Explain commodification with examples.

OR

Periodic markets are a central feature of the social and economic organization. Explain.

The term commodification implicates the action or process of treating something like a mere commodity. By definition ‘Commodification is the transformation of goods, services, ideas and people into commodities or objects of trade’.

Features with examples:

1. People are commodified—turned into objects—when working, by trading their labour on the market to an employer.

Eg: slavery

2. Cultural expressions, revolutionary or post-modern, can be sold to the dominant culture. It is called commodification of culture.

Eg: the culture of a nation that is focused on fast food, products, cars and experiences, theme park etc. This can be distinguished with another area which has non-commoditized culture such as an exclusive local festival or tradition.

3. The production of commodities for exchange (via the market) as opposed to direct use by the producer. It signals the conversion of use-values into exchange-values and signs a change in production relations.

Eg: trade in national and world market.

OR

A “periodic Market” is an authorized public gathering of buyers and sellers of commodities. They gather at an appointed place at regular intervals. Market centers are the places to which consumers pass through to buy or exchange goods.

Examples

• Bolu's farmer market, which runs since 100 years.

• Periodic markets in western Nigeria

Importance of periodic markets

1. The central feature of the social and economic organization.

2. Enables villages to interact with each other while they sell their goods.

3. Keep the marketing activities in a dynamic manner by arranging

4. It arranges different spatial units into a place.

5. It has a multifunctional process.

6. Enhancement of economic activities for the development of the region.

7. Responsible for establishing the links between its surrounding areas establishing the grass root level networking of trade systems

8. In tribal areas, they help in maintaining interconnections between tribes and communities.

9. Provide employment to the workers of the unorganized sector and source of livelihood.

10. It makes these markets a social institution.