Unpacking Capitalism: A System of Private Ownership, Profit, and Abstraction

The sources provide a critical perspective on capitalism , highlighting its defining characteristics, internal logic, and inherent contradictions. Key Features of Capitalism: Private Ownership of the Means of Production: Capitalism is fundamentally characterized by private ownership of the means of production – the resources, tools, and facilities used to create and distribute goods and services. This contrasts sharply with libertarian socialism, which advocates for social ownership and democratic control of these essential resources, as exemplified by Cooperation Jackson's efforts to establish community land trusts and worker cooperatives. Production for Profit: Unlike systems focused on meeting needs, capitalism prioritizes profit maximization. Production is geared towards generating profit for the owners of capital, rather than directly fulfilling social needs. This profit motive drives many of the systemic issues associated with capitalism, such as the exploitation of labor, envir…