Marx Vs Adam Smith

The Industrial Revolution marked one of the biggest transitions in shaping the modern world during the 18th and 19th century; it was a period of transition from a feudal society to a modern industrial society. The Industrial Revolution caused dramatic changes in the social and economic structure of the factory system because inventions and technological innovations were being created which revolutionized the assembly line and increased productivity in factories. This Revolution of the factory system allowed capitalism to flourish, giving society increased productivity and wealth. Although, the Industrial Revolution was a time of wealth, there were no labour laws so workers were exploited and were forced to work long hours in dangerous conditions.

Adam Smith was born before Karl Marx and he viewed the Industrial Revolution during its beginning stages. At this time Europe was at the height of ‘The Age of Enlightenment’, whereby there was an emphasis on exploration, innovation, and great optimism in questioning the past to gain a more enlightened future. Smith was a Classical Liberalist that welcomed the Industrial Revolution because it generated wealth and new opportunists for consumer society. The economic system shifted from a mercantilist economic based system to a capitalist system. Smith saw the inequalities in the mercantilist system and there was less production unlike the flourishing capitalist system that he witnessed during the Industrial Revolution. During the Industrial Revolution Smith saw a fascinating change to a system where productivity and new innovations flourished. Smith also saw a massive increase in employment throughout Europe and this created a wealthier and stronger society. Smith having observed this wealthier society was prompted to write his book The Wealth of Nations. The Wealth of Nations lays out several theories, namely of specialization, trade, and the market associated principles that Adam Smith believed helped the Industrial Revolution to flourish and to make a richer society. Therefore, Adam Smith’s

What Marx witnessed shaped his world view of the Industrial Revolution because during its later stages, machinery began to play a large role in production. Marx observed the Industrial Revolution at a time when people were working long days, sometimes up to sixteen hours in conditions that were extremely dirty and dangerous. Marx was a Socialist thinker who supported the working class and reacted against the rise of capitalism. He noticed the inequality and exploitation of the Industrial Revolution. Marx saw how machinery was able to greatly increase the speed of productivity which led to less labour costs. However, this caused fewer workers to be employed and caused massive poverty throughout Great Britain. As a result, Marx wrote about the negative aspects of the Industrial Revolution in his book Capital, he writes about the harsh conditions in factories, child and women labour, unemployment, and the drudgery of labour which he observed firsthand. Unlike Smith, who observed the Industrial Revolution when there was optimism and wealth, Marx’s negative perspective was the result of what he saw at a time of harsh labour conditions, unemployment, and poverty. Although both authors have ideas with regard to the division of labour, their ideas differ due to the time period in which they were