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Capitalism is a mode of production characterized by private ownership of land and means of production, wage labor, and commodity production. In capitalism, the economy functions according to the cycle of M-C-M | Capitalism is a mode of production characterized by private ownership of land and means of production, wage labor, and commodity production. In capitalism, the economy functions according to the cycle of M-C-M, not socially directed activities. <blockquote>The wealth of societies in which the capitalist mode of production prevails appears as an ' immense collection of commodities '; the individual commodity appears as its elementary form.<ref>[https://www.marxists.org/archive/marx/works/1867-c1/ch01.htm#1b Capital, V1 CH1]</ref></blockquote> | ||
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Latest revision as of 00:32, 13 February 2024
Capitalism is a mode of production characterized by private ownership of land and means of production, wage labor, and commodity production. In capitalism, the economy functions according to the cycle of M-C-M, not socially directed activities.
The wealth of societies in which the capitalist mode of production prevails appears as an ' immense collection of commodities '; the individual commodity appears as its elementary form.[1]