Use and Exchange Value of Land and Racialization of Crime

Short Answer Questions
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Part 1:
* Discuss the difference between the use and exchange value of land. Why is the use value of land different from that of other commodities?
Use value is defined as the value of a property for a specific use or to a specific user, reflecting the extent to which the property contributes to the profitability of an individual or an enterprise. As such, each individual or group determines use value differently. With reference to land, the use value of land has little to do with the physical location or slope but more to do with the land’s ability to satisfy the needs of the land user. The use value of land depends mainly on the needs and the wants of people consuming it. On the other hand, land has an exchange value which refers to the value realized when land is rented or sold. Exchange value is typically the price fetched when land is traded on an open market.
In contrast, to use value, which is attained by lands capacity to offer utility such as housing, exchange value is derived by lands capacity to generate returns on investment as pursued by people majorly interested in profits and returns, as such, landlords, realtors, developers, and financial institutions are key parties interested in the exchange value of the land. Oftentimes, the use value of the land exceeds its economic exchange value. It is land that has an immense use value and equally high exchange value. Even if the value of land where a home is built goes up by ten times, very few people will give up the use value for exchange value. Overall, land use value is different from that of other commodities because its value, when measured in actual utility, is immeasurable. The use value of land cannot be ignored as it is a commodity that is fixed in supply. As such, the land is a mixed private and public good, with negatives and positive spillovers resulting from its use; the use value of both rural and urban land does not only accrue to the land occupants. Land in the city of Toronto offers use value to the occupants as well as the neighboring citizens who enjoy its landmark properties and the aesthetic.
* What does it mean to say that crime is “racialized?” Briefly discuss this concept in relation to examples of policing tactics that unevenly target different groups.
Racialization of crime is the perception that some groups (especially indigenous and black people) are inherently more criminal than other ethnicities. For example, blacks are perceived to be inherently more criminal and are therefore targeted more than whites by the police. Every time police go out to look for criminal cases in certain communities, they will find more cases than if they visited other communities. In Canada, black and indigenous people are up to three times more likely to be arrested and jailed as compared to whites. Crime racialization is so serious that blacks and indigenous groups suffer extensive inequalities in the justice system. For example, through crime racialization, the blacks and indigenous represent roughly 2% and 5% of the total Canadian population but account for up to 9% and 27% of Canada’s total prison population (401). Police and media have contributed massively to cr...