Commodity Market Quotes

Modern man has transformed himself into a commodity; he experiences his life energy as an investment with which he should make the highest profit, considering his position and the situation on the personality market. He is alienated from himself, from his fellow men and from nature. His main aim is profitable exchange of his skills, knowledge, and of himself, his "personality package" with others who are equally intent on a fair and profitable exchange. Life has no goal except the one to move, no principle except the one of fair exchange, no satisfaction except the one to consume.p97.

The truth has always been a more complex commodity than the market can easily package and sell.

These labourers, who must sell themselves piece-meal, are a commodity, like every other article of commerce, and are consequently exposed to all the vicissitudes of competition, to all the fluctuations of the market.

Money is not an invention of the state. It is not the product of a legislative act. Even the sanction of political authority is not necessary for its existence. Certain commodities came to be money quite naturally, as the result of economic relationships that were independent of the power of the state.

The art of marketing is largely the art of brand building. When something is not a brand, it will be probably be viewed as a commodity.

The more time, toil, and sacrifice spent by a population in producing medicine as a commodity, the larger will be the by-product, namely, the fallacy that society has a supply of health locked away which can be mined and marketed.

In reality, the laborer belongs to capital before he has sold himself to capital. His economic bondage is both brought about and concealed by the periodic sale of himself, by his change of masters, and by the oscillation in the market price of labor power. Capitalist production, therefore, under its aspect of a continuous connected process, of a process of reproduction, produces not only commodities, not only surplus value, but it also produces and reproduces the capitalist relation; on the one side the capitalist, on the other the wage-laborer.

...To allow the market mechanism to be sole director of the fate of human beings and their natural environment, indeed, even of the amount and use of purchasing power, would result in the demolition of society. For the alleged commodity, "labor power" cannot be shoved about, used indiscriminately, or even left unused, without affecting the human individual who happens to be the bearer of this peculiar commodity. In disposing of a man's labor power the system would, incidentally, dispose of the physical, psychological, and moral entity of "man" attached to the tag. Robbed of the protective covering of cultural institutions, human beings would perish from the the effects of social exposure; they would die as the victims of acute social dislocation through vice, perversion, crime, and starvation. Nature would be reduced to its elements, neighborhoods and landscapes defiled, rovers polluted, military safety jeopardized, the power to produce food and raw materials destroyed...

Marianne feels aggrieved that she fell for it, aggrieved that she thought she had anything in common with them, that she’d participated in the commodity market they passed off as friendship.

Today the order of life allows no room for the ego to draw spiritual or intellectual conclusions. The thought which leads to knowledge is neutralized and used as a mere qualification on specific labor markets and to heighten to commodity value of the personality.

I know we agree that civilisation is presently in its decadent declining phase, and that lurid ugliness is the predominant visual feature of modern life. Cars are ugly, buildings are ugly, mass-produced disposable consumer goods are unspeakably ugly. The air we breathe is toxic, the water we drink is full of microplastics, and our food is contaminated by cancerous Teflon chemicals. Our quality of life is in decline, and along with it, the quality of aesthetic experience available to us. The contemporary novel is (with very few exceptions) irrelevant; mainstream cinema is family-friendly nightmare porn funded by car companies and the US Department of Defense; and visual art is primarily a commodity market for oligarchs. It is hard in these circumstances not to feel that modern living compares poorly with the old ways of life, which have come to represent something more substantial, more connected to the essence of the human condition.

There’s no word for it in English. Like tristesse, flâneur, or la douleur exquise, words full of gray. The French do ambiguity so much better than Americans. Our language relies on fixedness because that’s what the market demands. A commodity must always be identifiable.

I am opposed to animal welfare campaigns for two reasons. First, if animal use cannot be morally justified, then we ought to be clear about that, and advocate for no use. Although rape and child molestation are ubiquitous, we do not have campaigns for “humane” rape or “humane” child molestation. We condemn it all. We should do the same with respect to animal exploitation. Second, animal welfare reform does not provide significant protection for animal interests. Animals are chattel property; they are economic commodities. Given this status and the reality of markets, the level of protection provided by animal welfare will generally be limited to what promotes efficient exploitation. That is, we will protect animal interests to the extent that it provides an economic benefit.

Now, after the material resources of the colonies have been looted, their spiritual and cultural resources are being transformed into commodities for the world market.

The current demand for marijuana and pornography is deeply revealing. Here are two commodities that Americans publicly abhor, privately adore, and buy in astonishing amounts.

Excerpt from Ursula K Le Guin's speech at National Book Awards Hard times are coming, when we’ll be wanting the voices of writers who can see alternatives to how we live now, can see through our fear-stricken society and its obsessive technologies to other ways of being, and even imagine real grounds for hope. We’ll need writers who can remember freedom – poets, visionaries – realists of a larger reality. Right now, we need writers who know the difference between production of a market commodity and the practice of an art. Developing written material to suit sales strategies in order to maximise corporate profit and advertising revenue is not the same thing as responsible book publishing or authorship. Yet I see sales departments given control over editorial. I see my own publishers, in a silly panic of ignorance and greed, charging public libraries for an e-book six or seven times more than they charge customers. We just saw a profiteer try to punish a publisher for disobedience, and writers threatened by corporate fatwa. And I see a lot of us, the producers, who write the books and make the books, accepting this – letting commodity profiteers sell us like deodorant, and tell us what to publish, what to write. Books aren’t just commodities; the profit motive is often in conflict with the aims of art. We live in capitalism, its power seems inescapable – but then, so did the divine right of kings. Any human power can be resisted and changed by human beings. Resistance and change often begin in art. Very often in our art, the art of words. I’ve had a long career as a writer, and a good one, in good company. Here at the end of it, I don’t want to watch American literature get sold down the river. We who live by writing and publishing want and should demand our fair share of the proceeds; but the name of our beautiful reward isn’t profit. Its name is freedom.

The phrase "consumer society" complements the description of the present social order as an "industrial society." Needs are tailored by the mass media to create a public demand for utterly useless commodities, each carefully engineered to deteriorate after a predetermined period of time. The plundering of the human spirit by the marketplace is paralleled by the plundering of the earth by capital.

Nearly every time I strayed from the herd, I've made a lot of money. Wandering away from the action is the way to find the new action.

People are cast in the underclass because they are seen as totally useless; as a nuisance pure and simple, something the rest of us could do nicely without. In a society of consumers - a world that evaluates anyone and anything by their commodity value - they are people with no market value; they are the uncommoditised men and women, and their failure to obtain the status of proper commodity coincides with (indeed, stems from) their failure to engage in a fully fledged consumer activity. They are failed consumers, walking symbols of the disasters awaiting fallen consumers, and of the ultimate destiny of anyone failing to acquit herself or himself in the consumer’s duties. All in all, they are the ‘end is nigh’ or the ‘memento mori’ sandwich men walking the streets to alert or frighten the bona fide consumers.

I think hard times are coming, when we will be wanting the voices of writers who can see alternatives to how we live now, and can see through our fear-stricken society and its obsessive technologies, to other ways of being. And even imagine some real grounds for hope. We will need writers who can remember freedom: poets, visionaries—the realists of a larger reality. Right now, I think we need writers who know the difference between production of a market commodity and the practice of an art. The profit motive is often in conflict with the aims of art. We live in capitalism. Its power seems inescapable; so did the divine right of kings. … Power can be resisted and changed by human beings; resistance and change often begin in art, and very often in our art—the art of words. I’ve had a long career and a good one, in good company, and here, at the end of it, I really don’t want to watch American literature get sold down the river. … The name of our beautiful reward is not profit. Its name is freedom.

Everything in US history is about the land—who oversaw and cultivated it, fished its waters, maintained its wildlife; who invaded and stole it; how it became a commodity (“real estate”) broken into pieces to be bought and sold on the market. US

Social Ecology: The notion that man must dominate nature emerges directly from the domination of man by man… But it was not until organic community relation … dissolved into market relationships that the planet itself was reduced to a resource for exploitation. This centuries-long tendency finds its most exacerbating development in modern capitalism. Owing to its inherently competitive nature, bourgeois society not only pits humans against each other, it also pits the mass of humanity against the natural world. Just as men are converted into commodities, so every aspect of nature is converted into a commodity, a resource to be manufactured and merchandised wantonly. … The plundering of the human spirit by the market place is paralleled by the plundering of the earth by capital.

