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financial crisis

Wednesday, 11. December 2013 | 01:00 (tz: Europe/Amsterdam)

Monetizing the Crowds

opentekst5

In Marxist theory capitalism is unified through the exchange of commodities that mediate the interaction between people and their relations. Unlike feudal societies where people interacted subjectively and were familiar, in capitalism the producers of the products of labour in the factory are invisible and anonymous, and people relate to each other through the ‘universal equivalent’ or ‘money form’. [1] The social relations, then, appear as material objects or things, along with money as a fetishized commodity as a result of the reifying effects of this universalised trade in commodities. Nowadays, with the increasing advancement of digital technologies, microfinance enables monetary exchanges between willing and known parties through crowdfunding campaigns.