Adam Smith And Karl Marx Summary

The Industrial Revolution is one of the most influential periods in history that continues to shape our lives today. Originating in England in the 18th century, this period is characterized by rapid industrialization, a dramatic shift from the production of agricultural goods to manufactured goods, and an explosion of urban centres. Its impacts are great and can still be felt today: from the proliferation of wage labor and consumer culture to the establishment and maintenance of Western global dominance. Two great philosopher documenting and discussing this phenomena during the time are Adam Smith and Karl Marx. Writing from the 18th and 19th century respectively, both have written extensively on this so-called revolution. Yet, examining the

Adam Smith sees the impact of industrialization in very positive light: he argues that the division of labor and industrialization leads to the creation of societies with the “highest degree of industry and improvement”, with decreased the “sauntering and carless indolence” of labourers and increases the productivity of individuals. He believes that by focusing on performing one single task throughout their lives, workers have plenty of opportunities to “practice” and become dexterous and highly skilled, leading to even greater productivity. Smith argues that this gives rise to technological innovations, as workers who are skilled at a task and have performed them repeatedly for years, are in the best position to spot inefficiencies, innovate, and develop even more superior machines. Furthermore, Smith argues that because workers do not need to possess much skills before entering the workplace, industrialization also enables a greater number of people to earn wages, purchase material goods, improve their quality of life, and contribute to a productivity society. From this, Smith concludes that industrialization enables individuals who so desire lead more productive, fulfilling, and innovative lives, and at the same time, collectively create a highly productivity and prosperous society with high standards of living. For Smith, this undoubtedly an ultimate example of how individuals, acting in their own self-interest, can collectively bring about the greatest