It was true, Peggy and Jamie were not very good people; bad people even, who took joy in putting others down. Marianne feels aggrieved that she fell for it, aggrieved that she thought she had anything in common with them, that she'd participated in the commodity market they passed off as friendship. In school she had believed herself to be above such frank exchanges of social capital, but her college life indicated that if anyone in school had actually been willing to speak to her, she would have behaved just as badly as anyone else. There is nothing superior about her at all. (194-195)

Capitalism, far from affording "privileges" to the middle classes, tends to degrade them more abjectly than any other stratum in society. The system deploys its capacity for abundance to bring the petty bourgeois into complicity with his own oppression—first by turning him into a commodity, into an object for sale in the marketplace; next by assimilating his very wants to the commodity nexus. Tyrannized as he is by every vicissitude of bourgeois society, the whole personality of the petty bourgeois vibrates with insecurity. His soporifics—commodities and more commodities—are his very poison. In this sense there is nothing more oppressive than "privilege" today, for the deepest recesses of the "privileged" man's psyche are fair game for exploitation and domination.

She shrugged, looking as baffled by it as he felt. "I don't know. I wonder sometimes if people even know what love is anymore. Some days, when I'm watching my friends change lovers as unperturbedly as they change shoes, I think the world just got filled with too many people, and all our technological advances made things so easy that it cheapened our most basic, essential value somehow," she told him. "It's like spouses are commodities nowadays: disposable, constantly getting tossed back out for trade on the market and everyone's trying to trade up, up--like there is a 'trading up' in love." She rolled her eyes. "No way. That's not for me. I'm having one husband. I'm getting married once. When you know going in that you're staying for life, it makes you think harder about it, go slower, choose really well.

Right now, we need writers who know the difference between production of a market commodity and the practice of an art. Developing written material to suit sales strategies in order to maximize corporate profit and advertising revenue is not the same thing as responsible book publishing or authorship.

The rise of feminist underpants is a weird twist on Karl Marx's theory of commodity fetishism, wherein consumer products once divorced from inherent use value are imbued with all sorts of meaning. To brand something as feminist doesn't involve ideology, or labor, or policy, or specific actions or processes. It's just a matter of saying, 'This is feminist because we say it is.

When by an increase in the effectual demand, the market price of some particular commodity happens to rise a good deal above the natural price, those who employ their stocks in supplying that market are generally careful to conceal this change.

A cold commodity culture in which everything is reduced to its market value will blasphemously obscure our vision that “all this earth is hallowed ground.

Wisdom, in short, whose lessons have been represented as so hard to learn by those who never were at her school, only teaches us to extend a simple maxim universally known and followed even in the lowest life, a little farther than that life carries it. And this is, not to buy at too dear a price. Now, whoever takes this maxim abroad with him into the grand market of the world, and constantly applies it to honours, to riches, to pleasures, and to every other commodity which that market affords, is, I will venture to affirm, a wise man.

Our whole culture is based on the appetite for buying, on the idea of a mutually favorable exchange. Modern man's happiness consists in the thrill of looking at the shop windows, and in buying all that he can afford to buy, either for cash or on installments. He (or she) looks at people in a similar way. For the man an attractive girl—and for the woman an attractive man—are the prizes they are after. 'Attractive' usually means a nice package of qualities which are popular and sought after on the personality market. What specifically makes a person attractive depends on the fashion of the time, physically as well as mentally. During the twenties, a drinking and smoking girl, tough and sexy, was attractive; today the fashion demands more domesticity and coyness. At the end of the nineteenth and the beginning of this century, a man had to be aggressive and ambitious—today he has to be social and tolerant—in order to be an attractive 'package'. At any rate, the sense of falling in love develops usually only with regard to such human commodities as are within reach of one's own possibilities for exchange. I am out for a bargain; the object should be desirable from the standpoint of its social value, and at the same time should want me, considering my overt and hidden assets and potentialities. Two persons thus fall in love when they feel they have found the best object available on the market, considering the limitations of their own exchange values. Often, as in buying real estate, the hidden potentialities which can be developed play a considerable role in this bargain. In a culture in which the marketing orientation prevails, and in which material success is the outstanding value, there is little reason to be surprised that human love relations follow the same pattern of exchange which governs the commodity and the labor market.

In our modern world, this elemental quality of storytelling is denied. We live today in a world in which everything has its place and function and nothing is left out of place. Storytelling is thus at a discount and like everything else in a world ruled by the laws of exchange value, literature is required to submit itself to the requirements of the market and must learn, like any other commodity, to adapt and serve needs that lie outside of itself and its concrete value. It is forced to stand not for itself but for an ideological cause of one sort or another, whether it be political, social or literary. It cannot exist for itself: like everything else it has to be justified. And for this very reason the power of storytelling is automatically devalued. Literature is reduced to the status of complimentary utilitarian functions: as a pastime to provide distraction and entertainment, or as a heightened activity that would claim to explore 'great truths' about the human condition.

One Way to think of the market ideology and the empire is that it produces alienation and loss of human vitality. The culture flows from the assumption that the accumulation of commodities will make us safe and happy.

Lots of people are not in the business you think they’re in. Xerox, for instance, is in the business of selling toner cartridges. All that mucking about they do developing high-tech copying and printing machines is just creating a commodity market in toner cartridges, which is where their profit lies. Television companies are not in the business of delivering television programmes to their audience, they’re in the business of delivering audiences to their advertisers.

The problem with fiat is that simply maintaining the wealth you already own requires significant active management and expert decision-making. You need to develop expertise in portfolio allocation, risk management, stock and bond valuation, real estate markets, credit markets, global macro trends, national and international monetary policy, commodity markets, geopolitics, and many other arcane and highly specialized fields in order to make informed investment decisions that allow you to maintain the wealth you already earned. You effectively need to earn your money twice with fiat, once when you work for it, and once when you invest it to beat inflation. The simple gold coin saved you from all of this before fiat.

In the conditions of this “New World Order,” a crucial part of the contemporary world economy is a criminal economy, in which the excess profits are accumulated not by the production of material comforts, but by drug-traffic, arms trafficking, and human trafficking, including prostitution. The contemporary world economy is an economy of the global organized criminality whose eminently form is the modern capitalist state. The contemporary world economy is an economy not of the real commodity production, but an economy of the jobbery; this is expressed directly in supply and demand of the capital of the speculation, i.e., in the fictitious capital trade, in the antagonistic games with share capital in the stock exchange. Just Wall Street’s stock exchange, i.e., the world speculative capital market, is the contemporary tremendous pump for inflation of the balloons of the world economic crises, the last one of which began in 2007. The aggregate amount of the bonds on the world market, as many economists know, is over one hundred trillion US dollars! Without taking in mind the derivatives! If including those, the aggregate amount is several times more! This is an enormous balloon as inflated as a red giant star! And when added to this amount the world market of the shares, the passing each other between real and fictitious capital grows to cosmic dimensions! This cosmic balloon will burst very soon! That means the most destructive capitalist crisis in human history lies just round the corner, the global economic apocalypse is just forthcoming! This ruin will be due to the stock exchange antagonistic games, the stock exchange that is, as a matter of fact, a gambling house! Because the securities and shares’ trading is sheer gambling! This becomes clear by the direct proportionality between risk and profitability, the more risk—the more profitability, and vice versa! However, this is gambling in which the stakes are not simply money, but millions and billions of human fates. So, this is a destroying-the-civilization-world crime economy!

