Marxism (Basic) Economics
Commodity An Article of Trade (An object which has value).
Use value â€˘ For Example: A Shoe = can be used to wear, saves our feet from any rough objects etc, etc.
Exchange value â€˘ For Example:
1 Shoe = 1 Comb
Use value is the direct means of existence
Money For Example: 1.5 shoes = 1 Cap Therefore 1.5 shoes = 100 Rupees = 1 Cap
Relation b/w Laborer and Capitalist
M` – C – M` (Capitalist)
Construction of the Capital
Conclusion • Labor is the only commodity that can add value to a commodity. • With Surplus value, Capitalist can exploit human labor for their own personal gains. • They can make them work for longer hours and\or make faster productivity. • The only way we can achieve freedom from exploitation is by initially creating a worker’s state, which will slowly evolve into a communistic society.