefore, self-satisfaction is the most important motivation of P.O.W camp exchange system. In the P.O.W. camp, the prisoner will receive same commodity parcel in a fixed period without any struggle. However, everybody has their own preferences, and the stuff in the parcel cannot exactly satisfy their needs. For example, some of the prisoner are non-smoker, they get cigarette like everyone else.…