Read the chapter titled “Celebratory Capitalism and the Commodification of Information” written by Stephen Adair (from Peter Kivisto’s book – 6th edition). here is the link of the chapter 1
Themes for Reflection Paper I
1) a) Briefly summarize the ideas of:
• Bell on ‘post-industrial society’
• George Gilder
• Hardt and Negri
What do these ideas tell us about the modern world?
b) Discuss Thomas Jefferson’s quote (do not reproduce the quote) as to how it applies to our
modern information economy. Explain how Thomas Jefferson is wrong and ‘might be
excused’ according to author Adair?
2) Adair’s chapter is based on fundamental tenets of Karl Marx’s economic theory. Based on this
reading, what does Marx mean by ‘commodity’? Distinguish ‘use-value’ from ‘exchange value’.
What is ‘surplus value’? (Provide verbatim definitions for these terms from Kivistos’ book and
then discuss them in your own words)
3) How did John Locke’s ‘theory of labor and property’ from 1690 change the perceptions of
individuals and their rights? Elaborate on how things were different before John Locke’s theory
and the way things changed after. How did these ideas ushered in the belief of laissez faire and
4) How did Karl Marx radicalized the ‘labor theory of value’ and how are his ideas different from
John Locke’s? In other words, what is the focus of Marx’s ‘labor theory of value’? The author
Adair distinguishes between John Locke’s ‘theory’ (labor theory of value) and Karl Marx’s ‘law’
(law of value); how is ‘theory’ different from ‘law’ according to Adair? (Refer to 2nd note from
the ‘Notes’ section at the end of the chapter, to answer the last question.)