The group of people who own the means of production and employ workers are said to be the ‘capitalist class.’ They have an upper hand in the working society as they tend to derive the work from the workers and labourers and keep the profits. The workers sell their ability and hard work to earn their daily wages.
The small minority of people who own factories, land, machinery, finance and transport system and utilize them to manufacture and distribute goods are regarded as members of the capitalist class. Therefore, there is a division between the workers and owners who are regarded as working class and capitalist class respectively.
During the era of an invention of steam engine and Industrial Revolution, the capitalist class came into existence. There are two main classes of the capitalist stage of production. They are the capitalists who own the means of production and the working class who work for wages. Either it is any class, they share a common relationship in the means of production. All the people working in a class make their living by the money they make. A class may own land, own people or it can also be owned by others. A class will produce goods, extract tax, derive work from others or it can also work for a wage.
Besides, it doesn’t provide equal opportunity as it doesn’t provide work for elderly children and those who lack competitive skills.
Some of the countries which can be considered as the capitalist countries are:
- New Zealand