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Karl Marx Vs Adam Smith Essay

1603 Words7 Pages

Society is in a constant process of changing social and economic systems as a result of new technologies, cultures and ideologies/criticisms. In relation to changes in society, the 18th century gave birth to a monumental point in history called the Industrial Revolution that impacted all aspects of society including social, political and especially economical progressions. From this period onward it gave rise to Adam Smith and Karl Marx who are two of the most well known historical economic theorists today. It is important to note that these two economists are from two different time periods as Smith’s work was prominent during the 18th century and Marx’s work during the 19th century. This meant that although having the same frame of reference-the industrial revolution each economist would have some …show more content…

All in all, both Smith and Marx share some similar qualities in their perspective towards the rise of the Industrial Revolution and more specifically capitalism and production. Next, when comparing Smith and Marx, it is evident that there are more differences than there are similarities in regards to their philosophies towards the Industrial Revolution and changing economy. To begin, Adam Smith also known as the Father of Capitalism and founder of Western Economics is best recognized as the writer of The Wealth of Nations (Smith, 1863). Through his works, it is clear that he approved of the capitalist system seeing it as a system that helped bring the Industrial Revolution. He saw private ownership as a necessity for development, all of which his ideas were based around “Laissez Faire”, “Invisible Hand” and “Free Market” economics (Smith, 1863). On the other hand, Karl Marx can also be seen as a founder, being the Father of Communism as a

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