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The essential feature of a capitalist world-economy... is production for sale in a market in which the object is to realize the maximum profit is the essential feature of a capitalist world-economy. In such a system production is constantly expanded as long as further production is profitable, and men constantly innovate new ways of producing things that will expand the profit margin.
Capitalism is commodity production at the highest stage of development, when labor power itself becomes a commodity. The growth of internal exchange, and particularly of international exchange, is a special feature of capitalism. The uneven and spasmodic character of the development of individual enterprises, of individual branches of industry and individual countries, is inevitable under the capitalist system.
The most prominent characteristic of capitalism is the wage system, which in brief amounts to this: — A man, or a group of men, possessing the necessary capital, starts some industrial enterprise; he undertakes to supply the factory or workshops with raw material, to organize production, to pay the employés a fixed wage, and lastly, to pocket the surplus value or profits, under pretext of recouping himself for managing the concern, for running the risks it may involve, and for the fluctuations of price in the market value of the wares.
[C]apitalism is basically a system where everything is for sale, and the more money you have, the more you can get. And, in particular, that's true of freedom. Freedom is one of the commodities that is for sale, and if you are affluent, you can have a lot of it. It shows up in all sorts of ways. It shows up if you get in trouble with the law, let's say, or in any aspect of life it shows up. And for that reason it makes a lot of sense, if you accept capitalist system, to try to accumulate property, not just because you want material welfare, but because that guarantees your freedom, it makes it possible for you to amass that commodity. [...] what you're going to find is that the defense of free institutions will largely be in the hands of those who benefit from them, namely the wealthy, and the powerful. They can purchase that commodity and, therefore, they want those institutions to exist, like free press, and all that.
Capitalism is best understood as a competitive class-based mode of production and exchange geared to the accumulation of capital through the exploitation of workers’ labor power and the private appropriation of (value generated beyond the costs of the workers’ own reproduction). The mode of economic accounting intrinsic to capitalism designates as a value-generating good or service anything that passes through the market and therefore produces income. It follows that the greater part of the social and environmental costs of production outside the market are excluded in this form of valuation and are treated as mere negative “externalities,” unrelated to the capitalist economy itself—whether in terms of the shortening and degradation of human life or the destruction of the natural environment.
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Capitalism is the use of wealth in private hands to create more wealth. It is the existing world-wide modern system of organizing production and trade by private enterprise, free to seek profit by employing human labor. Its defenders argue that never, since the beginning of history, has there been such a thing as perfect equality and harmony;… and every know period of history had rich and poor, and that actually modern technology, plus liberal democracy, plus an increased social sense, plus Capitalism, have created the modern world, and that as far as the standard of living of the average man is concerned the modern world surpasses all previous epochs of history.
A realistic definition of capitalism should not present it as a constant, created and characterized by unicentral thought and action. It is , in essence, the result of the actions of opportunist individuals and groups who established themselves into openings and cracks within society a the potential for surplus product developed; these actions became systemaised as they nibbled away at the surplus product.
There are more idealized definitions of capitalism, but I refer to the real capitalism—the kind we are living with. This capitalism is grounded in an elitist ideology of individualism supported by an institutional system devoted to the concentration and abuse of wealth for the exclusive benefit of a private ruling oligarchy. It is the capitalism that claims to champion democracy and markets even as it destroys them. The capitalism that claims to bring universal prosperity even while denying it to all but its most favored servants. The capitalism that destroys life to make money and organizes as a suicide economy that destroys the foundations of its own existence—and ours.
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