Adam Smith Vs Marxist Analysis

Words: 516
Pages: 3
Open Document
Economic systems are established in society to stabilize the means of production and intended to allocate its scarce resources in even distribution. Two of the most prominent systems that have manifest great significance on an intercontinental premise are capitalism and communism. In order to satisfy the reciprocity of goods and values, resources must be sacrificed or given in exchange for the desirable or necessity. Through a multitude of novels, pieces of literatures, and economic reflections, these two systems have been highlighted for both opulence and recrimination for their respective reasons. Two specific pieces of texts, The Wealth of Nations by English economic paramount Adam Smith and Communist Manifesto by German economist Karl Marx, …show more content…
In means of monetary accumulation, capitalism (or free market economy) functions where people are liberated in their purchases and exchanges of goods and services, as the people have full authority of supply and demand. Specifically, capitalism operates on competition and self-interest, which refers to the actions that elicit the personal benefit for the producer and the rivalry amongst sellers in market values and profit sales. Conclusively, the free market economy is maneuvered by the Invisible Hand, or the economy’s self-healing factor, which is communicated effectively from Smith’s own …show more content…
Marx, whom collaborated with partner and confidante Frederich Engels, experienced first-hand oppression from Western Europe soliciting business empires to flourish and cultivate rapidly, while the laborers are enslaved to repetitive division of labor and manufacturing. In Marx’s Communist Manifesto, he laments, “modern industry has converted the little workshop of the patriarchal master into the great factory of the industrial capitalist. Masses of laborers, crowded into the factory, are organized like soldiers”. To reinterpret Marxist innuendo, Capitalism doesn’t account for everybody and therefore is one of the worst methods of economy you can find. The few control the wealth and they can buy political power. Thus they live lavishly at the "average joe's" expense. It promotes privatization and greed. Hence, Marx proposes class abolishment and leaves the economic authority in the hands of the
Show More

Related Documents: Adam Smith Vs Marxist Analysis

Theories Of The World-Systematic Perspectives In Identifying Patterns Of How Things Work

emergence of mass politics {electoral engagement}) the emergence of new and prominent social classes. Adam Smith Reading #1 The Scottish enlightenment (smith is an exemplar of) · Hume- investigated morality/human nature and politics · Smith engaged Rousseau (turned the tables on him) Smith- society taught man to be good Rousseau- society perverse of man. Smith thinks that what defines humanity is sympathy squared (putting yourself in someone else’s shoes) Wealth of Nations…

Words 7937 - Pages 32

Heterodox Economics And The History Of Economic Thought

Heterodox economics and the history of economic thought Carlo D’Ippoliti and Alessandro Roncaglia This is probably all one can ask of history, and of the history of ideas in particular: not to resolve issues, but to raise the level of the debate. (Hirschman 1977, 135) The declining role of the history of economic thought (HET) in university research and teaching has been increasingly under debate. Many historians often recall the relationship between HET and heterodox economics (HEC), considering…

Words 8158 - Pages 33

Essay about Law and Law Review

|Carleton University |Department of Law and Legal Studies | Course Outline |Course: | |LAWS & HIST 3305 C & V – Crime and State in History | | | | | |Term:…

Words 7571 - Pages 31

Sources of Ethics Essay

is well documented. Both in area specific studies, including student cheating (Allmon et al., 2000; Barnett et al., 1996), insider trading (Terpstra et al., 1993), environmentalism (Wolkomir et al., 1997), and in broader studies (Siu et al., 2000; Smith and kley, 1996; and Miesing and Preble, 1985), the degree of religiosity is generally associated with higher ethical attitudes. In attempting to explain why religion may affect moral attitudes, researchers ave turned to Kohlberg’s (1981) stage…

Words 20200 - Pages 81