Industrial capitalism transformed nature’s raw materials into commodities, and surveillance capitalism lays its claims to the stuff of human nature for a new commodity invention. Now it is human nature that is scraped, torn, and taken for another century’s market project. It is obscene to suppose that this harm can be reduced to the obvious fact that users receive no fee for the raw material they supply. That critique is a feat of misdirection that would use a pricing mechanism to institutionalize and therefore legitimate the extraction of human behavior for manufacturing and sale. It ignores the key point that the essence of the exploitation here is the rendering of our lives as behavioral data for the sake of others’ improved control of us. The remarkable questions here concern the facts that our lives are rendered as behavioral data in the first place; that ignorance is a condition of this ubiquitous rendition; that decision rights vanish before one even knows that there is a decision to make; that there are consequences to this diminishment of rights that we can neither see nor foretell; that there is no exit, no voice, and no loyalty, only helplessness, resignation, and psychic numbing; and that encryption is the only positive action left to discuss when we sit around the dinner table and casually ponder how to hide from the forces that hide from us.

A monopoly granted either to an individual or to a trading company, has the same effect as a secret in trade or manufactures. The monopolists, by keeping the market constantly understocked by never fully supplying the effectual demand, sell their commodities much above the natural price, and raise their emoluments, whether they consist in wages or profit, greatly above their natural rate. The price of monopoly is upon every occasion the highest which can be got. The natural price, or the price of free competition, on the contrary, is the lowest which can be taken, not upon every occasion indeed, but for any considerable time together. The

How did the Farm Bill achieve overwhelming support from Congress in the face of such widespread calls for reform?...In exchange for leaving support for the large commodity crop farmers in place, House and Senate negotiators packaged support for nearly everyone else into the bill.

The market price of every particular commodity is regulated by the proportion between the quantity which is actually brought to market, and the demand of those who are willing to pay the natural price of the commodity, or the whole value of the rent, labour, and profit, which must be paid in order to bring it thither.

The commodity traders are arbitragers par excellence, trying to exploit a series of differences in prices. Because they’re doing deals to buy and to sell all the time, they are often indifferent to whether commodity prices overall go up or down. What matters to them is the price disparity – between different locations, different qualities or forms of a product, and different delivery dates. By exploiting these price differences, they help to make markets more efficient, directing resources to their highest value uses in response to price signals. They are, in the words of one academic, the visible manifestation of Adam Smith’s invisible hand.

Capitalism has proved incapable of transcending fundamental weaknesses such as underutilization of productive capacity, the persistence of a permanent sector of unemployed, and periodic economic crises related to the concept of "market"—which is concerned with people's ability to pay rather than their need for commodities. (11)

Altruism, generosity, solidarity and civic spirit are not like commodities that are depleted with use. They are more like muscles that develop and grow stronger with exercise. One of the defects of a market-driven society is that it lets these virtues languish. To renew our public life we need to exercise them more strenuously.

Our market-intensive societies measure material progress by the increase in the volume and variety of commodities produced. And taking our cue from this sector, we measure social progress by the distribution of access to these commodities. Economics has been developed as propaganda for the takeover by large-scale commodity producers.

What you see is what I am. I've not had my boobs done or my arse lifted, no nips, no tucks. No ribs removed, nothing. Those little strumpets we see on the silver screen today are mostly bathroom sealant. They buy breasts over the counter. What would you like, honey, small, medium or large? They give us stick insects and tell us it's beauty. If someone of their size went for an audition jn my day she'd have been shown a square meal and told to come back when she was a stone heavier. What's wring with curves? Anyone over a ten these days is regarded not as an average-sized woman but a marketing opportunity. Cream for this, pills for that, superfluous hair, collagen injection, quick weight-loss diets. Where's it going to end? We're pressured to expend so much money and effort ti be the 'perfect' shape when that shape is physically attainable by only one woman in a million. It's the cold face of capitalism, boys and girls, preying in misguided expectations. Besides, I always found perfection an overrated commodity

Modernism isn't a design ethos any more, it's an economy of scale, and a marketing tool to sell the ordinary as something special, the sexless as erotic. A technological device without a specific, personalized identity has a subtext: it asserts the value of instrumentality. Its design is a reflection of its role... The anonymity of these objects is part of what they are: interchangeable commodities whose uniqueness in so far as they possess any is created by what is done with them. Function is an identity. And that identity is something we are encouraged to incorporate into our perception of self, that anonymity is proposed as something to emulate. Whimsy and uniqueness are indulgences.

Credit money is based on trust, and in competitive markets, trust itself becomes a scarce commodity.

the poor have a better chance in a bigger open market than in a smaller protected market. Everyone would benefit from the free flow of commodities, finances, and people.

Thus Marx begins his attack on the liberal concept of freedom. The freedom of the market is not freedom at all. It is a fetishistic illusion. Under capitalism, individuals surrender to the discipline of abstract forces (such as the hidden hand of the market made much of by Adam Smith) that effectively govern their relations and choices. I can make something beautiful and take it to market, but if I don’t manage to exchange it then it has no value. Furthermore, I won’t have enough money to buy commodities to live. Market forces, which none of us individually control, regulate us. And part of what Marx wants to do in Capital is talk about this regulatory power that occurs even “in the midst of the accidental and ever-fluctuating exchange relations between the products.” Supply and demand fluctuations generate price fluctuations around some norm but cannot explain why a pair of shoes on average trades for four shirts. Within all the confusions of the marketplace, “the labour-time socially necessary to produce [commodities] asserts itself as a regulative law of nature. In the same way, the law of gravity asserts itself when a person’s house collapses on top of him” (168). This parallel between gravity and value is interesting: both are relations and not things, and both have to be conceptualized as immaterial but objective.

Since the values of the market were the highest criteria, persons also became valued as commodities which could be bought and sold. A person's worth is then his salable market value, whether it is skill or 'personality' that is up for sale. [...] The market value, then, becomes the individual's valuation of himself, so that self-confidence and 'self-feeling' (ones experience of identity with one's self) are largely reflections of what others think of one, in this case the 'others' being those who represent the market. Thus contemporary economic processes have contributed not only to an alienation of man from man, but likewise to 'self-alienation' - an alienation of the individual from himself. As Fromm very well summarizes the point: Since modern man experiences himself both as the seller and as the commodity to be sold on the market, his self-esteem depends on conditions beyond his control. If he is 'successful,' he is valuable; if he is not, he is worthless. The degree of insecurity which results from this orientation can hardly be overestimated. If one feels that one's own value is not constituted primarily by the human qualities one possesses, but by one's succes on a competitive market with ever-changing conditions, one's self-esteem is bound to be shaky and in constant need of confirmation by others. [Erich Fromm, Man for himself] In such a situation one is driven to strive relentlessly for 'succes'; this is the chief way to validate ones self and to allay anxiety. And any failure in the competitive struggle is a threat to the quasi-esteem for one's self - which, quasi though it be, is all one has in such a situation. This obviously leads to powerful feelings of helplessness and inferiority. [p.169f]

The words of the Quran all seemed strangely familiar yet so unlike anything I had ever read before,’ he told us. He embraced Islam in 1977, and changed his name to Yusuf, the Arabic for Joseph. ‘I identified with the story of Joseph in the Quran,’ he said. ‘His brothers sold him like goods in the market place.’ Yusuf felt the music business had treated him not like an artist but as a commodity.

Our living quarters were in the same compound as the Eastern District administration. Government offices were mostly housed in large mansions which had been confiscated from Kuomintang officials and wealthy landlords. All government employees, even senior officials, lived at their office. They were not allowed to cook at home, and all ate in canteens. The canteen was also where everyone got their boiled water, which was fetched in thermos flasks. Saturday was the only day married couples were allowed to spend together. Among officials, the euphemism for making love was 'spending a Saturday." Gradually, this regimented life-style relaxed a bit and married couples were able to spend more time together, but almost all still lived and spent most of their time in their office compounds. My mother's department ran a very broad field of activities, including primary education, health, entertainment, and sounding out public opinion. At the age of twenty-two, my mother was in charge of all these activities for about a quarter of a million people. She was so busy we hardly ever saw her. The government wanted to establish a monopoly (known as 'unified purchasing and marketing') over trade in the basic commodities grain, cotton, edible o'fi, and meat. The idea was to get the peasants to sell these exclusively to the government, which would then ration them out to the urban population and to parts of the country where they were in short supply.

