Capitalism

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 emergence of capitalism tended to be in the context of feudal societies, or by colonization of other modes of production by capitalist entities. The creation of capitalism was spearheaded by the bourgeoisie class. The creation of capitalist societies dramatically enlarged and gave newfound agency to the proletariat class. Within this class is found the basis of socialist revolution and communism. Types of governments vary under capitalism, but tend to at least officially maintain a liberal democratic structure. Advanced capitalism produced the system of imperialism. The era of capitalism in history has been accompanied by an extremely rapid development of the forces of production, creation and change of various ideologies and philosophies, and drastic social changes for all of humanity.