Smith and Marx

Political Science / April 23, 2015 / No Comments /
This paper compares and contrasts the views of economist Adam Smith and Karl Marx regarding the modern economy.

This paper is a detailed review of the life and principal works of Adam Smith, including “The Wealth of Nations”, with an analysis of how his ideas on laissez-faire economics contrasted with those ideas of Karl Marx, and how his and Marx’s ideas apply today.
Adam Smith was one of the most influential people in the lives of each of living at the beginning of the 21st century, although ironically we tend not to see the extent of his influence simply because it is so vast. It is like the air around us, something essential to our environment but impossible to see. But while oxygen supports us as biological entities, the ideas Smith (along with other key social critics and thinkers like Karl Marx) in their different ways support us as social animals.
This paper explores the contributions of Adam Smith to our understanding of the human condition, looking briefly at the personal backgrounds of this political philosopher before examining his ideas about social justice, the economy and the ways in which governments should and should not intervene in the economies of their states.


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