Having a Grand Slam offer makes it almost impossible to lose. But why? What gives it such an impact? In short, having a Grand Slam Offer helps with all three of the requirements for growth: getting more customers, getting them to pay more, and getting them to do so more times. How? It allows you to differentiate yourself from the marketplace. In other words, it allows you to sell your product based on VALUE not on PRICE. Commoditized = Price Driven Purchases (race to the bottom) Differentiated = Value Driven Purchases (sell in a category of one with no comparison. Yes, market matters, which I will expound on in the next chapter) A commodity, as I define it, is a product available from many places. For that reason, it’s prone to purchases based on “price” instead of “value.” If all products are “equal,” then the cheapest one is the most valuable by default. In other words, if a prospect compares your product to another and thinks “these are pretty much the same, I’ll buy the cheaper one,” then they commoditized you. How embarrassing! But

Work is the most useless of vices. There is no commodity in the world cheaper than labor. While wages fall and hours rise, the labor market vomits up people. Take it or leave it – there’s a long line behind you.

A lesson any writer can use. Don’t be afraid. That simple; don’t let them scare you. There’s nothing they can do to you. If they kick you out of films, do TV. If they kick you out of TV, write novels. If they won’t buy your novels, sell short stories. Can’t do that, then take a job as a bricklayer. A writer always writes. That’s what he’s for. And if they won’t let you write one kind of thing, if they chop you off at the pockets in the market place, then go to another market place. And if they close of all the bazaars, then by God go and work with your hands till you can write, because the talent is always there. But the first time you say, “Oh, Christ, they’ll kill me!” then you’re done. Because the chief commodity a writer has to sell is his courage. And if he has none, he is more than a coward. He is a sellout and a fink and a heretic, because writing is a holy chore.

in the eight years it has been a market commodity, a bitcoin has appreciated around almost eight million-fold, or, precisely 793,513,944% from its first price of $0.000994 to its all-time high at the time of writing, $7,888.

Agricultural commodity traders, on the other hand, buy from thousands of individual farmers. That makes the traders’ job harder, but it also provides an opportunity: dealing with so many farmers gives the largest traders valuable information. Long before the concept of ‘big data’ became popular, the agricultural traders were putting it to work, aggregating information from thousands of farmers to get a real-time insight into the state of the markets.

About every two generations—roughly every forty-seven to sixty years—there’s a deflationary market. For example, in respect to the commodity markets, we’re currently in a deflationary phase that began in 1980. Over the past two hundred years, these deflationary phases have typically lasted between eight and twelve years. Since we’re currently in the twelfth year of commodity price deflation, I think we’re very close to a major bottom in commodity prices.

Austrian economists are rarely dogmatic or objectivist in their definition of sound money. They define it not as a specific good or commodity, but as whichever money emerges on the market, freely chosen by the people who transact with it.

For these commodity crops to be profitable, they need to be turned into something, and there are two options (or three, if you count biofuel): ‘You can force the crops through a factory-farmed animal to produce meat, or process them into an aggressively marketed UPF.

The Third Reich made it its mission to use the authority of the state to coordinate efforts within industry to devise standardized and simplified versions of key consumer commodities. These would then be produced at the lowest possible price, enabling the German population to achieve an immediate breakthrough to a higher standard of living. The epithet which was generally attached to these products was Volk: the Volksempfaenger (radio), Volkswohnung (apartments), Volkswagen, Volkskuehlschrank (refrigerator), Volkstraktor (tractor).34 This list contains only those products that enjoyed the official backing of one or more agencies in the Third Reich. Private producers, however, had long appreciated that the term ‘Volk’ had good marketing potential, and they, too, joined the bandwagon. Amongst the various products they touted were Volks-gramophone (people’s gramophone), Volksmotorraeder (people’s motorbikes) and Volksnaehmaschinen (people’s sewing machines). In fact, by 1933 the use of the term ‘Volk’ had become so inflationary that the newly established German advertising council was forced to ban the unlicensed use of the term.

They all come in by themselves" Big Eve told her customers " & nobody is working here as a prostitute against her will." And thus Big Eve regarded her Health Centre as an important local commodity exchange market between those who had some sex to sell & those who wanted to buy it.[MMT]

If money is in essence transferable credit—rather than a commodity medium of exchange, as the academic economists insisted—then fundamentally different factors explain the economy’s demand for it. Meeting demand for commodities is a simple matter of ensuring a sufficient supply on the market. When it comes to transferable credit, however, volume alone is not enough: the creditworthiness of the issuer and the liquidity of the liability come into play. And both these factors are determined not technologically or physically but by the general levels of trust and confidence.

One man’s real estate crisis is another’s opportunity. All markets work in this way, providing investors with cash the chance to buy—stocks, bonds, real estate, and commodities—when prices are depressed. This reality is devoid of emotional weight and is the basic truth that keeps capitalist economies working.

Profit is so very fluctuating that the person who carries on a particular trade cannot always tell you himself what is the average of his annual profit. It is affected not only by every variation of price in the commodities which he deals in, but by the good or bad fortune both of his rivals and of his customers, and by a thousand other accidents to which goods when carried either by sea or by land, or even when stored in a warehouse, are liable. It varies, therefore, not only from year to year, but from day to day, and almost from hour to hour. To ascertain what is the average profit of all the different trades carried on in a great kingdom must be much more difficult; and to judge of what it may have been formerly, or in remote periods of time, with any degree of precision, must be altogether impossible. But though it may be impossible to determine, with any degree of precision, what are or were the average profits of stock, either in the present or in ancient times, some notion may be formed of them from the interest of money. It may be laid down as a maxim, that wherever a great deal can be made by the use of money, a great deal will commonly be given for the use of it; and that wherever little can be made by it, less will commonly be given for it. According, therefore, as the usual market rate of interest varies in any country, we may be assured that the ordinary profits of stock must vary with it, must sink as it sinks, and rise as it rises. The progress of interest, therefore, may lead us to form some notion of the progress of profit.

No one is alone in this world. No act is without consequences for others. It is a tenet of chaos theory that, in dynamical systems, the outcome of any process is sensitive to its starting point-or, in the famous cliche, the flap of a butterfly's wings in the Amazon can cause a tornado in Texas. I do not assert markets are chaotic, though my fractal geometry is one of the primary mathematical tools of "chaology." But clearly, the global economy is an unfathomably complicated machine. To all the complexity of the physical world of weather, crops, ores, and factories, you add the psychological complexity of men acting on their fleeting expectations of what may or may not happen-sheer phantasms. Companies and stock prices, trade flows and currency rates, crop yields and commodity futures-all are inter-related to one degree or another, in ways we have barely begun to understand. In such a world, it is common sense that events in the distant past continue to echo in the present.

The cry for an equality of wages rests, therefore, upon a mistake is an inane wish never to be fulfilled. It is an offspring of that false and superficial radicalism that accepts premises and tries to evade conclusions. Upon the basis of the wages system the value of labouring power is settled like that of every other commodity; and as different kinds of labouring power have different values, or require different quantities of labour for their production, they must fetch different prices in the labour market. To clamour for equal or even equitable retribution on the basis of the wages system is the same as to clamour for freedom on the basis of the slavery system. What you think just or equitable is out of the question. The question is: What is necessary and unavoidable with a given system of production? After what has been said, it will be seen that the value of labouring power is determined by the value of the necessaries required to produce, develop, maintain, and perpetuate the labouring power.

Selling ice cream on the beach in the summer is easy. Raising people’s expectations, engaging in their hopes and dreams, helping them see further—that’s the difficult work we signed up for. From now on, your customers know more than you do about your competitors. And so your commodity work, no matter how much effort you put into it, is not enough.

The proletariat, a class of laborers,who live only so long as they find work,and who find work only so long as their labor increases capital. These laborers, who must sell themselves piecemeal, are a commodity,like every other article of commerce, and are consequently exposed to all the vicissitudes of competition, to all the fluctuations of the market.

Prostitution is, essentially, not a capitalist phenomenon but a patriarchal one. It did not automatically occur when people began to buy and sell but is instead rooted in the relationship between men and women. But when prostitution is incorporated an advanced, highly developed market economy, this complex power struggle itself becomes a commodity. Sex is separated from the person and becomes supernatural.

