Compare And Contrast Smith And Marx

Smith and Marx created the industrial revolution and they have some similar ideas and have different ideas of our economy. Smith and Marx only in common was the creation of the industrial revolution. These two economies guys do not have much common, in fact that they have the opposite ideas from another. Smith ideas is the Laisser-faire where the economy is not to have the government be involved with it and he think the economy will fix itself that is the visible hand. Marx idea is different and he think that the government should be involved. Marx idea opposite of the visible hand is a process full of pitfalls, with crisis or malfunction. The three natural laws Smith came up with are the law of self-interest that makes our life better, the law of competition to make better product, and the law of supply and demand. These laws will …show more content…
Marx idea counter those laws by adding about that the labors factories workers were the one who are suffering by having their pay decreased and the owners continues to gain more capitals. As times goes on the poor gets poorer and the wealthy gets wealthier. Everyone shares the the profit having an equal amount, so that the social classes free because an communism. Everything is owned by the people, private property would disappear, and all factory, mines, and business owned by the people. Food is shade equal to all. On Smith idea on the free market allow to have other business to not be controlled by the government by telling one person to just have a coal business and the other do something else. With this the economy can grow by having a furniture business having competition with another furniture business that end up with both of those to grow. It liking having a rival, wanting to making your product better, however I think if a small business try have competition against a big business. The small business will probably fail because they can’t get consumer to get in. The big business get all the consumer from