COMMODIFICATION, OR HOW FREE SHOULD FREE MARKETS BE? Although Smith argued that

Question

COMMODIFICATION, OR HOW FREE SHOULD FREE MARKETS BE? Although Smith argued that everyone should be left free to buy and sell whatever they want in mar- kets that are free of any government intervention, many have countered that government should be allowed to set limits on what is bought and sold in markets. The word “commodifica- tion” was coined by those who suggest that not everything should be turned into a marketable commodity. To “commodify” something is to treat it as, or turn it into, an item that can be bought and sold (a commodity). Should we be free to commodify whatever we want? For example, many people would like the U.S. government to allow the open sale of sexual intimacies, but since selling sex is illegal in all states but Nevada, sex workers secretly market their services online and in the Yellow Pages as escorts. Others would like the gov- ernment to allow people to freely buy and sell hard drugs (cocaine and heroin) as do Spain, Mexico, Portugal, and Italy.

1. Does commodification of a thing change the way we think of it? Is there anything that should not be commodified? Why or why not?

2. Explain why expanding the free market is a good, or a bad idea. What would John Locke and Adam Smith say about your explanation?

Explanation / Answer

1. Yes, commodification of a thing changes the way we think of it. This is because if a thing gets commodified, then it creates an image in the minds of people that it can be bought or sold at the price set by the market. This would not have been the case if that thing is not commodified since the perception in people's minds would have been different. Yes, in my opinion drugs should not be commodified as people should not be encouraged to openly buy and sell drugs as drugs is one of the major problems in society nowadays and affects the lives of a lot of people. Infact selling and buying of drugs should have a close watch of the authorities and nobody should deal in such items freely.

2. Expanding the free market is not a good idea according to me because certain products like drugs, alcohol, cigarettes etc should not come under free market and should have certain regulations under which they are sold and bought. People must not be encouraged to buy and sell such items freely because these items are not good for health and create a bad image for the society as a whole. John Locke and Adam Smith would not feel good about this opinion because they argued that everyone should be left free to buy and sell whatever they want in markets that are free of any government intervention. They told that there must not be restricted markets for the people, hence they would not have supported the idea of regulated markets.

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