Capitalism Essay

Capitalism Essay-73
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.

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.

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A commodity appears, at first sight, a very trivial thing.

Its analysis shows that it’ is, in reality, a very queer thing, abounding in metaphysical subtleties and theological niceties.

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.

It is, at first, necessary to define capitalism, though the task of defining is not an easy one.

Capitalist production is the production of commodities.

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.

It is, therefore, necessary to know what is commodity. From his analysis it appears that not every product of labour is a commodity.

If the product of individual’s labour satisfies his own needs or those of his family, then it is only a product, a thing, but not a commodity.

The capitalist or the owner of capital brings them under one umbrella to manufacture something and this is commodity.

In Bottomore’s book capitalism has been defined in the following language.


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