
Dec 20, · Capitalism is an economic system where productions are privately owned and work for private profit. Private actors in the free market make decisions regarding supply and demand investments and prices. Investors who chose to make investments profit, workers get paid wages by Capitalism describes an economic system in that private individuals and businesses own capital assets. Producing goods and services is based upon supply and demande in the general economy (also known as a Market Economy) rather than central planning (also known as Estimated Reading Time: 3 mins The writer of the article published in Bottomore’s book has summarized the features of capitalism in the following way: 1. Capitalism is characterized by production for sale rather than own use by numerous producers. 2. In capitalism labour power is bought and sold like any other commodity. In capitalism it is called labour market. 3
Essay on Capitalism: Definition, Features and Development
After reading this article you will learn about Capitalism:- 1. Definition of Capitalism 2. Features of Essay on capitalism 3. Development 4. Crisis 5, essay on capitalism. Collapse 6. Criticism and Evaluation. The starting point of Marxian philosophy is capitalism. It is, at first, essay on capitalism, necessary to define capitalism, though the task of defining is not an easy one. It is said that capitalism is a social system based on the exploitation of wage labour by capitalists in whose hands the means of production are concentrated as their property.
So the term capitalism is associated with three notions. One is, capitalism means exploitation. Second is, the ownership of the means of production is concentrated in the hands of few persons. Thirdly, majority people are deprived of the ownership of the forces or means of production.
The chief elements of capitalism are capital, means of production and labour. But these three elements do not normally constitute capitalism. The capitalist or the owner of capital brings them under one umbrella to manufacture something and this is commodity. Capital may take the form of money or credit for the purchase of labour power and materials of production of physical machinery. Capitalism is the highest form of commodity production.
Mere production of commodity is not capitalism. It is produced not merely for use, essay on capitalism, but also for sale from which comes profit. Hence the notion of profit is connected with the production of commodity. There is another side which is to be explored. If the commodities are produced under the guidance and authority of the whole society and the means of production under its control the production will not give rise to capitalism.
One typical feature of capitalism is the domination of few persons in commodity production. Commodities are produced under the absolute authority of the owners of capital. Capitalist production is the production of commodities, essay on capitalism. Commodity production is the production of goods for exchange or sale it replaced the natural economy that was the dominant form of production under slavery and feudalism.
Commodity production arose in the period of disintegration of the primitive communal society and gradually acquired increasing importance. The Industrial Revolution signified the establishment of the material base corresponding to capitalist production relations.
Capitalism becomes the prevailing mode of production. The capitalist mode of essay on capitalism requires that labour power is to be purchased or hired to facilitate production. The purchaser offers essay on capitalism amount to the labourer for the labour power and it is called wage.
There is a gap between what the capitalist receives in the form of revenue from the sale of the commodity produced by worker and what he gives him in the form of wage. This gap is so wide that it forms the basis of exploitation. It is essay on capitalism quite clear that commodity and commodity production are vital aspects of the rise and development of capitalism. It is, therefore, necessary to know what is commodity. In Capital Marx analyses the concept in details.
From his analysis it appears that not every essay on capitalism of labour is a commodity, essay on capitalism. A product of labour becomes a commodity only when transferred to another for consumption through exchange. A commodity has a two-fold character. The capacity to satisfy some human want gives a commodity its use value.
The capacity of a commodity to be exchanged for another commodity gives it exchange value. The use value of some commodities is important. Whereas the exchange value of some is important.
However, the common characteristic is that they are all products of human labour. From this point of view, all commodities represent crystallized human labour. So a commodity is an object outside us, a thing that by its properties satisfies human wants of some or another. The wants spring from the stomach or fancy. Neither are we here concerned to know how the object satisfies the wants, whether directly as means of subsistence or indirectly as means of production.
The fetish then manifests itself as endowed with a power which in truth it lacks. Marx identifies several fetishes in the sphere of economy. The commodity fetish is most famous. One is separation of exchange value from its material basis. The other is attachment of exchange-value to the substance of commodity. A commodity appears, at first sight, a very trivial thing.
