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Similarities Between Adam Smith And Karl Marx

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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.

According to the Chambers Concise Dictionary (2009) Capitalism is defined as “An economic system based on private, rather than state, ownership of businesses, factories, transport services, etc., with free competition and profit-making.” And Socialism is defined as “A political doctrine or system, which aims to create a classless society by removing the nation’s wealth (land, industries, transport systems etc.) Out of private and …show more content…

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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