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In fact capitalism is the by-product of Industrial Revolution and Marx’s philosophy centres around the development of capitalism and its consequence. The starting point of Marxian philosophy is capitalism.
Capitalism becomes the prevailing mode of production.
The capitalist mode of production requires that labour power is to be purchased or hired to facilitate production.
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.
Capitalism is the highest form of commodity production. It is produced not merely for use, but also for sale from which comes profit.
Hence the notion of profit is connected with the production of commodity. 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.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.The purchaser offers an 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.After reading this article you will learn about Capitalism:- 1. Thirdly, majority people are deprived of the ownership of the forces or means of production. So the term capitalism is associated with three notions. Second is, the ownership of the means of production is concentrated in the hands of few persons.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.The chief elements of capitalism are capital, means of production and labour.But these three elements do not normally constitute capitalism.