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There are four main features of capitalism as an economic system:-
1) Wealth is concentrated in the hands of a few people i.e. the minority capitalist
class who owns and controls the means of production, that is factories, raw
materials, estates, machineries, trading centres etc. as well as wealth in
money form.
2) Large masses of the people, the majority have been separated from the means
of production hence have no means of getting a living except by selling their
labour to earn wages. This is a class of propertyless workers that Marx calls
the Proletariat.
3) Virtually all production is not meant for personal consumption or use of the
producers but for exchange/sale. Goods produced for exchange are called
commodities. Under capitalism commodity production prevails.
4) Under capitalism labour power itself becomes a commodity.
Titany answered the question on December 8, 2021 at 08:17
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