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[98] Gregory: “The joint work of all commodities...” We all know that every commodity consists of a
“value” that is determined individually by its process of labor and
value of use to the consumer. Consequently, determination of a single
trade variable (i.e. currency in the form of paper money or gold) is
neccessary for the universal trade of commodities. Understanding that
all commodities have a determined use value that allows the commodity to
be qualitatively and quantitatively compared to others, the need for a
“universal commodity” to represent all commodities on a larger scale is
greatly evident. Although we as consumers know that paper money has
little to no actual use value, in relation to the joint work of all
commodities, it performs the ultimate function necessary for the trade
and exchange of commodities in the market. Marx explains that in his General form of
value “10lbs.of tea = 20yds. of linen, 40lbs.of coffee
= 20yds. of linen, therefore 10lbs of tea = 40lbs of coffee. In other
words 1lb. of coffee contains only a quarter as much of the substance of
value, that is, labor, as 1lb of tea.” In concern to the joint work of
all commodities, this indicates that they are all in direct correlation
due to their values determined by labor and use, which are ultimately
represented by the value of one universal commodity. If the exchange of
commodities in the market and their values were determined solely by the
individual based on their personal use value for that particular
commodity, the result would be a market with little uniformity or
structure. In this case, commodities would have little or no joint work.
In conclusion, my understanding is that Marx's General form of value is
the joint work of all commodities that are ultimately measured to one
single commodity. |
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