

Marx's Capital Vol. 1 w/ David Smith
12 snips Mar 25, 2025
In a captivating discussion, David Smith, a Sociology Professor at the University of Kansas and author of "Marx's Capital Illustrated," unpacks the essence of capitalism through Marx's seminal work. They delve into concepts like commodity fetishism and the dichotomy of use versus exchange value. Smith highlights the relevance of Marx's critique in today's economic landscape, addressing labor struggles and the role of money. Ultimately, they envision a society centered on sharing, exploring the profound implications of capitalism's profit-driven nature.
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The Double Life of Commodities
- Commodities, produced for exchange, have a dual nature: use-value and exchange-value.
- Exchange-value (price) often blocks access to use-value, even when needs are unmet.
The Commodity's Contradiction
- The commodity's exchange-value (price) creates a barrier to its use-value, hindering need satisfaction.
- This contradiction prevents sharing and forces selling, even amidst abundant production capacity.
Abstract Labor and Value
- Abstract labor is the average time and energy needed to produce a commodity, determining its price.
- Technological advancements reduce abstract labor, impacting prices and potentially displacing workers.