Question of the week: Commodification

Hi and welcome to the Edit-Your-Work blog. The focus of this blog is to introduce a new word each week that defines and applies it through answering a question. It is a way of learning new words as well as a way of voicing out an opinion. There is no correct answer, only a gateway of thinking critically towards new words.

To kick start the 'question of the week', this week's question concerns commodification:

Question: How is commodification linked to the global spread of Capitalism?

Commodification has to do with the creation of a product that is valuable in such a way that it almost becomes a necessity to have. This product is created through invention, innovation, and catchy marketing, all of which are derived from competition.

Capitalism stands for freedom in that companies run on their own, based on economic principles. Supply and demand thus determine the success of a company. What creates changes in supply and demand is competition, as having more competitors in a market means having a more inventive, innovative, and marketable product.

Companies with products or services that are more dominant in competition become more commodified, which then leads to a globalizing tendency to further increase profits. Due to the autonomy given to companies, it thus drives competition, which then ultimately leads to a global commodification of those products and services that are superior and more dominant.

In short: Capitalism creates Competition, which then leads to local commodification. Once successful, it then leads to global commodification

Have any opinion about this answer, or do you have a different answer? Then please leave a comment!