23) VALUE IN PROCESS
Definition: Capital, therefore, has value only in circulation or in process of exchange.
The transformation of a labor-product into a commodity (its "marketing") is in reality not a simple process, but has many technical and social preconditions. These often include:
- the existence of a reliable supply of a product, or at least a surplus or surplus product.
- the existence of a social need for it (a market demand) that must be met through trade, or at any event cannot be met otherwise.
- the legally sanctioned assertion of private ownership rights to the commodity.
- the enforcement of these rights, so that ownership is secure.
- the transferability of these private rights from one owner to another.
- the right to buy and sell the commodity, and/or obtain (privately) and keep income from such trade
- the (physical) transferability of the commodity itself, i.e. the ability to store, package, preserve and transport it from one owner to another.
- the imposition of exclusivity of access to the commodity.
- the possibility of the owner to use or consume the commodity privately.
- guarantees about the quality and safety of the commodity, and possibly a guarantee of replacement or service, should it fail to function as intended.
Dialectics of Capital:
↱ Value in Process ↰
Capital ⇅ Buying and Selling
of Labour Power
↳ Profit ↲
See previous (Capital) ⇆ See next (Profit)