Exchange-Value

The proportional relation of commodity exchange. Marx pointed out that the exchange-value manifests itself at first as the quantitative relation, the proportion, in which use-values of one sort are exchanged against use-values of another sort.

The exchange-value is the phenomenal form in the commodity exchange. It is manifests itself as the proportional relation between the quantities of different commodities exchanged with each other. For example, if 20 bushels of wheat are exchanged with 1 hoe, this represents the quantitative relation of exchange between the two different use-values of wheat and hoe. 1 hoe is the exchange-value of 20 bushels of wheat, or conversely, 20 bushels of wheat is the exchange-value of 1 hoe. Of course, 20 bushels of wheat can also be used in exchange for other use-values, such as 8 feet of cloth, 1 sheepskin or 5 bushels of sugar, and so on. It can be seen that when a commodity is exchanged with various other commodities, it will form a proportional relation of different quantities, and therefore can have various exchange-values. The exchange-value of a commodity varies with time and place, but at the same time and place, each commodity will have a relatively stable exchange-value.

In Marx’s doctrine, the study of exchange-value is meant to further reveal the value that exists behind exchange-value and to show that the exchange-value is the form of appearance of value, and that the exchange-value of commodities essentially embodies the relation of producers exchanging their labor with each other.