What is the word commodification mean?

commodification is to take something which has an intrinsic value or some form of value differing from the monetary and attach monetary value to it and place it in a market. It has also been commodified, abused, mislabeled, misunderstood, co-opted, and drained of meaning for and by many people.”

What is another word for commodification?

In this page you can discover 7 synonyms, antonyms, idiomatic expressions, and related words for commodification, like: consumerism, objectification, institutionalisation, social-relations, politicization, reification and patriarchy.

What is meant by commodification give an example?

Commodification occurs when things that were earlier not traded in the market. become commodities. For instance, labour or skills become things that can be bought and sold. According to Marx and other critics of capitalism, the process of commodification has negative social effects.

How does something become commodified?

Products are commoditized when they must sell at or near a market price. This occurs when consumers see little difference between products such that they always buy based on price. Producers often seek to avoid commoditization by improving the perceived quality of their products to stand out in a crowded market.

What’s the difference between commoditization and commodification?

One way to summarize the difference is that commoditization is about proprietary things becoming generic, whereas commodification is about nonsaleable things becoming saleable.

Why is commodification bad?

In a critical perspective, commodification is associated with the negative effects of globalisation, causing the dispersion of local value and authenticity while a local culture is aligned to a global economy.

What is the opposite of commodification?

Decommodification Logically it seems that decommodification should be seen as the opposite of commodification.

Is Commodifiable a word?

verb (used with object), com·mod·i·fied, com·mod·i·fy·ing. to turn into a commodity; make commercial.

Is commoditization good or bad?

Commoditization is a process in which goods which have unique features becomes simple commodities and can be interchanged easily with other alternatives available in the market. Commoditization is the biggest challenge for those businesses whose products don’t have unique features.

What should not be commodified?

Commodification is often criticised on the grounds that some things ought not to be treated as commodities—for example water, education, data, information, knowledge, human life, and animal life.

Is commodification a bad thing?

What are the benefits of commodification?

In conclusion, commodification brings advantages in the business environment, and provides opportunities for developing new products and services which meet the increasing demands of the customers for their changing needs and wishes.

Which is the best definition of commodification?

the act or fact of turning something into an item that can be bought and sold: The commodification of water means that access is available only to those who can pay. the act or fact of exploiting a person or thing for profit: Some of the tourism to developing countries risks becoming a commodification of culture and poverty.

What does commodify mean in the mortgage industry?

In the mortgage industry, commodification allows lenders to receive cash from selling conforming mortgages to government agencies and government-sponsored entities. Banks can then use the cash to issue more loans, which theoretically spurs economic growth.

What does it mean to commodify a child?

— Amir-hussein Radjy, The New Republic, 6 Jan. 2021 To allow parents to choose either life or death for their child is to commodify them.

What does commodification of an indigenous culture mean?

Commodification of indigenous cultures refers to “areas in the life of a community which prior to its penetration by tourism have not been within the domain of economic relations regulated by criteria of market exchange” (Cohen 1988, 372).