Capitalism

A mode of production based on generalised commodity production, or a social system where
(a) private property and the market have penetrated all sectors, converting everything including labour power into a saleable commodity;
(b) two main classes exist – a mass of wage labourers who own nothing but their labour power (their capacity to perform labour), and a class of capitalists who, in order to survive as capitalists, must invest their capital and earn ever increasing profits in a competitive market economy.