Karl Marx Vs Adam Smith

One of Smiths dramatic conclusions was that people mainly acted out of their own self-interests, and if permitted to follow their own interests it created natural social harmony and economic productivity. According

to The Wealth of Nations, a greater division of labor lead to a greater amount of productivity. With division of labor, the process of manufacturing is broken up and branched into its very basic parts, the worker performs one or two basic acts instead of multiple tasks. According to Adam Smith, the size of a particular market limits the divisions and size of a manufacturer, which means that the demand must be equal to or greater than the amount of product. Smith believed that social progress would result from free trade and a self-regulating economy. He stated that government should have a hands off policy when dealing with the economy. On the other hand Karl Marx had differing opinions on how the economy should be run.

Karl Marx’s, Communist Manifesto unlike The Wealth of Nations opposed the idea of a free market economy and any form of economic competition. The Communist Manifesto had l

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