Adam Smith vs. Karl Marx

Perfect liberty according to Smith, will allow a system of natural liberty to establish itself in which every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way. This self-interest produces a market and in effect produces perfect liberty.

In Smith’s theory of human nature, Smi

Marx says that all injustice and inequality is a result of one underlying conflict in society. He believed there was a class struggle between the class of people who can afford to own money-producing businesses or the Bourgeoisie, and the class of people who do not have buy to supply themselves so therefore are forced to work for wage whom he called workers, or the Proletariats. He believed capitalism caused this conflict. Marx also thought that capitalism turned people into machines. The population would move out to urban areas to find work in factories. There was no protection for them, there were low wages, horrible working conditions and many tragedies occurred during this time.

Smith thought the market should be the main engine and focus on society and the economy other than the state. His theory on the roles of the state is an approach that the wealthy stay out of the state and let the market do its own thing. He believed in the ‘invisible hand’ concept, which converts the private interests and passions of man into the public good. He believed in free competition, where people compete, the prices are reasonable, and this in result causes them to shop around. He makes a strong argument that this theory for the assertion of a free market will provide overall good for society. He assures the availability of goods people want, encourages an efficient use of resources and production, promotes innovations and productivity, and results in an unfettered

Some topics in this essay:
Karl Marx, Adam Smith, Karl Marx’s, adam smith, division labor, karl marx, human nature, perfect liberty, Adam Smith’s, Smith Karl, focus society economy, smith karl marx, focus society, adam smith karl, main engine, society economy, public believed, believed workers,