Wild animals enjoying one another and taking pleasure in their world is so immediate and so real, yet this reality is utterly absent from textbooks and academic papers about animals and ecology. There is a truth revealed here, absurd in its simplicity. This insight is not that science is wrong or bad. On the contrary: science, done well, deepens our intimacy with the world. But there is a danger in an exclusively scientific way of thinking. The forest is turned into a diagram; animals become mere mechanisms; nature's workings become clever graphs. Today's conviviality of squirrels seems a refutation of such narrowness. Nature is not a machine. These animals feel. They are alive; they are our cousins, with the shared experience kinship implies. And they appear to enjoy the sun, a phenomenon that occurs nowhere in the curriculum of modern biology. Sadly, modern science is too often unable or unwilling to visualize or feel what others experience. Certainly science's "objective" gambit can be helpful in understanding parts of nature and in freeing us from some cultural preconceptions. Our modern scientific taste for dispassion when analyzing animal behaviour formed in reaction to the Victorian naturalists and their predecessors who saw all nature as an allegory confirming their cultural values. But a gambit is just an opening move, not a coherent vision of the whole game. Science's objectivity sheds some assumptions but takes on others that, dressed up in academic rigor, can produce hubris and callousness about the world. The danger comes when we confuse the limited scope of our scientific methods with the true scope of the world. It may be useful or expedient to describe nature as a flow diagram or an animal as a machine, but such utility should not be confused with a confirmation that our limited assumptions reflect the shape of the world. Not coincidentally, the hubris of narrowly applied science serves the needs of the industrial economy. Machines are bought, sold, and discarded; joyful cousins are not. Two days ago, on Christmas Eve, the U.S. Forest Service opened to commercial logging three hundred thousand acres of old growth in the Tongass National Forest, more than a billion square-meter mandalas. Arrows moved on a flowchart, graphs of quantified timber shifted. Modern forest science integrated seamlessly with global commodity markets—language and values needed no translation. Scientific models and metaphors of machines are helpful but limited. They cannot tell us all that we need to know. What lies beyond the theories we impose on nature? This year I have tried to put down scientific tools and to listen: to come to nature without a hypothesis, without a scheme for data extraction, without a lesson plan to convey answers to students, without machines or probes. I have glimpsed how rich science is but simultaneously how limited in scope and in spirit. It is unfortunate that the practice of listening generally has no place in the formal training of scientists. In this absence science needlessly fails. We are poorer for this, and possibly more hurtful. What Christmas Eve gifts might a listening culture give its forests? What was the insight that brushed past me as the squirrels basked? It was not to turn away from science. My experience of animals is richer for knowing their stories, and science is a powerful way to deepen this understanding. Rather, I realized that all stories are partly wrapped in fiction—the fiction of simplifying assumptions, of cultural myopia and of storytellers' pride. I learned to revel in the stories but not to mistake them for the bright, ineffable nature of the world.

THREE COMMUNICATION LESSONS FROM THE MOST FASCINATING BRANDS       1.   Don’t focus on how you are similar to others, but how you are different. Leading brands stand out by sharpening their points of difference. The more clearly and distinctly a brand can pinpoint its differences, the more valuable it becomes. If a brand can carve out a very clear spot in people’s minds, the product or service ceases to be a commodity. As we’ll see in Part II, different personality Advantages can be more valuable than similar ones. 2.   Your differences can be very small and simple. The reality is, most products are virtually indistinguishable from their competitors. Yet a leading brand can build a strong competitive edge around very minor differences. Similarly, you don’t need to be dramatically different than everyone else—your difference can be minute, as long as it is clearly defined. The more competitive the market, the more crucial this becomes. 3.   Once you “own” a difference, you can charge more money. People pay more for products and people who add distinct value in some way. And just as customers pay more for fascinating brands, employers pay higher salaries for employees who stand out with a specific benefit. If you are an entrepreneur or small business owner, your clients and customers will have a higher perceived value of your time and services if they can clearly understand why you are different than your competitors. The more crowded the environment, the more crucial these lessons become.

The capaciously strong in soul among women will ultimately detect an infinite grossness in the demand for purity infinite, spotless bloom. Earlier or later they see they have been victims of the singular Egoist, have worn a mask of ignorance to be named innocent, have turned themselves into market produce for his delight, and have really abandoned the commodity in ministering to the lust for it, suffered themselves to be dragged ages back in playing upon the fleshly innocence of happy accident to gratify his jealous greed of possession, when it should have been their task to set the soul above the fairest fortune and the gift of strength in women beyond ornamental whiteness. Are they not of nature warriors, like men?—men's mates to bear them heroes instead of puppets? But the devouring male Egoist prefers them as inanimate overwrought polished pure metal precious vessels, fresh from the hands of the artificer, for him to walk away with hugging, call all his own, drink of, and fill and drink of, and forget that he stole them.

But here again it must be observed that this is a matter of a variation brought about through dynamic agencies. The static state, for which the contention attributed to the adherents of the mechanical version of the Quantity Theory would be valid, is disturbed by the fact that the exchange-ratios between individual commodities are necessarily modified. Under certain conditions, the technique of the market may have the effect of extending this modification to the exchange-ratio between money and other economic goods also.

By 1900, a small white minority radiating out from Europe would come to control most of world’s land surface, imposing the imperatives of a commercial economy and international trade on Asia’s mainly agrarian societies. Europeans backed by garrisons and gunboats could intervene in the affairs of any Asian country they wished to. They were free to transport millions of Asian labourers to far-off colonies (Indians to the Malay Peninsula, Chinese to Trinidad); exact the raw materials and commodities they needed for their industries from Asian economies; and flood local markets with their manufactured products. The peasant in his village and the market trader in his town were being forced to abandon a life defined by religion, family and tradition amid rumours of powerful white men with a strange god-on-a-cross who were reshaping the world- men who married moral aggressiveness with compact and coherent nation-states, the profit motive and superior weaponry, and made Asian societies seem lumberingly inept in every way, unable to match the power of Europe or unleash their own potential.

For once the commodities have been sold that were already on the market when their price was authoritatively fixed at a level below that demanded by the situation of the market, then the emptied store-rooms are not filled again. Charging more than a certain price is prohibited, but producing and selling has not been made compulsory. There are no longer any sellers. The market ceases to function. But this means that economic organization based on division of labour becomes impossible. The level of money-prices cannot be fixed without overthrowing the system of social division of labour.

Thank you Neil, and to the givers of this beautiful reward, my thanks from the heart. My family, my agent, editors, know that my being here is their doing as well as mine, and that the beautiful reward is theirs as much as mine. And I rejoice at accepting it for, and sharing it with, all the writers who were excluded from literature for so long, my fellow authors of fantasy and science fiction—writers of the imagination, who for the last 50 years watched the beautiful rewards go to the so-called realists. I think hard times are coming when we will be wanting the voices of writers who can see alternatives to how we live now and can see through our fear-stricken society and its obsessive technologies to other ways of being, and even imagine some real grounds for hope. We will need writers who can remember freedom. Poets, visionaries—the realists of a larger reality. Right now, I think we need writers who know the difference between the production of a market commodity and the practice of an art. Developing written material to suit sales strategies in order to maximize corporate profit and advertising revenue is not quite the same thing as responsible book publishing or authorship. (Thank you, brave applauders.) Yet I see sales departments given control over editorial; I see my own publishers in a silly panic of ignorance and greed, charging public libraries for an ebook six or seven times more than they charge customers. We just saw a profiteer try to punish a publisher for disobedience and writers threatened by corporate fatwa, and I see a lot of us, the producers who write the books, and make the books, accepting this. Letting commodity profiteers sell us like deodorant, and tell us what to publish and what to write. (Well, I love you too, darling.) Books, you know, they’re not just commodities. The profit motive often is in conflict with the aims of art. We live in capitalism. Its power seems inescapable. So did the divine right of kings. Any human power can be resisted and changed by human beings. Resistance and change often begin in art, and very often in our art—the art of words. I have had a long career and a good one. In good company. Now here, at the end of it, I really don’t want to watch American literature get sold down the river. We who live by writing and publishing want—and should demand—our fair share of the proceeds. But the name of our beautiful reward is not profit. Its name is freedom. Thank you.