Too far as it is a value in use, there is nothing mysterious about it. But as soon as it steps forth as a commodity it is changed into something transcendent. They mystical character of commodity does not originate in use value. This is the reason why the products of labour become commodities, essay on capitalism, social things whose qualities are to once perceptible and imperceptible by the senses.
The existence of things qua commodities, essay on capitalism, and the value-relation between products of labour which stamps them as commodities, have absolutely no connection with their physical properties and with the material relation arising there-from.
Here it is a particular social relation between men that assumes, in their eyes, the imaginary form of a relation between things. To find an analogy we must have recourse to the mist-enveloped regions of the religious world, where the productions of the human brain appear as independent beings endowed with life, and entering into relation both with one another and with human race.
Capitalism has certain features. The first one essay on capitalism, it is characterized by the private ownership over the means of production. The state ownership is never a guarantee of economic development; rather, it hinders the growth. The private ownership is supported by another reason. The libertarian view is that the state control of the means of production ultimately leads to the control of private life of individuals; the classical thinkers of capitalism are of opinion that in a state control system the proper progress of science and technology is really a far cry.
To sum up, private ownership is the only way and objective of capitalism. Capitalism is called market-economy. Before the emergence essay on capitalism capitalism people generally produced their own requirement and the exchange system, as a means of meeting the demands, was unknown to them, essay on capitalism. The invention of market-economy by capitalism is a great landmark.
This type of economy is normally credited with the essay on capitalism of two systems system of division of labour, and production of commodities more than the requirement.
For the sale of the commodities the capitalists develop a well-knit and well organized distribution system under their own guidance and control. Another aspect of the market economy is that manufacturers produce the articles required by the consumer. The consumer sovereignty is the determiner of the movements of the market economy.
The capitalists impose their decision upon the consumer. They also dislike including the welfare motive into the essay on capitalism. The decision of the consumer is final and that is to be accepted as the real guideline essay on capitalism production. The producers will always act according to the preference of the consumers. The market economy, essay on capitalism, in this connection it is to be noted, essay on capitalism, admits of crises and in that case it approves of state interference and even that on a very limited scale.
In a word, market economy is to be encouraged and safeguarded, essay on capitalism. The students of political science are sometimes misled by the argument that capitalism and its market-economy are analogous to the fascist system, because in fascism private ownership is the characteristic feature of economy. But the fact is that the fascist economy is called command economy. The government decides the manner and principles of employment, pricing, production and distribution.
The producers are hardly left with any freedom. Economy of essay on capitalism society is also planned. That essay on capitalism, there is enforcement and no place of persuasion which characterizes capitalism. Another feature of capitalism is competition among the manufacturers, essay on capitalism. Essay on capitalism the consumer is sovereign, capitalists compete among themselves to satisfy the consumers.
Thus the principle of consumer sovereignty leads to the competition among the manufacturers. Competition has also other good effects. Producers, in order to survive and develop, always try to reduce the cost of production. After the Second World War the miraculous development of technology in Japan and Germany is normally treated as contribution of capitalism. We can call profit making and profit motive as important features of capitalism.
Profit acts as the greatest impetus of expansion. Moreover, out of the surplus essay on capitalism the capitalists build up the investment fund. Hence the survival of capitalism without profit is impossibility. During the Middle Ages both profit and interests were highly condemned and because of that reason industry could not develop at all.
Capitalism and Socialism: Crash Course World History #33
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Capitalism in Today's Society. The purpose of this essay is to evaluate whether capitalism is a system that can be used to effectively manage organisations in modern day society. The scope is to assess the suitability of capitalism in corporate businesses. The first two themes will discuss the reasons Capitalism describes an economic system in that private individuals and businesses own capital assets. Producing goods and services is based upon supply and demande in the general economy (also known as a Market Economy) rather than central planning (also known as Estimated Reading Time: 3 mins Capitalism is ‘a system of economic enterprise based on market exchange’. The Concise Oxford Dictionary of Sociology () defines it as ‘a system of wage-labour and commodity production for sale, exchange and profit, rather than for the immediate need of the producers’. ‘Capital’ refers to wealth or money used to invest in a market with the hope of achieving a profit’ (Giddens, ).Estimated Reading Time: 5 mins
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