Question: Some fantasy RPGs treat magic as arcane and thus rare, possibly subject to suspicion by the masses. Other games treat magic as somewhat more prevelant but not ubiquitous.

At some point in this trend, magic may become so commonplace as to be considered a commodity.

**What published fantasy RPG and/or setting features this level of magic?**

One criterion: The magic affects ordinary commonplace people multiple times on a daily basis (i.e. not just adventurers and not just occasionally).

Also: What major socioeconomic characteristics are a direct result of this degree of cultural permeation?

(See Heinlein's novella *Magic Incorporated* as an example of such.)

Answer: 
[Earthdawn](http://www.redbrick-limited.com/cms/index.php?categoryid=18) has magic being infused into the world. 

* Players use magic to enhance skill like abilities called talents. The commodity as you put it is your Legend.
* The game rewards roleplaying and boasting of your deeds to spread your legend.
* You can spend your legend to weave magic into your items and even yourself or to grant a bonus to certian situations (Weave a thread into a beach to gain a bonus while performing actions there).
* There are permanent (until dispelled) threads and temporary threads that have just a short duration.
* Items that are used during legendary events become infused with the magic of that legend.
Amazing Engine: Magitech
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Horrible system, excellent setting materials.

In the book, it replaces modern technology with magical equivalents. Cars and trains are powered by bound elementals. Television is replaced with Crystal Ball Networks. Etc.

Really quite a cool read, but the system is often described as "The Amazingly Bad Engine" for its focus on both genre shifting and unlicensed TV/Movie tie-ins, plus an annoying skill system.