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Adam Smith VS Karl Marx

Adam Smith VS Karl Marx. Adam Smith and Karl Marx the greatest economic analysts the world has ever seen. Scottish economist born in 1723 Considered the father of modern day economics Stated that the workers always look for the best jobs and the best wages

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Adam Smith VS Karl Marx

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  1. Adam Smith VS Karl Marx Adam Smith andKarl Marx the greatest economic analyststhe world has ever seen

  2. Scottish economist born in 1723 • Considered the father of modern day economics • Stated that the workers always look for the best jobs and the best wages • Believed in the liberty of all individuals through a capitalistic approach • Western approach in his thought processing on economics German economist born in 1818 • Considered the father of Communism • Stated a labor-wage war will break down society and lead to the downfall of the economy • Believed in individual freedom • Critic of capitalism and believed that Socialism would replace capitalism. Smith VS Marx

  3. Advocate of free market • Opinion that each person has the right to pursue happiness and he has to take that in his own hands to advance within the society • Published the principles of Capitalism in his book, Wealth of Nations (1776) • Advocate of small government • Thought free market would make the rich richer and the poor poorer • Opinion that when a person betters himself, he is not improving but endangering the society • Published the basic idea of Communism through his book, Communist Manifesto' (1848), which he co-authored with Frederick Engels • Advocate of larger government Smith VS Marx

  4. Adam Smith Karl Marx • had stated that the workers always look for the best jobs and the best wages. • believed in the liberty of all individuals through a capitalistic approach. • was of the opinion that each person has the right to pursue happiness and he has to take that in his own hands to advance within the society. • was of the opinion that a labor- wage war will break down the society and lead to the downfall of the economic composition. • on the contrary, believed that Socialism will replace capitalism. • was of the opinion, when a person betters himself he is not improving but endangering the society. Summary

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