Marx examines the peculiar economic properties of market products in capitalist societies using the concept of the fetishism of commodities. Marx describes how products acquire value that is seen as inherent to them after workers’ labor modify the product (Marx & Engels, 1848). The adjustments that the proletariat makes to the raw material is what makes the commodity have value. However, this crucial link between the product and the laborer is cut off when items enter a capitalist milieu and are exchanged for money (Ritzer, 2011). Thus, the fetishism of commodities places unearned value on an entity that ignores the social relations that were involved in its production.
The modern consumer economy can be analyzed through the lens of the fetishism of commodities. Potential customers of products are by marketing strategies which highlight their prestigious qualities (Ritzer, 2011). The world of fashion offers an insightful example of this phenomenon. Clothes from specific companies are advertised as high-end and derive their high prices from being attached to the inanimate brand name. Consequently, buyers spend their money on the high social status associated with the product, rather than the human labor expended in making the product.
Additionally, the smartphone industry can also be dissected using this concept. The prices of two phones with similar qualities can differ depending on the technology company’s market reputation. Consumers choose particular gadgets due to the company’s image and not other important factors, such as how ethically the parts are sourced. Moreover, buyers ignore recent revelations about most workers’ terrible working conditions in the phone manufacturing industry. In short, customers exchange their money for the perceived value of the product, thereby completely sidestepping the workers’ efforts.
To conclude, Marx’s idea of the fetishism of commodities provides an adequate explanation of how products are valued in capitalist societies. Market products are priced according to qualities added to them by modification through human labor. However, the workers’ contribution to the final product is hidden. In the modern world, the luxury fashion industry and the high-end smartphone industry provide examples of how the social value associated with the products is exchanged for money.
References
Marx, K. & Engels, F. (1848). The communist manifesto. Electric Book Co.
Ritzer, G. (2011). Classical sociological theory. (6th Ed.). McGraw-Hill.