The correct answer is option 4. Economic organization based on planning, a supposedly rational process of resource allocation, is not associated with a capitalist economy.

Let`s analyze each option to have a better understanding:

- Option 1: Generalized commodity production with a market value is a central feature of a capitalist economy. In a capitalist system, goods and services are produced and exchanged for profit on a market.

- Option 2: Productive wealth being held predominantly in private hands is another core characteristic of capitalism. In a capitalist economy, the means of production, such as factories and land, are owned by private individuals or companies.

- Option 3: Economic life being organized according to market principles is yet another central aspect of capitalism. Supply and demand, competition, and the pursuit of profit guide economic activities in a capitalist system.

- Option 4: Economic organization based on planning, as mentioned in option 4, is not associated with a capitalist economy. Instead, it is typically seen in centrally planned or command economies, where the government controls the allocation of resources and production decisions.

Therefore, the correct answer, option 4, states that economic organization based on planning is not a central feature of a capitalist economy.