Marx Flashcards
(74 cards)
Commodity
An object with both use-value (practical utility) and exchange-value (market value). Commodities are the basic units of capitalist exchange.
Use-Value
The usefulness of a commodity. It satisfies a human need but does not determine its value in exchange.
Exchange-Value
The quantitative worth of a commodity in relation to others, determined through market comparison and labor time.
Value (Marx)
The amount of socially necessary labor time required to produce a commodity. This labor theory of value underpins Marx’s critique of capitalism.
Fetishism of Commodities
The distorted perception in capitalism where social relations between people appear as economic relations between things (commodities).
Abstract Labor
Labor stripped of individual characteristics and reduced to a universal unit for comparison. The basis of value under capitalism.
Concrete Labor
Specific, skill-based work that produces use-values. It contrasts with abstract labor, which produces value.
Socially Necessary Labor Time
The average time required to produce a commodity under normal conditions with average skill and intensity.
Money
The universal equivalent in which all commodities express their value. It obscures the social relations underlying exchange.
C-M-C and M-C-M’
Two circuits of exchange: C-M-C (commodity for money for commodity) for use; M-C-M’ (money for commodity for more money) for capital accumulation.
Capital
Money that is invested with the intention of generating more money. It becomes a social relation, not just a thing.
Surplus Value
The excess value produced by labor over and above what is paid in wages. This is the source of capitalist profit.
Labor Power
The worker’s capacity to labor, which is sold as a commodity. Distinct from labor itself; its use creates value.
Necessary Labor
Time the worker spends producing the value equivalent to their wage (subsistence).
Surplus Labor
Labor performed beyond what is necessary to reproduce the worker’s wage—this generates surplus value for the capitalist.
Exploitation
The process by which capitalists extract surplus value from workers by paying them less than the value they produce.
Working Day
The total duration of daily labor. Marx analyzes its extension as a source of exploitation and class struggle.
Capitalist Production
The combination of means of production (tools, machines) and labor power under capitalist ownership to generate profit.
Cooperation
Workers laboring together under the capitalist’s direction. It increases productivity but deepens exploitation.
Division of Labor
The specialization of tasks in production, which enhances efficiency but also alienates the worker and fragments their labor.
Machinery and Modern Industry
The use of machines to control and speed up labor. While it increases productivity, it also intensifies labor discipline and deskills workers.
The Factory System
Industrial production organized around machinery and controlled by capitalists. It subjects workers to a mechanical regime.
Real Subsumption
The stage where capital not only controls the product of labor but transforms the labor process itself.
Primitive Accumulation
The historical process of forcibly separating people from the means of production (e.g., land). It is the precondition for capitalist production.