Capitalism Essay

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Capitalism can be many different things, but it is basically an economic system that is based off these three things; wage labour or working for a wage, private ownership or control of the means of production, and production for exchange and profit. With capitalism comes many characteristics to it, such as capital accumulation, competitive markets, and wage labor. These are the central characteristics of capitalism. It is important to recognize the term Laissez-faire which in French literally means “let them do”. There are also many types of capitalism such as free market capitalism, state capitalism, welfare capitalism, corporate capitalism, and etc. Capitalism has existed under many forms of government, in different places, times, and cultures. It also became one of the most dominant economic system. Wage labour is one of the many things capitalism consist of. Wage labour is basically the socioeconomic relationship which is established between a worker and the person employing. People will get paid for their work or labour. It is known to be one of the most common work forms in the world. There are also four different types of wage labour; employment status, civil status, method of payment, and method of hiring. Karl Marx had also written an essay “Wage Labour and Capital” on which he observed how capitalism worked and how it wouldn’t be successful. Marx would be known for Marxism which be known as a method of socio-economics analysis. Second, there is private ownership which Karl marx also had an influential view on. It is basically the ownership of property by people that don’t associate with government. Many examples of this is owning things like farms, factories, machinery, and offices. Private property and... ... middle of paper ... ...n by the government that is said by Webster. It is mostly entirely on the people if they want capitalism to continue, it is on the working class. It will only survive as long as we let it survive. It has only been in existence from 200-300 years. The two classes, capitalist class or "bourgeoisie" in Marxist jargon, and the second group is the working class or "proletariat" really make the difference. Most of capitalism is based on the simple process of money that invested to create more money for people. The driving force of the economy is basically capital accumulation, where the capital increases. For money to cause more and more money, many things have to be exchangeable for the money. In a world where everything must be sold and is for sale, comes those who sell their own ability to work. The things people produce at work are not theirs but their bosses.

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