Karl marx vs adam smith chart free#
He makes a strong argument that this theory for the assertion of a free market will provide overall good for society. He believed in free competition, where people compete, the prices are reasonable, and this in result causes them to shop around. He believed in the invisible hand concept, which converts the private interests and passions of man into the public good. His theory on the roles of the state is an approach that the wealthy stay out of the state and let the market do its own thing. Smith thought the market should be the main engine and focus on society and the economy other than the state.
There was no protection for them, there were low wages, horrible working conditions and many tragedies occurred during this time. The population would move out to urban areas to find work in factories. Marx also thought that capitalism turned people into machines. He believed capitalism caused this conflict. He believed there was a class struggle between the class of people who can afford to own money-producing businesses or the Bourgeoisie, and the class of people who do not have buy to supply themselves so therefore are forced to work for wage whom he called workers, or the Proletariats. Marx says that all injustice and inequality is a result of one underlying conflict in society. He urged workers around the world to revolt against their rulers. The only way to establish justice was for the workers to overthrow the capitalists by means of violent revolution, according to Marx. He thought peaceful progress towards equality and social justice was impossible.
Marx said that, because it was always in the economic interest of capita to take advantage of or exploit workers, nothing could persuade capitalists to change their ways. Marx did not agree with Smiths passions of human nature and the phenomena of sympathy.
In Smiths theory of human nature, Smith suggests that human nature will turn the beneficence of the rich to the poor out of sympathy for their condition. This self-interest produces a market and in effect produces perfect liberty. Perfect liberty according to Smith, will allow a system of natural liberty to establish itself in which every man, as long as he does not violate the laws of justice, is left perfectly free to pursue his own interest his own way.
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