What is a universal equivalent?
UNIVERSAL EQUIVALENT: An object that is the measure by which all commodities are compared and exchanged on the market. In capitalism, this function is eventually taken over by money, first precious metals then paper money.
What is the general equivalent?
The general equivalent has itself no relative form of value in common with other commodities; instead its value is expressed only in a myriad of other commodities.
How does Marx define exchange value?
Marx regards exchange-value as the proportion in which one commodity is exchanged for other commodities. Exchange-value, for Marx, is not identical to the money price of a commodity. The value of a good is determined by the socially necessary labour time required to produce the commodity.
What are the different terms related to Marxism?
A. alienation. antagonism. aristocracy.
Is money a universal equivalent?
In Capital (and elsewhere, selectively cited below) Marx defines money as the universal equivalent, or the independent form of value. By representing value in general, money allows the value of particular commodities (abstract labour-time) to be expressed as price in capitalist markets.
How is value created Marx?
Marx argued that value-creating (productive) labour was labour exchanged against capital, i.e., employed as wage labour. Thus capitalist services could create surplus value.
What is the highest rank in military?
five-star general
What Is the Highest Military Rank? The highest military rank is O-10, or “five-star general.” It is symbolized by five stars for each of the military services. Although it is currently a part of the military service rank system, no officer has been promoted to it since World War II, when the rank was created.
How does Marx define the difference between money and capital?
Capital is in the first place an accumulation of money and cannot make its appearance in history until the circulation of commodities has given rise to the money relation. On the other hand, capital is money which is used to buy something only in order to sell it again. [Marx represented this as M – C – M.]
What is use value Karl Marx?
For Karl Marx, the value of a commodity consists of two contradictory aspects: use value and exchange value. Use value refers to a product’s utility in satisfying needs and wants as afforded by its material properties.
What is the difference between Marxism and socialism?
In socialist system, means of production are owned by public enterprises or cooperatives. The surplus value of production is enjoyed by all members of society on the principle of individual contribution. In a Marxist setup, means of production are commonly owned and individual ownership is abolished.
Which of the following is a function of money the universal equivalent?
Briefly put, the first function of the ‘universal equivalent’ is to measure value. When the holder of money consents to a commodity owner’s offer to sell, the value of the commodity is measured for the market as a whole. Simultaneously, money functions as means of exchange.
What is the value form according to Karl Marx?
The value-form or form of value ( German: Wertform) is a concept in Karl Marx ‘s critique of political economy. Marx’s account of the value-form is differently adopted in later forms Marxism, in the Frankfurt School and in post-Marxism.
Are economics and Karl Marx the same thing at all?
But Marx argues they are not the same things at all. This point is important in the understanding of economic value and markets. Precisely because the political economists kept conflating and confusing the most basic economic categories, Marx argued, they were unable to provide a fully consistent theory of the economy.
What is linen according to Karl Marx?
Marx claims that since there is a comparison (20 linen=1 coat), there must be a common element to compare. That common element is not the use-value (linen is not the same as coat). It is the exchange-value, or Value, or the human labor embodied in the two products.
Why do Marx-scholars refer to both versions of Karl Marx’s writings?
Usually Marx-scholars refer to both versions anyhow, because each of them provides some extra information which does not occur in the other version.