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Marx vs Smith

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Throughout history, economists have debated over various theories, in an effort to discover the one solution that will achieve the most efficient and beneficial economy. One school of thought titled, Classical Economics, is infamous has been called the “first modern school of economic thought.”[1] Two economist/philosophers who have been placed within this Classical category are Adam Smith and Karl Marx. Though these two men are polar opposites in the political-economic spectrum they share some similarities; and although dated, there are points of value to both Adam Smith’s and Karl Marx’s theories.
Adam Smith, the father of economics as a science, combined economics with moral theory in regards to the way societies ought to live. Today’s capitalist economic systems have been shaped by Smith’s explanations of market factors and the role of the state, or lack thereof, in economics. Karl Marx, a fundamental revolutionary, is one of the original minds behind communism. He is renowned as a radical political philosopher. These men have together been placed in the school of classical economics, signaling that there are similarities in their ideology. Politically, however, these men differ greatly. This essay intends to study some of their most poignant theories to compare fundamental differences. Karl Marx became famous for his revolutionary ideas and as one of the originators of communist theories. He is renowned for his book on economic theory, Das Kapital. As members of the Communist League, Marx and his friend Friedrich Engels authored the Communist Manifesto—which discussed the class struggle and the need for a revolution of the proletariat.[3] Common Sense dictates that without production, consumption would not be possible. capitalism can be broken down into two essential parts: production and consumption. Without the production portion,…...

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