The chief elements of capitalism are capital, means of production and labour.
But as soon as it steps forth as a commodity it is changed into something transcendent.One typical feature of capitalism is the domination of few persons in commodity production.Commodities are produced under the absolute authority of the owners of capital.This gap is so wide that it forms the basis of exploitation.It is now quite clear that commodity and commodity production are vital aspects of the rise and development of capitalism.Capitalism becomes the prevailing mode of production.The capitalist mode of production requires that labour power is to be purchased or hired to facilitate production.It is, therefore, necessary to know what is commodity. From his analysis it appears that not every product of labour is a commodity.If the product of individual’s labour satisfies his own needs or those of his family, then it is only a product, a thing, but not a commodity. In fact capitalism is the by-product of Industrial Revolution and Marx’s philosophy centres around the development of capitalism and its consequence. The starting point of Marxian philosophy is capitalism.