What is capitalism?

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We are often told that capitalism is the most efficient economic system; that markets are rational tools for distribution; and that only under capitalism can people live free and fair lives. However, while capitalism might enrich a parasitic handful, it is fundamentally a system of oppression and exploitation for the vast majority of humanity. But what actually is this system? How does it work, and not work? How do we bring it down; and what can we replace it with?

While the right-wing, liberals and even much of the so-called left still fail to grasp the essence of capitalism, Marx elaborated on this in extreme detail over 150 years ago. It is crucial that communists today follow in his example, and grasp the real nature of the capitalist system: how it functions, and why it goes into crisis.

This week’s episode of Spectre of Communism podcast welcomes Niklas Albin Svensson, a leading member of the International Marxist Tendency. For more by Niklas on capitalism today, we recommend this article on the looming global recession.