Adam Smith vs. Karl Marx - Essay Example

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In the paper “Adam Smith vs. Karl Marx” the author compares Smith theory (Capitalism) and Karl Marx theory (Exploitation), which formed opposing theoretical concepts. Smith used this concept as a fundamental principle of the classical economics. Marx argued that labor exploitation is the struggle…
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Adam Smith vs. Karl Marx
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Download file to see previous pages Karl Marx was a political scientist and economist from Germany who lived in the years 1818 to 1883. He analyzed capitalism in a revolutionary and pessimistic viewpoint. Marx concept was that the capitalist set the means of production while the laborer created the value of the products. Marx argued that capitalist’s profits are as a result of labor exploitation. It implies that, workers are paid low salaries compared to the value they create on the products to create profits. He, therefore, disliked the organizations that were deemed as profit- oriented (Landauer 356). Marx argued that labor exploitation is the struggle and future downfall of the capitalism practices. To Marx, the tension between the workers and capitalists will intensify over time as the business grows (Landauer 356). The growth of the tension is due to large outfits’ inherent efficiency and their ability to go through the ever-ending system crisis. Marx argument was that the world is moving to a system of two classes. The classes are few capitalists that are wealthy and a mass of underprivileged, unpaid workers. He, therefore, predicted capitalism fall and society movement towards communism. Marx described communism to be a scenario in which the workers will own the production means. They will therefore not exploit their labor in return for profit. His thinking affected several societies, including the Union of Soviet Socialist Republics in the 20th century. Application of Marx theory in real life situation has led to two main deficiencies. ...Download file to see next pagesRead More
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