Capitalism uses commodification
Characteristics
In general, capitalism as an economic system and mode of production can be summarized by the following:
Capital accumulation: production for profit and accumulation as the implicit purpose of all or most of production, constriction or elimination of production formerly carried out on a common social or private household basis.
Commodity production: production for exchange on a market; to maximize exchange-value instead of use-value.
Private ownership of the means of production:
High levels of wage labor.
The investment of money to make a profit.
The use of the price mechanism to allocate resources between competing uses.
Economically efficient use of the factors of production and raw materials due to maximization of value added in the production process.
Freedom of capitalists to act in their self-interest in managing their business and investments.
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