Karl Marx Vs Adam Smith Essay

The Industrial Revolution radically altered the economic construction of the early modern world system. Beginning in Britain in the mid-18th century, it soon spread to the rest of the world, changing previous systems of agrarian agriculture to new manufacturing processes that defined the emerging capitalist system. This profound transition inspired philosophers and economists to attempt to understand and explain the transformations that capitalism incited. Among these intellectuals were Adam Smith (1723-1790) and Karl Marx (1818-1883), two of the most influential economists of their time. Smith, often referred to as the “father of modern economics,” was born at the dawn of the Industrial Revolution. In 1776, he published The Wealth of Nations, in which he …show more content…
This new social order calls for an egalitarian society and collective ownership of all resources to ensure equal distribution of wealth. Evidently, both Marx and Smith propose vastly different systems in order to reach the same goal, which is socio-economic prosperity. Adam Smith and Karl Marx were two intellectuals, among many, who acknowledged that the division of labour was a principal element of the Industrial Revolution, although they both had radically different conclusions about the process. Indeed, Smith lived in a time that was vastly different Marx’s age. British society, which was then mercantilist, was only just beginning to enter the Industrial Age when Smith was born. Thus, he only envisioned a free and prosperous society that would result as a consequence of the division of labour; he did not actually live to see the worst facets of the Industrial Revolution, which is why his views are very optimistic in nature. Marx, on the other hand, grew up in the midst of the Revolution, and he personally witnessed the inhumane conditions in which workers laboured and were exploited. From these truths stems Marx’s cynicism towards capitalism, which influenced him to