he division of labour.the core concept of the wealth of nations in which Smith used Malthusian idea of over population, smith say that increasing production leads to increase in wages, believed free economy and perfect competition in which price is determined by invisible hand. Adam Smiths theory of development is believable as classical theory in which some of basic feature are, Classical view given on the basis of economic liberalism,they believed in personel liberty,private property,individual initiative and private enterprise. Moral sentiment published in 1759 by adam Smith and Wealth of Nation in 1776 which challenged to Mercantalist According to him wealth of nation can be increased through adopting the principle of “Division of labour”
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Private
property would be abolished and would be replaced by “communal ownership of the means of production.” The motto of socialism would be – from each according to his ability, to each
according to his work.
This phase would ultimately give way to communism. In communism, according to Engels, the state would wither away. And for the first time in history, it would be a classless society. Production would be geared to such an extent that the motto of communism would be - from each according to his ability, to each according to his need. Moreover, the communist society would be one free of alienation.
According to Marx, the origin of alienation is to be found in the economic system involving the exchange of goods. During the barter period products of labour became commodities, articles of trade. With the introduction of money, products of labour became articles of commerce. They
became mere “objects”- no longer a means of fulfilling the needs of the individual and community. From an end in themselves, the products of labour became a means to an end.
Marx argues that although private property appears to be the cause of alienated labour, it
Private
property would be abolished and would be replaced by “communal ownership of the means of production.” The motto of socialism would be – from each according to his ability, to each
according to his work.
This phase would ultimately give way to communism. In communism, according to Engels, the state would wither away. And for the first time in history, it would be a classless society. Production would be geared to such an extent that the motto of communism would be - from each according to his ability, to each according to his need. Moreover, the communist society would be one free of alienation.
According to Marx, the origin of alienation is to be found in the economic system involving the exchange of goods. During the barter period products of labour became commodities, articles of trade. With the introduction of money, products of labour became articles of commerce. They
became mere “objects”- no longer a means of fulfilling the needs of the individual and community. From an end in themselves, the products of labour became a means to an end.
Marx argues that although private property appears to be the cause of alienated labour, it