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Economic systems envisioned by Adam Smith in An Inquiry into the Nature and Causes of The Wealth of Nations and Karl Marx in The Communist Manifesto - Essay Example

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In relation to Adam Smith’s opinions on the wealth of nations, I concur that the growth in the modern industry economically is due to labor specialization, saving of time and inventions that come up say in…
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Economic systems envisioned by Adam Smith in An Inquiry into the Nature and Causes of The Wealth of Nations and Karl Marx in The Communist Manifesto
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Extract of sample "Economic systems envisioned by Adam Smith in An Inquiry into the Nature and Causes of The Wealth of Nations and Karl Marx in The Communist Manifesto"

Download file to see previous pages The food in the farms is produced for the global village and manufacturers produce for the entire globe. The consumers of the products remain to be the entire world.
Adam Smith however, unlike Carl Marx, believes the wealth of the nations’ originates from the ability of laborers to work, this being skill and also the proportion of the employed to the unemployed. He says, this is what differentiates the wealthy nation and the poor nation. In that, a wealthy nation has less people working but everyone due to the sill of the laborers has abundant and is satisfied. However, in poor nations, the labor is more but unskilled such that, the little that is produced is not enough for the nation (Smith, 1776). Unlike Carl Marx, this perspective draws to attention the skills of labor and the units thereof that are accommodated by the capital.
Another perspective in the causes of the wealth of nations is division of labor. Both Carl Marx and Adam Smith agree that it has led to growth of wealth. However, according to Carl Marx, it has continued to grow the rift between owners of factors of production and its laborers. Division of labor according to Adam Smith has contributed greatly in enhancing wealth. This is because, first, it has led to specialization. There are different branches of trade more so in the manufacturing industry. The different branches have given rise to expertise per work space (Smith, 1776). This has led to labor’s ability to do more than when they aren’t specialized.
Another aspect is that of time. Time is greatly saved in production when division of labor is involved. According to Smith, it becomes easier for a worker to perform his work with specialty without wasting time changing and adopting to new skill. Another important cause of wealth through labor division has been the technological inventions (Smith, 1776). It is rather true that when one has one focus on work, they are able to come up with easier ...Download file to see next pagesRead More
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