Capitalism : The Economy Of Minimum Scarcity Essay

983 Words Sep 9th, 2016 4 Pages
Capitalism’s basic principle is to leave everybody free to decide, as it is the economy of minimum scarcity. For Karl Marx, Capitalism is essentially different from other modes of production primarily because it is based on unequal private ownership of the means of production. It was this inequality that Marx emphasizes as the core of Capitalism. Capitalism, rather than a system of income and power, is mainly a system of market anarchy.
According to Marx, the impact of Capitalism on the new economic system was obvious in the presence of two different classes in Capitalist society. The proletariats owned literally nothing and were at the bottom of the social ladder. They were driven to rebel by their growing distress. While the bourgeoisie, the owner of the means of production, cannot exist without persistently transforming the instruments of production as there is a continuously expanding market. Thus, the bourgeoisie has given an international character to consumption and production around the world through its exploitation of the market.
The production of commodities is also an effect of Capitalism on the economy. It is where object are produced in order to be bought and sold rather than consumed by the people who make them. Marx has identified this as the theory of exploitation and the key source of class conflict of Capitalism. Under capitalism, the ability to do work has also become a commodity. It is only in a capitalist society that everything, including labor power,…

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