In the real world of globalised finance, where investment portfolios for the major centres are combined, where the markets (stock, bond, money, real estate, government securities, forex and commodities) tick almost round-the-clock from Tokyo Monday morning to New York Friday 5 pm, via London, Frankfurt, etc, in between (and the digital books are passed at the appropriate times), tracking such practices as “round tripping” – discovering the real footprints – is going to be exceedingly difficult. It would be better to focus on tracing the footprints of the black incomes where they are generated, i e, in India itself.

But privatisation has another important function in the neoliberal world view, and that's to assist wage suppression. If you're a private company, you've got one overriding obligation, and it's not to your workers, to your country or your community - it's to make a profit, in order to return it in dividends to your shareholders. That's it. And the means to increase that rate of return to its greatest possible margin is cutting the cost of your operation. You do this by increasing your productivity, expanding your market, raising prices on your offered commodities, and by reducing the wages and conditions of the people who work for you.

Back at the Berlin Conference of 1885, it was decided that the Congo Free State was to be open to international trade. Competition between market and state still exists today, in fact more than ever. In those days the focus was solely on the purchase of raw materials, today it’s about the selling of products as well—even in a desperately poor country, there is a great deal of money to be made with the trade in little commodities like phone vouchers, bottles of soda pop, or bags of powdered milk. To win the souls of all those dispossessed, foreign companies colonize the public spaces of the destroyed country with a temerity only thinly disguised by the bright smile of slick marketing.

Goldman Sachs hoards rice, wheat, corn, sugar and livestock and jacks up commodity prices around the globe so that poor families can no longer afford basic staples and literally starve. Goldman Sachs is able to carry out its malfeasance at home and in global markets because it has former officials filtered throughout the government and lavishly funds compliant politicians—including Barack Obama, who received $1 million from employees at Goldman Sachs in 2008 when he ran for president. These politicians, in return, permit Goldman Sachs to ignore security laws that under a functioning judiciary system would see the firm indicted for felony fraud. Or, as in the case of Bill Clinton, these politicians pass laws such as the 2000 Commodity Futures Modernization Act that effectively removed all oversight and outside control over the speculation in commodities, one of the major reasons food prices have soared. In 2008 and again in 2010 prices for crops such as rice, wheat and corn doubled and even tripled, making life precarious for hundreds of millions of people. And it was all done so a few corporate oligarchs, the 1 percent, could make personal fortunes in the tens and hundreds of millions of dollars. Despite a damning 650-page Senate subcommittee investigation report, no individual at Goldman Sachs has been indicted, although the report accuses Goldman of defrauding its clients.319

It will be the obvious result of this that the prices of the goods concerned will rise, and that the objective exchange-value of money will fall in comparison. But this rise of prices will by no means be restricted to the market for those goods that are desired by those who originally have the new money at their disposal. In addition, those who have brought these goods to market will have their incomes and their proportionate stocks of money increased and, in their tum, will be in a position to demand more intensively the goods they want, so that these goods will also rise in price. Thus the increase of prices continues, having a diminishing effect, until all commodities, some to a greater and some to a lesser extent, are reached by it.

Before it was usual to acquire goods in the market, not for personal consumption, but simply in order to exchange them again for the goods that were really wanted, each individual commodity was only accredited with that value given by the subjective valuations based on its direct utility. It was not until it became customary to acquire certain goods merely in order to use them as media of exchange that people began to esteem them more highly than before, on account of this possibility of using them in indirect exchange. The individual valued them in the first place because they were useful in the ordinary sense, and then additionally because they could be used as media of exchange. Both sorts of valuation are subject to the law of marginal utility.

The government desires to purchase; it desires to use the market, not to disorganize it. But the officially-fixed price does disorganize the market in which commodities and services are bought and sold for money. Commerce, so far as it is able, seeks relief in other ways. It re-develops a system of direct exchange, in which commodities and services are exchanged without the instrumentality of money. Those who are forced to dispose of commodities and services at the fixed prices do not dispose of them to everybody, but merely to those to whom they wish to do a favour. Would-be purchasers wait in long queues in order to snap up what they can get before it is too late; they race breathlessly from shop to shop, hoping to find one that is not yet sold out.

Recall Marx’s fundamental insight about the “bourgeois” limitation of the logic of equality: capitalist inequalities (“exploitation”) are not the “unprincipled violations of the principle of equality,” but are absolutely inherent to the logic of equality, they are the paradoxical result of its consistent realization. What we have in mind here is not only the wearisome old motif of how market exchange presupposes formally/legally equal subjects who meet and interact in the market; the crucial moment of Marx’s critique of “bourgeois” socialists is that capitalist exploitation does not involve any kind of “unequal” exchange between the worker and the capitalist—this exchange is fully equal and “just,” ideally (in principle), the worker gets paid the full value of the commodity he is selling (his labor-power). Of course, radical bourgeois revolutionaries are aware of this limitation; however, the way they try to counteract it is through a direct “terroristic imposition of more and more de facto equality (equal salaries, equal access to health services…), which can only be imposed through new forms of formal inequality (different sorts of preferential treatments for the underprivileged). In short, the axiom of equality” means either not enough (it remains the abstract form of actual inequality) or too much (enforce “terroristic” equality)— it is a formalistic notion in a strict dialectical sense, that is, its limitation is precisely that its form is not concrete enough, but a mere neutral container of some content that eludes this form.

In all buying, consider, first, what condition of existence you cause in the producers of what you buy; secondly, whether the sum you have paid is just to the producer, and in due proportion, lodged in his hands; thirdly, to how much clear use, for food, knowledge, or joy, this that you have bought can be put; and fourthly, to whom and in what way it can be most speedily and serviceably distributed: in all dealings whatsoever insisting on entire openness and stern fulfillment; and in all doings, on perfection and loveliness of accomplishment; especially on fineness and purity of all marketable commodity: watching at the same time for all ways of gaining, or teaching, powers of simple pleasure, and of showing —the sum of enjoyment depending not on the quantity of things tasted, but on the vivacity and patience of taste.

difference, as we have seen in the preceding chapter. In a competitive market economy it is the high-cost producers, the inefficient producers, that are driven out by a fall in price. In the case of an agricultural commodity it is the least competent farmers, or those with the poorest equipment, or those working the poorest land, that are driven out. The most capable farmers on the best land do not have to restrict their production. On the contrary, if the fall in price has been symptomatic of a lower average cost of production, reflected through an increased supply, then the driving out of the marginal farmers on the marginal land enables the good farmers on the good land to expand their production. So there may be, in the long run, no reduction whatever in the output of that commodity. And the product is then produced and sold at a permanently lower price. If

(BDO) October 22: The Dollar Squeeze A debt is a short cash position—i.e., a commitment to deliver cash that one doesn’t have. Because the dollar is the world’s reserve currency, and because of the dollar surplus recycling that has taken place over the past few years…lots of dollar denominated debt has been built up around the world. So, as dollar liquidity has become tight, there has been a dollar squeeze. This squeeze…is hitting dollar-indebted emerging markets (particularly those of commodity exporters) and is supporting the dollar. When this short squeeze ends, which will happen when either the debtors default or get the liquidity to prevent their default, the US dollar will decline. Until then, we expect to remain long the USD against the euro and emerging market currencies. The actual price of anything is always equal to the amount of spending on the item being exchanged divided by the quantity of the item being sold (i.e., P = $/Q), so a) knowing who is spending and who is selling what quantity (and ideally why) is the ideal way to get at the price at any time, and b) prices don’t always react to changes in fundamentals as they happen in the ways characterized by those who seek to explain price movements in connection with unfolding news. During this period, volatility remained extremely high for reasons that had nothing to do with fundamentals and everything to do with who was getting in and out of positions for various reasons—like being squeezed, no longer being squeezed, rebalancing portfolios, etc. For example, on Tuesday, October 28, the S&P gained more than 10 percent and the next day it fell by 1.1 percent when the Fed cut interest rates by another 50 basis points. Closing the month, the S&P was down 17 percent—the largest single-month drop since October 1987.

