The Capitalist Mode of Production

The capitalist mode of production is an economic system where private individuals or businesses own and control the means of production, like factories and resources. In this system, goods and services are produced for profit, with prices determined by supply and demand in the marketplace. Workers sell their labor to these businesses in exchange for wages. Capitalism encourages innovation and competition, but it can also lead to social inequalities as wealth may accumulate among a few. Overall, it emphasizes individual entrepreneurship and economic freedom, typically fostering growth and development in various sectors of the economy.