THE MARKET AS A SOCIAL INSTITUTION

C ommoditisation and C onsumption The growth of capitalism around the world has meant the extension of markets into places and spheres of life that were previously untouched by this system. 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.

The commodification of labour is one example, but there are many other examples in contemporary society. For instance, there is a controversy about the sale of kidneys by the poor to cater to rich patients who need kidney transplants. According to many people, human organs should not become commodities. In earlier times, human beings