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Length: 1 page, double-spaced (250–300 words).
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Deadline: March 14, 4:59pm.
Assignment: Reconstruct Marx’s answer to the question “How does commodity exchange work under capitalism?” using pp. 244–264 in SW (“Capital, Volume One (selections),” Chs. 2, 3, 4).
You need to explain (a) the difference between “realiz[ing commodities] as values” and “realiz[ing commodities] as use-values”—keeping in mind that “as values” means “as [exchange-]values” (p. 245), (b) “why and by what means a commodity becomes money” (p. 251), including the concept of “universal equivalent” (p. 248) and what determines the value of money (p. 251), (c) what distinguishes C-M from M-C (pp. 253–55), (d) what distinguishes C-M-C from M-C-M (pp. 256–57), i.e. the difference between “money as money” and “money as capital” (p. 255), (e) why the formula “M-C-M” by itself is “absurd,” “empty,” or “tautological” (pp. 256, 258), and (f) how the general formula for capital differs from “M-C-M.”
You can ignore all references to Maritornes, Apocalypse, the Enlightenment, the seventeenth century, the Last Judgment, Jews, and anything in Latin or German. In French, dénouements means outcomes or results (p. 253), dramatis personae means characters or parties (pp. 253, 256, 273), eau-de-vie means water of life (literally) and liquor or “spirits” (figuratively), “Nulle terre sans seigneur” means “if there is land, someone owns it” (p. 255n45), and “L’argent n’a pas de maitre” means “money has no master” (p. 255n45). Looking ahead, “la chose qu’on aime pour lui-même” means “that which one loves for itself” (p. 282), and the Latin phrase “auri sacra fames,” meaning “craving for gold” (p. 261n53), will appear in the main text of Weber’s Protestant Ethic.
A question we will discuss in section on 3/16 is, if the reality “is … that a particular commodity becomes money because all other commodities express their values in it”, why does it appear “that all other commodities universally express their values in a particular commodity because it is money” (p. 252)? What does this have to do with commodity fetishism?
Citations: The page from which an idea originates should be cited in this manner (Marx and Engels 1994:245). When citing multiple pages, use a hyphen or dash followed by only two digits (Marx and Engels 1994:263-64). All citations must include a page number. More citations is better.
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