The plea for ethical veganism, which rejects the treatment of birds and other animals as a food source or other commodity, is sometimes mistaken as a plea for dietary purity and elitism, as if formalistic food exercises and barren piety were the point of the desire to get the slaughterhouse out of one’s kitchen and one’s system. Abstractions such as 'vegetarianism' and 'veganism' mask the experiential and philosophical roots of a plant-based diet. They make the realities of 'food' animal production and consumption seem abstract and trivial, mere matters of ideological preference and consequence, or of individual taste, like selecting a shirt, or hair color. However, the decision that has led millions of people to stop eating other animals is not rooted in arid adherence to diet or dogma, but in the desire to eliminate the kinds of experiences that using animals for food confers upon beings with feelings. The philosophic vegetarian believes with Isaac Bashevis Singer that even if God or Nature sides with the killers, one is obliged to protest. The human commitment to harmony, justice, peace, and love is ironic as long as we continue to support the suffering and shame of the slaughterhouse and its satellite operations. Vegetarians do not eat animals, but, according to the traditional use of the term, they may choose to consume dairy products and eggs, in which case they are called lacto-ovo (milk and egg) vegetarians. In reality, the distinction between meat on the one hand and dairy products and eggs on the other is moot, as the production of milk and eggs involves as much cruelty and killing as meat production does: surplus cockerels and calves, as well as spent hens and cows, have been slaughtered, bludgeoned, drowned, ditched, and buried alive through the ages. Spent commercial dairy cows and laying hens endure agonizing days of pre-slaughter starvation and long trips to the slaughterhouse because of their low market value.

According to the current view, the maintenance of sound monetary conditions is only possible with a 'credit balance of payments'. The confutation of this and related objections is implicit in the Quantity Theory and in Gresham's Law. The Quantity Theory shows that money can never permanently flow abroad from a country in which only metallic money is used (the 'purely metallic currency' of the Currency Principle). The tightness in the domestic market called forth by the efflux of part of the stock of money reduces the prices of commodities, and so restricts importation and encourages exportation, until there is once more enough money at home. The precious metals which perform the function of money are distributed among individuals, and consequently among separate countries, according to the extent and intensity of the demand of each for money. State intervention to assure to the community the necessary quantity of money by regulating its international nlovements is supererogatory.

For some years, Trieste was a murky exchange for the commodities most coveted in the deprived societies of Hungary, Czechoslovakia, Bulgaria, Romania and Yugoslavia. Jeans, for example, were then almost a currency of their own, so terrific was the demand on the other side of the line, and the trestle tables of the Ponterosso market groaned with blue denims of dubious origin ("Jeans Best for Hammering, Pressing and Screwing", said a label I noted on one pair). There was a thriving traffic in everything profitably resellable, smuggleable or black-marketable - currencies, stamps, electronics, gold. Not far from the Ponterosso market was Darwil's, a five-storey jewellers' shop famous among gold speculators throughout central Europe. Dazzling were its lights, deafening was its rock music, and through its blinding salons clutches of thick-set conspiratorial men muttered and wandered, inspecting lockets through eye-glasses, stashing away watches in suitcases, or coldly watching the weighing of gold chains in infinitesimal scales.

In this sense, therefore, inasmuch as we have access to neither the beautiful nor the ugly, and are incapable of judging, we are condemned to indifference. Beyond this indifference, however, another kind of fascination emerges, a fascination which replaces aesthetic pleasure. For, once liberated from their respective constraints, the beautiful and the ugly, in a sense, multiply: they become more beautiful than beautiful, more ugly than ugly. Thus painting currently cultivates, if not ugliness exactly - which remains an aesthetic value - then the uglier-than-ugly (the 'bad', the 'worse', kitsch), an ugliness raised to the second power because it is liberated from any relationship with its opposite. Once freed from the 'true' Mondrian, we are at liberty to 'out-Mondrian Mondrian'; freed from the true naifs, we can paint in a way that is 'more naif than naif', and so on. And once freed from reality, we can produce the 'realer than real' - hyperrealism. It was in fact with hyperrealism and pop art that everything began, that everyday life was raised to the ironic power of photographic realism. Today this escalation has caught up every form of art, every style; and all, without discrimination, have entered the transaesthetic world of simulation. There is a parallel to this escalation in the art market itself. Here too, because an end has been put to any deference to the law of value, to the logic of commodities, everything has become 'more expensive than expensive' - expensive, as it were, squared. Prices are exorbitant - the bidding has gone through the roof. Just as the abandonment of all aesthetic ground rules provokes a kind of brush fire of aesthetic values, so the loss of all reference to the laws of exchange means that the market hurtles into unrestrained speculation. The frenzy, the folly, the sheer excess are the same. The promotional ignition of art is directly linked to the impossibility of all aesthetic evaluation. In the absence of value judgements, value goes up in flames. And it goes up in a sort of ecstasy. There are two art markets today. One is still regulated by a hierarchy of values, even if these are already of a speculative kind. The other resembles nothing so much as floating and uncontrollable capital in the financial market: it is pure speculation, movement for movement's sake, with no apparent purpose other than to defy the law of value. This second art market has much in common with poker or potlatch - it is a kind of space opera in the hyperspace of value. Should we be scandalized? No. There is nothing immoral here. Just as present-day art is beyond beautiful and ugly, the market, for its part, is beyond good and evil.

To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand.

In a sense, the farmer was the looniest speculator in a nation overrun with them. He was wagering he would master this fathomlessly intricate global game, pay off his many debts, and come out with enough extra to play another round. On top of that, he was betting on the kindness of Mother Nature, always supremely risky. But the farmer had no choice if he hoped to sustain himself and a way of life, the family farm. Instead, he was drawn into a kind of social suicide. The family farm and the whole network of small-town life that it patronized were being washed away into the rivers of capital and credit that flowed toward the railroads, banks, and commodity exchanges, toward the granaries, wholesalers, and numerous other intermediaries that stood between the farmer and the world market. Disappearing into all the reservoirs of capital accumulation, the family farm increasingly remained a privileged way of life only in sentimental memory. Perversely the dynamic Lincoln had described as the pathway out of dependency—spending a few years earning wages, saving up, buying a competency, and finally hiring others—now operated in reverse. Starting out as independent farmers, families then slipped inexorably downward, first mortgaging the homestead, then failing under intense pressure to support that mortgage (they called themselves “mortgage slaves”) and falling into tenancy—or into sharecropping if in the South—and finally ending where Lincoln’s story began, as dispossessed farm and migrant laborers.

In order to grasp the meaning of this liberal program we need to imagine a world order in which liberalism is supreme. Either all the states in it are liberal, or enough are so that when united they are able to repulse an attack of militarist aggressors. In this liberal world, or liberal part of the world, there is private property in the means of production. The working of the market is not hampered by government interference. There are no trade barriers; men can live and work where they want. Frontiers are drawn on the maps but they do not hinder the migrations of men and shipping of commodities. Natives do not enjoy rights that are denied to aliens. Governments and their servants restrict their activities to the protection of life, health, and property against fraudulent or violent aggression. They do not discriminate against foreigners. The courts are independent and effectively protect everybody against the encroachments of officialdom. Everyone is permitted to say, to write, and to print what he likes. Education is not subject to government interference. Governments are like night-watchmen whom the citizens have entrusted with the task of handling the police power. The men in office are regarded as mortal men, not as superhuman beings or as paternal authorities who have the right and duty to hold the people in tutelage. Governments do not have the power to dictate to the citizens what language they must use in their daily speech or in what language they must bring up and educate their children. Administrative organs and tribunals are bound to use each man’s language in dealing with him, provided this language is spoken in the district by a reasonable number of residents. In such a world it makes no difference where the frontiers of a country are drawn. Nobody has a special material interest in enlarging the territory of the state in which he lives; nobody suffers loss if a part of this area is separated from the state. It is also immaterial whether all parts of the state’s territory are in direct geographical connection, or whether they are separated by a piece of land belonging to another state. It is of no economic importance whether the country has a frontage on the ocean or not. In such a world the people of every village or district could decide by plebiscite to which state they wanted to belong. There would be no more wars because there would be no incentive for aggression. War would not pay. Armies and navies would be superfluous. Policemen would suffice for the fight against crime. In such a world the state is not a metaphysical entity but simply the producer of security and peace. It is the night-watchman, as Lassalle contemptuously dubbed it. But it fulfills this task in a satisfactory way. The citizen’s sleep is not disturbed, bombs do not destroy his home, and if somebody knocks at his door late at night it is certainly neither the Gestapo nor the O.G.P.U. The reality in which we have to live differs very much from this perfect world of ideal liberalism. But this is due only to the fact that men have rejected liberalism for etatism.

