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Adam Smith, Robert Owen, And Karl Marx

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The works of all three men, Adam Smith, Robert Owen, and Karl Marx, greatly affected the industrial future. First off, Adam Smith was a Scottish economist and his economic philosophy was capitalism. He believed that government should not be involved in the economy and should let people make their own decisions. Also, Robert Owen was a huge part of a brighter future. He was a Welsh businessman and his economic philosophy was socialism. He thought that people needed to be treated well and fair. Lastly, Karl Marx was a Prussian journalist. His economic philosophy was communism. He was disgusted by the misery the workers had to go through. He believed the workers should overthrow the bourgeoisie. These men may have had different opinions about
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Adam smith: Ideas Behind the Enlightenment and Natural Laws of Economics. Enlightened thinkers of the 17th and 18th century have radically changed the way people think. They have opened the eyes to many by asking questions, and seeking answers that have yet been answered. This caused people to study the world around them, think for themselves, and ask whether the appearance of things masked the principles of a more profound natural order.

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Adam Smith, born in 1723, laid the foundation for classical economics in the eighteenth century and established a paradigm on how to tackle economic decisions on a micro and macro level. Smith’s Wealth of Nation’s outlined many of contemporary economics’ key concepts and laws that offered radical criticisms against the dominant economic thinking of the time, mercantilism. Karl Marx, born in 1818, bore witness to the technological innovations and social conditions that came along with the Industrial Revolution, rise of capitalism, and the growth of Europe’s oversea empires. Marx wrote Capital: A Critique of Political Economy, which sharply criticized Smith’s benevolent depictions of capitalism and the Industrial Revolution. Smith and Marx wrote from different vantage points in history but both offered insights into the changing worlds around them.

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My thinker’s idea was about politic economy and public wealth. Adam Smith was born 16 June 1723 and died 17 July 1790 who was the Scottish moral philosopher, pioneer of political economy, and key Scottish Enlightenment figure. Smith is best known for two classic works, “The Theory of Moral Sentiments” which is written and published in 1759, and had inquiry into the “Nature and Causes of the Wealth of Nations” which is published in 1776. The latter, usually abbreviated as The Wealth of Nations, is considered his magnum opus and the first modern work of economics.

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Karl Marx was born May 5th 1818 in Germany. The economic ideas of Karl Marx were specifically that he did not believe in people having great ideas to change the economy but rather that all people needed was to be able to live a decent life, meaning that they had food to eat and a home. For Karl Marx the economic system had to be equal values, and therefore eradicating classes. Therefore arises Communism, which is the defined by the Chambers Concise Dictionary (2009) as “A political ideology advocating a classless society, the abolition of private ownership, and collective ownership by the people of all sources of wealth and production.” The ideas of Karl Marx were adopted in many countries across the globe for example the USSR (Union of Soviet Socialist Russia) that existed from 1922 to 1991 when the idea of socialism and communism failed and

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Adam Smith, an advocate of capitalism, in his book, The Wealth of Nations wrote that all individuals are selfish and by performing to the best of their capabilities towards their own selfish interests they contribute towards the nation’s collective growth. Karl Marx, on the other hand criticized capitalism and believed that socialism and communism are society’s best chance of maximizing individual happiness, about which he wrote in his book Das Kapital. In this paper, we will compare and contrast the economics theories of Adam Smith and Karl Marx on the lines of labor theory of value, division of labor, alienation of workers from labor and human happiness and surplus profit and its social implications. This paper will also discuss how… Adam Smith believes that there are two types of ‘values’ of a commodity – ‘utility value’ and ‘exchange value’. The utility value of a commodity is based on how useful a commodity is and the exchange value of a commodity refers to how much we can get in exchange for a commodity if we were to sell it.

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In conclusion, while both Adam Smith and Karl Marx agreed on a few core ideas, they differed on the method of production of goods and services and distribution of resources. Whereas Karl Marx went so far as suggesting revolution by the proletariat against the bourgeoisie for a more just, equitable society, Adam Smith preferred stability and peace over revolution. While Adam Smith’s envisioned ideal society would not distribute resources equitably or eliminate gaping wealth levels between the different classes in a society, Marx’s ideal economy would produce, according to the directives from a central authority, and distribute resources according to the needs of the public. In his ideal economy, Marx envisioned the elimination of class distinctions

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The Human Nature of Production Karl Marx and Adam Smith forged themselves into history through their pioneeristic theories on political economy in their respective times. They took the task upon themselves to make bold statements about mankind’s natural actions, their fullest potentials, and their means of producing for themselves and their communities. Years of deep thought and empirical study gave birth to the two most influential and contradicting economic systems: capitalism and communism. While both great economists, it wasn’t a calculated economic approach that allowed Smith and Marxs to effectively support their doctrines. It was however, their differing philosophical assertions on human nature that acted as their cornerstone.

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Adam Smith Since the dawn of mankind, the works and propositions of many theorists and philosophers have contributed to the development of economics. Classical economists by far have had the most significant impact on world economics, whose works are considered most relevant in the contemporary society. Today nearly all the countries have a capitalist economic structure, which was first penned by Adam Smith in 1776 in his book "An Inquiry into the Nature and Causes of the Wealth of Nations. " USA, the most powerful and richest country in the world is entirely capitalist and based on a free market structure.

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Karl Marx was a German philosopher and economist in the 18th century. He is known for his book the Communist Manifesto that was published in 1848. Marx believed that a revolution of the working classes would over throw the capitalist order and creates a classless society. The Industrial Revolutions led to the proletarianization; his partner Friedrich Engels explained why the changes created by the proletarianization of the worker would develop into a huge problem for industrial societies. I do believe that Karl Marx’s vision of communism in the Communist Manifesto could re-emerge as a popular and workable philosophy of social, economic, and political organization.

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In my opinion, many of their views are still relevant

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