A review of capitalist mode of production

The capitalist mode of production is one of the parameters adopted by Marx to extrapolate materialist conception and interpretation of human society. The capitalist mode of production has features of commodity production, a polarize wealth where ownership of the means of production is separated from the properless class and labour, has to sell his power to the capitalists in return for wages. The development of the capitalist mode of production was attributed to the accumulation, concentration and centralization of capital albeit invested and reinvested in form of finance capital exported to the third world nations through loan facilities. It is against this backdrop that two theories of the capitalist mode of production were developed. The first perspective argues that the capitalist mode of production was responsible for the economic growth and development of the third world nations through the establishment of industries from the finance capital which provides employment opportunities. While the second perspective argues that the capitalist mode of production was responsible for the underdevelopment of the third world nations through centre-periphery relations, inclined by unequal exchange relations in trade relations. Keywords: Capitalist mode of production, finance capital, centre-periphery relations, development and underdevelopment