What is meant by the commodification of nature?

What is meant by the commodification of nature?

The commodification of nature is an area of research within critical environmental studies that is concerned with the ways in which natural entities and processes are made exchangeable through the market, and the implications thereof.

What are examples of commodification?

For example, the culture of a nation that revolves around services such as fast food, products such as cars and experiences such as a theme park. This can be contrasted with non-commoditized culture such as a unique local festival or tradition.

What is nature of commodity?

Nature of commodity: A commodity for a person may be a necessity, a comfort or a luxury. i. When a commodity is a necessity like food grains, vegetables, medicines, etc., its demand is generally inelastic as it is required for human survival and its demand does not fluctuate much with change in price.

What is the commodification of the environment?

The commodification of nature refers to the process of incorporating biophysical entities and/or information about them into economic systems for the purpose of exchanging the good or service for a profit.

What leads to the commodification of nature?

The case of nature and the environment offers a fertile ground for commodification studies, because species, landscapes, ecosystems, climate balances and so on are all entities which can potentially be commodified, either for pure business reasons (e.g. trade of wild species) or for apparently noble causes (e.g. market …

What is the purpose of commodification?

“Commodification” means transforming something into a product for commercial purposes, an item to be bought and sold in the market. Intangible cultural heritage is frequently used in the commercial sector, incorporated into company names, branding, logos, and products.

How did water become commodified?

The commodification of water refers to the process of transforming water, especially freshwater, from a public good into a tradable commodity also known as an economic good. This transformation introduces water to previously unencumbered market forces in the hope of being managed more efficiently as a resource.

What are the consequences of commodification?

In a critical perspective, commodification is associated with the negative effects of globalisation, causing the dispersion of local value and authenticity while a local culture is aligned to a global economy.

Can natural resources be commodified?

Through the commodification of nature, the framing of the environment as a ‘natural resource’ or ‘ecosystem service’ has become increasingly prominent in international environmental governance.

How are people commodified?

Human commodity is a term used in case of human organ trade, paid surrogacy (also known as commodification of the womb), and human trafficking. Slave trade as a form of human trafficking is a form of the commodification of people.

How does something become commodified?

Commodification is when the objects, including goods, services, knowledge, or even creatures, come to be provided through and represented in a market transaction. Generally speaking, capitalism is an economic system where goods and services are exchanged based on supply and demand in the general market.