Reddit mentions of Postindustrial Peasants: The Illusion of Middle-Class Prosperity (Contemporary Social Issues)

Capitalism requires exploitation.
Successful capitalism requires consumers.
Consumerism is fetishistic.
Fetishism does not necessarily follow from consumers, and so ultimately no. Capitalism does not require fetishistic consumers.
It is, in demonstrable examples, the inevitable result. In history, capitalism always leads to fetishistic consumers.

Capitalism, however, does require that some people receive less than the value of their labor. Also, that some people who have capital receive more than the worth of their labor. This is the exchange for the risk they take with their capital.

Again, it is extremism that leads to unsustainable levels of exploitation. Though extremism is not necessary. It is, in demonstrable examples, the inevitable result.

Capitalism is in practice then, the replacement of serfs tied to the land with wage slaves. They are free to quit any given job, but not to quit the social strata. Postindustrial Peasants was a really interesting monograph that digs into this issue with lots of excellent research.