By Andrew D
The word capitalism is familiar, but poorly described, in our society. You can’t talk about socialism without first talking about capitalism. Capitalism is an economic system based on the private ownership of the means of production. The means of production – the goods, services, tools, and land – are owned exclusively by a single person or small group of people: capitalists. The capitalists own facilities of production (stores, factories, and so on) solely to generate a profit for their own benefit.
Of course, what is missing in this definition is what work creates these profits. This is where the real production begins: the workers. The capitalists need workers to labor in their facilities so goods and services can be made and sold. The capitalist is dependent on these workers: without them, they have empty stores, unworked land. Capitalists pay a wage to their workers, buying their labor power, to work for them. The capitalist owns their labor and uses it to produce their goods and services to generate a profit.
What’s left unsaid, is that the profits of capitalism are the result of exploitation. We, the working class, do not own the means of production to provide for ourselves (food, clothing, shelter, etc.) we are forced to sell our labor for a wage. In other words, if we do not work, we can’t get money to buy the things we need to survive. Also, what your boss pays you for your work will always be a fraction of the value of your labor: under capitalism, all profit is generated from how much extra labor your boss skimmed from your paycheck today.
Here’s an example: let’s say you work at Starbucks. You get paid $15 an hour: on average, you make 25 drinks an hour, with each drink costing around $6. Let’s do the math: $6 x 25 drinks equals $150, and so, you generate $150 an hour for the company. Even once you remove the overhead (cost of materials, wages, rent, utilities) your company is making an immense profit from the value of your labor.
This is why we must abolish capitalism: it is pure exploitation. We want workers to directly, democratically, and collectively own the means of production. We will no longer be under the burden of the wage system: instead, we will only need to do the limited amount of work needed to perpetuate ourselves and society, and we can spend the rest of our time in leisure with our family and friends. The fight against capitalism is really the fight for the liberation of humanity.