In this lecture from Yale instructor Paul North's chapter by chapter study of Marx's Capital, Volume 1, the course moves past the opening chapter into exchange, money, and capital. North examines how what Marx calls the fetishism of the commodity arises, the process by which social relationships between people appear instead as relationships between things. The lecture also introduces Marx's account of money as it emerges from the logic of exchange developed in the preceding chapters. Continuing the course's close textual method, North treats these chapters as building blocks toward Marx's fuller theory of capital, setting up the following session's deeper look at circulation.