ECONOMY CONSISTS IN THIS, THAT IN THE CAPITALIST ECONOMY LABOUR POWER ITSELF BECOMES A COMMODITY. THUS, THE THIRD CHARACTERISTIC OF THE CAPITALIST SYSTEM IS THE EXISTENCE OF WAGE LABOUR.
9. Conditions of Production under Capitalism.
There are, therefore, three characteristics of the capitalist system, namely: production for the market (commodity production); the monopolisation of the means of production by the capitalist class; wage labour, that is, labour founded upon the sale of labour power.
All these characteristics are associated with the question. What are the mutual relationships between the individuals engaged in production and distribution? When we say “commodity production” or “production for the market,” what does the phrase mean? It means that individuals work for one another, but that each produces for the market in his own enterprise, not knowing beforehand who will buy his wares. Let us suppose that there are an artisan named John and a peasant named George. John the artisan, a bootmaker, takes boots to the market and sells them