In the Middle Ages, sugar was a rare luxury in Europe. It was imported from the Middle East at prohibitive prices and used sparingly as a secret ingredient in delicacies and snake-oil medicines. After large sugar plantations were established in America, ever-increasing amounts of sugar began to reach Europe. The price of sugar dropped and Europe developed an insatiable sweet tooth. Entrepreneurs met this need by producing huge quantities of sweets: cakes, cookies, chocolate, candy, and sweetened beverages such as cocoa, coffee and tea. The annual sugar intake of the average Englishman rose from near zero in the early seventeenth century to around eighteen pounds in the early nineteenth century. However, growing cane and extracting its sugar was a labour-intensive business. Few people wanted to work long hours in malaria-infested sugar fields under a tropical sun. Contract labourers would have produced a commodity too expensive for mass consumption. Sensitive to market forces, and greedy for profits and economic growth, European plantation owners switched to slaves. From the sixteenth to the nineteenth centuries, about 10 million African slaves were imported to America. About 70 per cent of them worked on the sugar plantations. Labour conditions were abominable. Most slaves lived a short and miserable life, and millions more died during wars waged to capture slaves or during the long voyage from inner Africa to the shores of America. All this so that Europeans could enjoy their sweet tea and candy – and sugar barons could enjoy huge profits. The slave trade was not

To understand how commodity money emerges, we return in more detail to the easy money trap we first introduced in Chapter 1, and begin by differentiating between a good's market demand (demand for consuming or holding the good for its own sake) and its monetary demand (demand for a good as a medium of exchange and store of value). Any time a person chooses a good as a store of value, she is effectively increasing the demand for it beyond the regular market demand, which will cause its price to rise. For example, market demand for copper in its various industrial uses is around 20 million tons per year, at a price of around $5,000 per ton, and a total market valued around $100 billion. Imagine a billionaire deciding he would like to store $10 billion of his wealth in copper. As his bankers run around trying to buy 10% of annual global copper production, they would inevitably cause the price of copper to increase. Initially, this sounds like a vindication of the billionaire's monetary strategy: the asset he decided to buy has already appreciated before he has even completed his purchase. Surely, he reasons, this appreciation will cause more people to buy more copper as a store of value, bringing the price up even more. But even if more people join him in monetizing copper, our hypothetical copper-obsessed billionaire is in trouble. The rising price makes copper a lucrative business for workers and capital across the world. The quantity of copper under the earth is beyond our ability to even measure, let alone extract through mining, so practically speaking, the only binding restraint on how much copper can be produced is how much labor and capital is dedicated to the job.

The climate for relationships within an innovation group is shaped by the climate outside it. Having a negative instead of a positive culture can cost a company real money. During Seagate Technology’s troubled period in the mid-to-late 1990s, the company, a large manufacturer of disk drives for personal computers, had seven different design centers working on innovation, yet it had the lowest R&D productivity in the industry because the centers competed rather than cooperated. Attempts to bring them together merely led people to advocate for their own groups rather than find common ground. Not only did Seagate’s engineers and managers lack positive norms for group interaction, but they had the opposite in place: People who yelled in executive meetings received “Dog’s Head” awards for the worst conduct. Lack of product and process innovation was reflected in loss of market share, disgruntled customers, and declining sales. Seagate, with its dwindling PC sales and fading customer base, was threatening to become a commodity producer in a changing technology environment. Under a new CEO and COO, Steve Luczo and Bill Watkins, who operated as partners, Seagate developed new norms for how people should treat one another, starting with the executive group. Their raised consciousness led to a systemic process for forming and running “core teams” (cross-functional innovation groups), and Seagate employees were trained in common methodologies for team building, both in conventional training programs and through participation in difficult outdoor activities in New Zealand and other remote locations. To lead core teams, Seagate promoted people who were known for strong relationship skills above others with greater technical skills. Unlike the antagonistic committees convened during the years of decline, the core teams created dramatic process and product innovations that brought the company back to market leadership. The new Seagate was able to create innovations embedded in a wide range of new electronic devices, such as iPods and cell phones.

some small counting house on the coast, in some Salem harbor, will be fixture enough. You will export such articles as the country affords, purely native products, much ice and pine timber and a little granite, always in native bottoms. These will be good ventures. To oversee all the details yourself in person; to be at once pilot and captain, and owner and underwriter; to buy and sell and keep the accounts; to read every letter received, and write or read every letter sent; to superintend the discharge of imports night and day; to be upon many parts of the coast almost at the same time—often the richest freight will be discharged upon a Jersey shore;—to be your own telegraph, unweariedly sweeping the horizon, speaking all passing vessels bound coastwise; to keep up a steady despatch of commodities, for the supply of such a distant and exorbitant market; to keep yourself informed of the state of the markets, prospects of war and peace everywhere, and anticipate the tendencies of trade and civilization—taking advantage of the results of all exploring expeditions, using new passages and all improvements in navigation;—charts to be studied, the position of reefs and new lights and buoys to be ascertained, and ever, and ever, the logarithmic tables to be corrected, for by the error of some calculator the vessel often splits upon a rock that should have reached a friendly pier—there is the untold fate of La Prouse;—universal science to be kept pace with, studying the lives of all great discoverers and navigators, great adventurers and merchants, from Hanno and the Phoenicians down to our day; in fine, account of stock to be taken from time to time, to know how you stand. It is a labor to task the faculties of a man—such problems of profit and loss, of interest, of tare and tret, and gauging of all kinds in it, as demand a universal knowledge. I have thought that Walden Pond would be a good place for business, not solely on account of the railroad and the ice trade; it offers advantages which it may not be good policy to divulge; it is a good port and a good foundation. No Neva marshes to be filled; though you must everywhere build on piles of your own driving. It is said that a flood-tide, with a westerly wind, and ice in the Neva, would sweep St. Petersburg from the face of the earth. As this business was to be entered into without the usual capital, it may not be easy to conjecture where those means, that will still be indispensable to every such undertaking, were to be obtained.

If one looks at modern society, it is obvious that in order to live, the great majority of people are forced to sell their labour power. All the physical and intellectual capacities existing in human beings, in their personalities, which must be set in motion to produce useful things, can only be used if they are sold in exchange for wages. Labour power is usually perceived as a commodity bought and sold nearly like all others. The existence of exchange and wage-labour seems normal, inevitable. Yet the introduction of wage-labour involved conflict, resistance, and bloodshed. The separation of the worker from the means of production, now an accepted fact of life, took a long time and was accomplished by force. In England, in the Netherlands, in France, from the sixteenth century on, economic and political violence expropriated craftsmen and peasants, repressed indigence and vagrancy, imposed wage-labour on the poor. Between 1930 and 1950, Russia decreed a labour code which included capital punishment in order to organise the transition of millions of peasants to industrial wage-labour in less than a few decades. Seemingly normal facts: that an individual has nothing but his labour power, that he must sell it to a business unit to be able to live, that everything is a commodity, that social relations revolve around market exchange… such facts now taken for granted result from a long, brutal process. By means of its school system and its ideological and political life, contemporary society hides the past and present violence on which this situation rests. It conceals both its origin and the mechanism which enables it to function. Everything appears as a free contract in which the individual, as a seller of labour power, encounters the factory, the shop or the office. The existence of the commodity seems to be an obvious and natural phenomenon, and the periodic major and minor disasters it causes are often regarded as quasi-natural calamities. Goods are destroyed to maintain their prices, existing capacities are left to rot, while elementary needs remain unfulfilled. Yet the main thing that the system hides is not the existence of exploitation or class (that is not too hard to see), nor its horrors (modern society is quite good at turning them into media show). It is not even that the wage labour/capital relationship causes unrest and rebellion (that also is fairly plain to see). The main thing it conceals is that insubordination and revolt could be large and deep enough to do away with this relationship and make another world possible.