Commodity Fetishism

Paper Summary:

This paper examines commodity fetishism, a central tenet in Marxist theory, as well as crucial cornerstone in globalization. The paper claims that despite this central importance to Marxist theory, commodity fetishism is too often overlooked or misinterpreted by social and economic theorists who employ (or criticize) Marxist theoretical approaches. As such, there has been a general lack of understanding regarding how commodity fetishism influences the development and manifestation of advanced, or late, capitalist societies. The paper aims to unveil the meaning and significance of commodity fetishism, particularly in order to reveal what this concept can tell us about human relations under capitalism, freedom, ideology, equality, and democratic ideals. In the end, the paper concludes that commodity fetishism only demands that all social relations be conducted through the marketplace and through the medium of commodity exchange, but has no interest in liberty or democracy beyond this point, a realization that should give pause to claims that capitalism is the harbinger of democracy.

From the Paper:

"In this way, commodity fetishism is more than just an ideological category that is a part of capitalism--instead, it is inseparably linked to capitalism, being a component without which capitalism cannot function (Wenning par. 11). Commodity fetishism dictates that social relations will be defined in terms of the values placed on commodities, making the commodities a crucial part of all social relations in a capitalist society. Commodity fetishism occurs because under capitalism the medium of exchange of the whole of individuals' material lives is the commodity. One trades his or her labor--a kind of commodity--for currency--another kind--which is then exchanged for other commodities no longer produced by the individual or even the community. In these instances, it is only commodities that shift hands as they are exchanged according to the value that is placed in them by, what Marx deems, a fetishizing impulse. The value of commodities is, to a large degree, utterly arbitrary. A tiny diamond is worth far more than a loaf of bread, even though the latter is much more valuable and necessary in a practical sense in the day-to-day life of an individual. Capitalism fetishizes commodities and imbues them with values completely out of proportion to their function or usefulness to individuals or communities."

Sample of Sources Used:

• Barber, Benjamin. "Jihad vs. McWorld." The Atlantic Monthly (Mar. 1992): 91-101.
• Tehranian, Majid. "Terrorism: The Search for Measured Responses." Nuclear Age Peace Foundation. 19 Sept. 2001. 3 Mar. 2007 <http://www.wagingpeace.org/articles/2001/09/19_tehranian_terrorism.htm>.
• Wenning, Mario. "The Reality behind Commodity Fetishism." Sic et Non. 2002. 2 Mar. 2007 <http://www.sicetnon.org>.

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