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Contemporary issue related to a sociological theory - Term Paper Example

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A capitalist economy is based on the exchange of goods and products depending on its value. 21st century capitalism is greatly influenced by the values that are placed on objects, and the exchange value of things is greatly…
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Contemporary issue related to a sociological theory
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Contemporary issue related to a sociological theory

Download file to see previous pages... The society is made of individuals and the cultural and societal norms is based on the shared meanings and understanding of the individuals within the society. This indicates that the shared meanings create the values placed on objects that society purchases and consumes. This also directs the consumer behavior, by which the private owners take advantage of, monopolizing the production and the market for certain products, like cellular phones or internet connection. Marx’s theory of commodity fetishism explains how products are given their values, how it affects the structure of capitalism and how these values and the exchange of value affects the social structure existing in the society. Fetishism is defined as an unusual display of devotion or intense attachment towards a certain object believing that it possesses extraordinary abilities and power (Morrison, 2006). Marx argues that individuals tend to fixate on objects believing that they have inherent value, something that is extraordinarily powerful. This makes the object valuable, according to the value the society placed on it.
Capitalism is seen to promote the values of objects according to the group that owns the means of production. The value of each product or service is based on how capitalist see the product’s value and how the masses would accept the product. One good example for this is when the sms became a worldwide phenomena. Aside from the benefits and features along with it, everybody was going gaga over texting. Everything has its price and value, but in a sociological approach such as marking strategies, these capitalists create the want and the need of their products in the market. By attacking the market in a psychological manner creating the want, the value of a service and product will be set by these capitalist. This is an advanced strategy in business. In addition to that, ...Download file to see next pagesRead More
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