Karl Marx Vs Adam Smith Essay

Economic culture is described as a mixture of different points from dissimilar theories all combined into one that creates the modern commercial world. Through time the fluctuating aspects and economic necessities of countries have created an improvement of several, and unlike economic systems through the nations. Possibly the most contrasting philosophies perceived today are the ones from Adam Smith and Karl Marx. This article will recognize numerous essential characteristics of economic ideas as described by Smith and Marx. This article will compare and contrast the philosophies of these theorists and to what magnitude both philosophers strived for the same ideal, to reach a steady economy. Adam Smith was born in Kirkcaldy, Scotland in June sixteenth, 1723. When Smith was only fourteen years of age, he started the University of Glasgow on a grant and later attended Balliol College at Oxford. (Econlib.org) after some years in 1776 Adam Smith wrote an enormous life altering book that presented the working man confidence and increased hopes. (Skousen, pg. 13) His book named An Inquiry into the Nature and the Cause of the Wealth of Nations was printed on March ninth, 1776 later known as the Wealth of Nations. This book promised a “Universal formula for prosperity and financial independence

Roemer said; “Smith argued that the pursuit of self-interest would lead to an outcome beneficial to all, whereas Marx argued that the pursuit of self-interest would lead to anarchy, crisis and the dissolution of the private property-based system itself…Smith spoke of the invisible hand guiding individual self-interest agents to perform those action that would be despite their lack of concern for such an outcome, socially optimal; for Marxism the simile is the iron fist of competition, pulverizing the workers and making them worse of that they would be in another feasible system, namely one based on the social or public ownership of property” (Roemer