ipl-logo

During The Industrial Revolution, By Karl Marx

1024 Words5 Pages
bulb-icon

Recommended: The economic impact of the industrial revolution

Dear Mr. Adam Smith
My name is Karl Marx, a journalist and a revolutionary who would use my writing to represent the working class. During my involvements in several organizations and revolutions in Berlin, France, and Great Britain, I felt irritated with the way the economics and governments work in those countries. The political and economic system that is commonly applied during this period of time is capitalism. Private owners controlled all the factor of production for profit without the interference from the government. In order to stay competitive and gain high profit, the owner tended to extract the cost from labor to the lowest but high enough for the workers to survive. On the other hand, labor is originally an act of creating and …show more content…

Before the Industrial revolution, and any type of economic system, wealth of a country is commonly measured by how much gold or silver it has. However, I strongly believe that the nation wealth is measured by the total of productions and the growth of its labors. As for me, for a country to push forward their productions, each individual citizens and small businesses must increase their labors effectively. This will be the light of new economic revolution. The theory is mainly based on the self-interest of each individual. Each person, for his or her best interest and need, without any interference of the outside, they will create the best outcome which will eventually lead to greater outcome for all. "It is not from the benevolence of the butcher, the brewers, or the bakers, that we can expect our dinner, but from their regard to their own …show more content…

A man would be able to invest all his money and enter business for the purpose of getting higher profit without fearing the risk of government controls. He will try his best to maximize the productions. Being able to choose what he or she want to produce and what the customers’ needs would help him gain more profits. If he or she able to please the customer, his production would increase. Not only the businesses are gaining profits, but the customers are provided with good quality of product that they want. In additional, with the increasing of customers’ need, so there would be the increasing of more company with the same products which create competition and lead the economy. A nation populated with high number of successful businesses is a strong and rich nation. "No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable." Therefore, I believe free-market economic would be the best system for the

Show More
Related
1200 Words | 5 Pages

Wealth is driven by commerce. Wealth in any form is the root of all needed things in the sense that currency is the simplification of ones own definition of wealth by being the common denominator that translates through the world. Translating wealth is most commonly left to the rich and philosophically inclined such as Adam Smith, Andrew Carnegie, and Andrew K. Gailbraith. Adam Smiths realism rhetoric stood that in order for a prosperous town to exist there first had to be an equally if not better country-side because Adam Smith believed that wealth was a measure of how much land one had and how much of it could be cultivated for the use of planting crops and manufacturing raw goods and how close it was to any town.

Read More
317 Words | 2 Pages

In the Communist Manifesto (1848), the bourgeoisie and the proletariat had a tight relationship since a beginning of proletariat caused a collapse to the bourgeoisie. Karl Marx and his friend Friedrich Engels introduced their view and led to a very first beginning of a proletarian revolution. Marx believed that the replacement of the model of economic of Adam Smith is seen as evidence for the developing stages of history, the end of feudal system led to the birth of the bourgeoisie. The bourgeoisie lasted for a moment in history before collapsing and leading to the proletariat. Karl though that in Adam Smith’ economic model, the laissez-faire system, which focused on the individual entrepreneur, just benefited for big businesses and capitalists

Read More
1093 Words | 5 Pages

The economic views of Adam Smith and Karl Marx Microeconomics Eduardo De Oliveira Superti   Table of Contents: Abstract 3 Introduction 4 The economic views of Adam Smith 5 The economic views of Karl Marx 6 Adam Smith vs. Karl Marx 7 Examples in the world of today 9 Conclusion 10 Recommendations 11 Bibliography 12 Introduction Adam Smith and Karl Marx were completely contrasting economists throughout their time and had an enormous effect on the world and the way we view economics. They represent the ideas of capitalism and socialism.

