Value-in-process

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Capital has value only in circulation or in process of exchange, in other words, it is necessarily value-in-process.

Preconditions of marketing[edit]

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.

See also[edit]