For Smith, this is important not only for a better economy but also for people who need a job. Since the governments do not control the individuals, they have the opportunity to do whatever they want with their wealth such as broadening and developing their job, which is for the good of society. Increasing the wealth of the individuals result in increasing the wealth of whole country for Smith.
#Karl marx vs adam smith chart free#
In other words, governments should set free the individuals in their business area.
In The Wealth of Nations, Adam Smith claimed that the governments should encourage entrepreneurs so as to increase the productivity. It is not surprising because The Communist Manifesto was written in order to oppose the idea Adam Smith mentioned in The Wealth of Nations. Then, I will move on to the effects of these two men's ideas on today's governments and economies.Īs it is said above, there are many differences between The Wealth of Nations and The Communist Manifesto. In this essay, first of all, I will analyze these two texts to find out the differences and similarities between the ideas of Karl Marx and Adam Smith. These two ideas seem to be opposite, in fact, they differ in many ways however, they also have something in common. However, in 1848, a new idea called "Communism" comes up with The Communist Manifesto written by Karl Marx. He discusses the basic principles of "Capitalism" in his book. These arguments began with the publication of The Wealth of Nations by Adam Smith in 1776. People have been debating the structure of the governments and the economic systems during centuries.
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