"capitalism is exploitative, specifically the way in which unpaid labor (surplus value) is extracted from the working class (the labor theory of value), extending and critiquing the work of earlier political economists on value. Such commodification of human labor according to Marx, creates an arrangement of transitory serfdom. He argued that while the production process is socialized, ownership remains in the hands of the bourgeoisie. This forms the fundamental contradiction of capitalist society. Without the elimination of the fetter of the private ownership of the means of production, human society is unable to achieve further development."