Adam Smith's view was that a free market would help everyone, poor and rich alike. It would increase the production of goods so that more would be affordable to everyone. A growing economy would make capitalists invest in new ventures.
Comparing Adam Smith and Karl Marx
Smith and Marx agree upon the importance of capitalism as unleashing productive powers. Capitalism is born out of the division of labour... that is, it is made possible by dividing jobs up into simple tasks as a way of increasing efficiency. By increasing efficiency, then everyone can produce more than they personally need. The extra produced can go towards the accumulation of capital, (machines, more land, more tools, etc) which will allow for even more increased efficiency and production. Both thought that this increased production was great.
Karl Marx and Adam Smith wrote in the same time period – during the industrial revolution, where the bourgeois had risen to power by oppressing and exploiting the proletariat. The term bourgeois refers to the people in the class of modern capitalists, owners of the means of social production and employers of wage labor. The proletarians are the people in the class of modern wage laborers who, having no means of production of their own, are reduced to selling their labor power in order to live. While Smith, in his Wealth of Nations, wrote in favor of capitalism, Marx, in his Communist Manifesto, was a harsh critic of the system and declared its inevitable destruction and consequent rise of the working class.
Two great writers, whose ideas have been read by many, are Karl Marx and Abraham Kuyper. Marx was a philosopher and because of his writing about Communist many places responded with revolutions. Kuyper was a Christian leader inspired many with his writings about society and culture. Marx and Kuyper both addressed how social issues in the world. Marx and Kuyper’s views of human nature are very different. While Kuyper believes that God shapes our lives and humans have no control; Marx, on the other hand, believes that human beings can shape and control the direction of their own lives. Both men show their beliefs of human nature through history, government, economy, and society. Though they both believe in equal society they don’t agree on the
Adam Smith was a philosopher whose political philosophies was based off of economics. He believed to some extent that there should be a redistribution of wealth, but at the same time there should be a limit to government interference in economy. He wanted the state to end politics that favor industry over agriculture or vice versa, and that business should be left to the business people. He also believed that the government cannot make people virtuous with laws, and that the state should not promote religion or
...both of their ideas. They seem to use similar methods, using logical statements to convey their points that seem to very much contrast each other. Marx’s philosophies deal with improving society for the better to reach industrial prosperity while Smith believes that the incentives of a free market will allow this happen and that human nature will cause Marx’s theory to fail. In the end both men want one common goal which is the best possible economic system for society because both realize that economics is single greatest controller of the major aspects of society.
“It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest.” This is a quote from the book Wealth of Nations, which Adam Smith wrote, addresses well about why and what reason people work for. The butcher, the brewer, or the baker does not cut, stir, or bake because they want to please the customer or to feed the poor, but to earn money and for their own happiness. Adam Smith, who fully understood the concepts of capitalism and free market system, became one of the most well respected economists throughout the world. Smith became famous because of his philosophy of economics. Because of his thoughts on economics, today he is well known as the “father of economics.”
Adam Smith was a man of many achievements. As a Scottish philosopher and political economist he became famous by his classical and influential books. In 1759 he wrote a book called “The Theory of Mortal Sentiments”and in 1775 he wrote another called “An Inquiry to the Nature and Causes of the Wealth of Nations”. Known as the “father of modern economics” Adam Smith has greatly influenced society. Adam Smith’s history impacted the way that our society is today. Adam’s childhood, environment, education and events throughout his life contributed to the way that we view society. With Adam’s theories and great works he molded a pathway to different stand points on the public and its society. Among his great works are the wealth of nations and inquiry to the nature and causes of the wealth of nations alongside the theory Adam named the invisible hand. Adam also thought about the public from an economic and political stand point. Due to factors that influenced Adam’s early life, he was able to learn from those before him to become the great economist, politician, and philosopher that he was. This way, even though Adam Smith lived during the time of the scientific revolution his words of wisdom in politics and the economy are still used today in the public.
The man whose writings “most reflects and explains the character of the early Industrial Revolution” was enlightenment thinker Adam Smith (Sanders 223). To this very day, he is still referenced as one of the most important economic theorists throughout history. Through his writing in The Wealth of Nations (perhaps his biggest piece of work) in 1776, he essentially created the theory of free-market capitalism and the laissez-faire model that is still used today.
In Marx’s opinion, the cause of poverty has always been due to the struggle between social classes, with one class keeping its power by suppressing the other classes. He claims the opposing forces of the Industrial Age are the bourgeois and the proletarians. Marx describes the bourgeois as a middle class drunk on power. The bourgeois are the controllers of industrialization, the owners of the factories that abuse their workers and strip all human dignity away from them for pennies. Industry, Marx says, has made the proletariat working class only a tool for increasing the wealth of the bourgeoisie. Because the aim of the bourgeoisie is to increase their trade and wealth, it is necessary to exploit the worker to maximize profit. This, according to Marx, is why the labor of the proletariat continued to steadily increase while the wages of the proletariat continued to steadily decrease.