Smith vs. Marx - a Comparison Essay - 1247 Words

Smith versus Marx Ââ€" A Comparison S. Glen Balanoff July 04, 2004 Smith versus Marx Ââ€" A Comparison Modern economic society can be described as a combination of certain points from several theories combined into one. Changing dynamics and economic needs of nations has spawned a development of various, and contrasting, economic systems throughout the world. Perhaps the two most contrasting philosophies seen in existence today are that of capitalism and communism. The two philosophers most notably recognized for their views on these economic systems are Adam Smith and Karl Marx. This paper will identify several fundamental aspects of economic philosophy as described by Smith and Marx, and will compare and contrast the views of these†¦show more content†¦Smith believed that self, self-interest, and self-determination, all were mechanisms where individuals are motivated to gain wealth and power for individual gain and group gain. Smith believed that ‘self is a matrix of reason and passion (Levine, 1998). Furthermore, Smith believed that sympathy leads to empathy, and our individual self-determination leads to accumulation of wealth that benefits others as well as us (Levine, 1998). Examples of this concept are evident in our current economic society today. We see Bill Gates and Microsoft providing technology to communicate more efficiently, Henry Fords posterity changing the transportation market, and many others who impact man with their accumulation of wealth. The simplistic perception of capitalist society varies greatly among Smith and Marx. Smith believed that capitalism is a mechanism designed to curb mans selfishness and put it to work for the general good of all (Baumol, 1976). Conversely, Marx believed that capitalism is based on neither good nor evil, but a product of historical circumstances or experience (Baumol, 1976). Marx also believed that the law of motion in capitalism frustrates, rather than facilitates, the individual ends (wealth). Marx believed that wealth divides capitalists by class, and that workers must develop in a universal class (Levine, 1998). Marx also disagreed with Smith in believing that production must cease to be a labor process if itShow MoreRelatedHobbes Vs. Marx On Government s First Duty1038 Words   |  5 PagesDecember 2014 Topic #1 – Hobbes vs. Locke vs. Marx â€Å"Government’s first duty is to protect the people, not run their lives,† said Ronald Reagan. Some political philosophies like John Locke would agree to this statement, while other, like Thomas Hobbes would not, and some will both agree and disagree, like Karl Marx. 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