Read More
461 Words | 2 Pages

The standard of living improves when there is large economic growth. During economic growth, business owners get richer and employees are paid better. This increase in discretionary income leads to greater spending, which benefits the economy. So, due to the economic growth that results from a free enterprise system, the population’s standard of living, as a whole, improves. This is beneficial from an individual and national

Read More
1038 Words | 5 Pages

Socialism and capitalism has become superior economic system influencing the history of the world, and influencing policy decisions throughout the time. Adam Smith was a philosopher who

Read More
1337 Words | 6 Pages

Through “The Communist Manifesto” one is able to imagine a conversation between Karl Marx and Adam Smith. One where Karl Marx replies to Adam Smith’s theories on the manufacturing process, wages, and the division of labor with the reality of the proletarians, that Adam Smith disregarded. In this essay, I will argue for the shadow of change that machinery has cast upon laborers and the socioeconomic changes that were triggered as a result of the Industrial Revolution and the shift to machinery in factories . When reading “The Communist Manifesto” one is

Read More
187 Words | 1 Pages

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

Read More
131 Words | 1 Pages

Smith was an outstanding developer of capitalist economy theory, while Marx was the principal philosopher of social economics. When individuals are subjects of their state government, it

Read More
401 Words | 2 Pages

The Communist Manifesto In 1848 Karl Marx and Frederick Engels began the Communist Manifesto, moving from socialism to communism. Marx was dissatisfied with the quality of socialist and thought most were naively idealistic. Marx set out to develop a theory on socialism grounded in a better understanding of both economics and philosophy.

Read More
1000 Words | 4 Pages

Crisis’ that happen in the American economy mainly come from the lack of knowledge the American people have about capitalism. The government including the people are responsible for allowing such crisis’ to happen. Now that there is a clear understanding of capitalism and how it works I will state ways on how it could be improved to better the American economy. Capitalism is accepted in most of the countries across the globe because it's stable and promotes well being of the people in a country, but it could always be made better a bit if not a lot.

Read More
769 Words | 4 Pages

Capitalism is an economic system in which investment and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations, rather than by the state. Although nowadays capitalism has been applied as a type of government in many countries, like any other policies it is not described as the absolute solution. So there are some views that estimate socialism as the better economic system since the socialism ensures equality for everyone. However, taken as a whole, usually capitalist countries seem to be more economically advanced and so on the premise that some drawbacks of capitalism are keep grappled with, capitalism can be seen as the best choice for now.

Read More
846 Words | 4 Pages

He promoted that society should own the means of production and not individuals. He felt that the governments should play a role in ensuring that the modes of production within an economy remain in the hands of the citizens and should actively prevent the capitalists from exploiting individuals. This would lead to significant government regulations on the economy, something Smith wholeheartedly disagreed with. All these theories were outlined in his works, “The Communist Manifesto”, and “Das

Read More
993 Words | 4 Pages

In a command economy where the government makes all the decisions about production and controls the allocation of scare resources, everybody should have access to services and the government’s protection. For example, in order to improve access to health care for the poor people, which is very essential, the limited resources should be used to build a hospital rather than another private factory to increase the efficiency of production for few individuals. In a market economy where there is no intervention by the government and all production is in private hands, citizens are focused on producing goods as efficiently as possible to make the best attainable profit for themselves without caring about improving society’s infrastructure. Furthermore, caring only about the desires of the rich people, increases the strained relations between poor and rich. The better way to use all the human resources would be to help the poor people out of poverty and reach advancement through work and

Read More
732 Words | 3 Pages

As sellers in this system aim to maximize profit, they will find ways to make production efficient and cost low. And because the buyers are willing to pay for the services and products that they

Read More
892 Words | 4 Pages

(Argument) When any person sells something that might benefit another, there will be competition, and the economy will benefit from it. (Document) It is human nature to challenge everything, and, as people, they will find a “need for improvement in everything” (Doc 6). (Analysis) This quote says that no item or object is produced perfectly in one person’s eyes.

Read More

More about During The Industrial Revolution, By Karl Marx

Related Topics

Open Document