Ideologies of Karl Marx and Adam Smith

Topics: Capitalism, Communism, Karl Marx Pages: 2 (444 words) Published: August 14, 2012
The ideologies of Karl Marx and Adam Smith would be compared to that of socialism and democracy today; complete government control verses little government control. These two men were completely opposite in their ideologies. As history plays out, it is clear that Marx’s ideologies led to communist control and extremely harsh conditions for the people. Smith’s ideas, on the other hand, encouraged capitalism and growth in the western world.

The Marx system supported government control over everything from land ownership and production to owning property and banking. This system would give all control to the state with no local or individual control and ownership. His ideas were supposed to establish democracy: “A government by the people ruled of the majority with representation of the people through elections.” The Marx system was far from a democratic system and eventually led to the complete opposite, communism.

In sharp contrast, the Laissez-Faire economics that Adam Smith supported and believed government should not interfere in the free operation of the economy. It supported Free- enterprise with markets producing more goods and making them affordable to all. Capital goods and investments would be privately owned rather than state controlled. The belief of free enterprise would promote general well fare for all. The government would take measures to fight poverty by allowing the people to work for themselves which would create a stronger economy and get rid of mercantilism. His ideas and promotion of less government and free market led to capitalism and great wealth in the western world. The biggest problems that came with capitalism were monopolies. Some government control was necessary in preventing monopolies.

The Marx System and Laissez-Faire systems were intended to promote the well fare of all the people and establish a government that would support the people. Marx was viewed as controversial and Adam Smith was viewed as a great leader of...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • adam smith vs karl marx Essay
  • Adam Smith and Karl Marx Essay
  • Karl Marx vs Adam Smith Essay
  • Adam Smith vs. Karl Marx Essay
  • Essay about Adam Smith vs Karl Marx
  • Karl Marx and Adam Smith Essay
  • Karl Marx and Adam Smith: Division of Labour Essay
  • Adam Smith and Karl Marx Essay

Become a StudyMode Member

Sign Up - It's Free
Úzasnákovi 2 | [ Zobacz pełny opis... ] | joshsegamer