CUET Preparation Today
What is commodification? |
When a commodity gets a good package and advertisements it's called commodification. When a thing is controlled by a community, which has a monopoly on selling and buying it, it's commodified. When things that were not traded earlier get introduced into the market it's called commodification. Commonly used goods are commodification. |
When things that were not traded earlier get introduced into the market it's called commodification. |
The correct answer is Option 3: When things that were not traded earlier get introduced into the market it's called commodification Commodification refers to the process by which things that were not previously bought and sold become commodities and are traded in the market. NCERT: The growth of capitalism around the world has meant the extension of markets into places and spheres of life that were previously untouched by this system. Commodification occurs when things that were earlier not traded in the market become commodities. For instance, labour or skills become things that can be bought and sold. According to Marx and other critics of capitalism, the process of commodification has negative social effects. The commodification of labour is one example, but there are many other examples in contemporary society. For instance, there is a controversy about the sale of kidneys by the poor to cater to rich patients who need kidney transplants. |
