Many historical figures have different views on how a country should be governed. Two in particular are Karl Marx and Adam Smith. Both men are best known for their opinions on how a country’s economy ought to be run. Adam Smith believes in capitalism, while Karl Marx would rather have a socialist economy. They expressed entirely new ideas that nations still follow today. These two men have completely different views on the class system, economy, and government of a nation.
Adam Smith was a Scottish economist and is known as the “father of modern economics”. In 1776, Smith published The Wealth Of Nations. This is believed to be the first piece of literature to focus on government and economy. During this time, mercantilism was a popular economic practice in European nations. The government did everything in their power to bring gold and silver to their countries because they believed that was how a nation gained wealth. Smith believed that wealth was measured by the amount of goods and services being offered by the nation. “Those who want to measure the wealth of this nation, Smith said, should look at the amount of goods and services available for each of its citizens, not the size of its treasury.” page 38 in textbook. Smith believes that the government should be left out of the affairs of local businesses. Smith explains “business people would seek to make the greatest profits by turning out the greatest quantity of goods and services at the lowest possible prices. These low-cost goods and services would have to benefit society as a whole.” page 39. Smith believed in a free market economy.
During this time people could not have their own business without the government setting a specific goal they need to reach within a time ...
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...classes and believed that it was an essential part of a functioning economy. Smith wanted workers to be able to pursue their own business ventures without the government interfering. While Smith believed in competition, Marx believed that it only brought upon greed. Marx encouraged people to fight for what they believe in. Meanwhile Smith wanted to live peaceful and in harmony with each other. Marx encouraged the belief of everyone sharing as a means of equality.
In conclusion, while Marx and Smith agreed on multiple key points their view on the roles of classes and distribution of goods and services greatly differ. Karl Marx believed in revolution and equality, Smith believed that a class system brought about equality and stability. These two men are the reason that many different forms of economy and government are created today. They expressed a new way of thinking
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