Theory of commodity fetishism

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Karl Marx — revolutionary and thinker. The mistaken view that the value of a commodity is intrinsic and the corresponding failure to appreciate the investment of labour that went into its production. Karl Marx created this term, borrowing the notion of the fetish from anthropology, where it refers to a sacred or symbolic object that according to its worshippers has supernatural power. Commodities are fetishes in this same sense because by power of our belief in them we create an obscure hierarchy of value that rates a diamond over fresh water to use Adam Smith's famous example from The Wealth of Nations , in spite of the fact that the diamond serves little or no purpose.
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Commodity fetishism

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Introduction to Karl Marx, Module on Fetishism

In Karl Marx 's critique of political economy , commodity fetishism is the perception of certain relationships especially production and exchange not as relationships among people, but as social relationships among things the money and commodities exchanged in market trade. As a form of reification , commodity fetishism perceives economic value as something that arises from and resides within the commodity goods themselves, and not from the series of interpersonal relations that produce the commodity and evolve its value. The theory of commodity fetishism is presented in the first chapter of Das Kapital English: Capital. Critique of Political Economy , at the conclusion of the analysis of the value-form of commodities, to explain that the social organization of labor is mediated through market exchange, the buying and the selling of commodities goods and services. Hence, in a capitalist society, social relations between people—who makes what, who works for whom, the production-time for a commodity, et cetera—are perceived as social relations among objects; depending on the social function of the exchange, objects acquire a certain form for example, if the function is to render possible exchange, the object acquires value; if its function is one of hiring a worker, then the object becomes capital.
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Marx’s Theory of Fetishism

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