Capitalism Essay

Commodity production arose in the period of disintegration of the primitive communal society and gradually acquired increasing importance.

The Industrial Revolution signified the establishment of the material base corresponding to capitalist production relations.

It is, therefore, necessary to know what is commodity. From his analysis it appears that not every product of labour is a commodity.

If the product of individual’s labour satisfies his own needs or those of his family, then it is only a product, a thing, but not a commodity.

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. 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.Marx identifies several fetishes in the sphere of economy. “The essence of commodity fetishism is that, in measuring the output of energy by labour-time, we introduce into the products of labour the measure which originally relates to the life-process itself commodity fetishism is the inability of human beings to see their own products for what they are, and their unwilling consent to be enslaved by human power instead of wielding it.Fetishism contains in embryo all other forms of alienation” (Kolakowski, There are two phases of commodity fetishism.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 chief elements of capitalism are capital, means of production and labour.But these three elements do not normally constitute capitalism. It is said that capitalism is a social system based on the exploitation of wage labour by capitalists in whose hands the means of production are concentrated as their property. It is, at first, necessary to define capitalism, though the task of defining is not an easy one.

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