A commodity’s value can be understood by its “use value” and its “exchange value.” The use value is the utility of the object and is naturally possessed by the object for example, a hammer is good at driving in a nail through a hard surface. In Marx’s labor theory of value, not all commodities are created equal. That is, if someone can own a printing press, then they have the means to produce a book, and they can use the resultant commodities to make and sell even more commodities. In Marx’s view, capitalism is the individual (or corporate) attempt to accumulate more and more wealth, often by owning the means of productions. Commodities are the smallest unit of capitalism. In Part I, “Commodities and Money,” Marx defines a commodity as anything that meets a human desire. These include historical materialism, a system of historical analysis that asks how the economy elucidates power dynamics at any given time, and commodity fetishism, the drive that leads members of a capitalist society to think constantly of money and to strive for it, often to the detriment of their wellbeing. It gave rise to many well-known concepts. Its themes include the power of money to conceal everyday exploitation, the arbitrary nature of working conditions, and the modern-day alienation brought on by unjust working conditions. It has inspired communist and socialist movements around the world, as well as workers’ rights legislature in capitalist countries such as the U.S., the U.K., and Australia. Capital is a seminal work in economics, political theory, history, philosophy, and several other social sciences. Altogether, Capital exceeds 800 pages.Marx only fully finished the first volume, and his collaborator throughout the project, philosopher and mill owner Friedrich Engels, used incomplete manuscripts to complete and publish Volumes Two and Three. The second and third volumes were published in Germany in 18, years after Marx’s death in 1883.
Famed economist and philosopher Karl Marx published the first volume of Capital: Critique of Political Economy (Das Kapital: Kritik der politischenÖkonomiein the original German) in 1867.
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