Question

Which of the following are features of capitalism as a social system?
(A) Commodification of labour power.
(B) Caste based networks of trading.
(C) Surplus value.
(D) Rising inequalities.
Choose the correct answer from the options below.

• A. (A), (B) and (D) only
• B. (A), (C) and (D) only
• C. (B), (C) and (D) only
• D. (A), (B) and (C) only

Hint:

To analyze capitalism sociologically, think about its core components: private ownership of the means of production, wage labour (commodification), and the profit motive (driven by surplus value). Social consequences like inequality are also a key part of the analysis.

Answer 1

The Correct Option is B

Step 1: Understanding the Concept:
The question asks to identify the core features of capitalism, particularly from a critical or sociological perspective (as indicated by terms like 'commodification' and 'surplus value').
Step 2: Detailed Explanation:
(A) Commodification of labour power: This is a central feature of capitalism. Labour is treated as a commodity that can be bought and sold on the market. Workers sell their ability to work (labour power) to capitalists in exchange for a wage.
(B) Caste based networks of trading: This is a feature of a traditional, pre-capitalist social order. Capitalism, in its ideal form, is based on impersonal market relations, not on ascriptive criteria like caste. While caste may persist and interact with capitalism in places like India, it is not a defining feature of capitalism as a system itself.
(C) Surplus value: This is a key concept in Karl Marx's analysis of capitalism. It refers to the value produced by a worker that is over and above their wage, which is appropriated by the capitalist as profit. The extraction of surplus value is the engine of capitalist accumulation.
(D) Rising inequalities: While debated, many sociological and economic analyses of capitalism argue that the system has an inherent tendency to produce and exacerbate economic inequality between the owners of capital and the working class.
Therefore, (A), (C), and (D) are considered key features of capitalism as a social system. Step 3: Final Answer:
The correct combination of features is (A) Commodification of labour power, (C) Surplus value, and (D) Rising inequalities.