Karl Marx And Adam Smith Essay

1879 Words Nov 30th, 2016 8 Pages
The two theorists that I will be comparing are Karl Marx and Adam Smith. Karl Marx was a renowned economist and revolutionary socialist. Although he was born in Prussia in 1818, Marx spent the majority of his life living in London were he moved in 1849 and remained there until his death in 1883. Many of his theories on society, economics and politics are based around classes, in particular the bourgeoisie and the proletariat. He heavily believed in the inevitable collapse of capitalism and the importance of the working class in staging a revolt to over through the bourgeoisie. Adam Smith was born in Scotland in 1723 and was a key figure in shaping classical economics and is well known for his book, The Wealth of Nations in which he presented key concepts such as the Division of Labour and the Invisible Hand. Smith helped form the foundation of free market economic theory and heavily believed in the concepts of efficiency and trade in driving an economy forward. Although these theorist display vast differences through Adam Smith’s belief in the free market and Karl Marx’s belief in communism, they are also similar in the fact that they use their ideas and theories to predict the future. In my opinion, Smith’s work can be portrayed as extremely useful in shaping modern free market economics and also providing useful methods to help make production more efficient, Mark’s work can also be considered beneficial in understanding the weaknesses that are portrayed within capitalism…

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