Answer #1

Karl Marx and Adam Smith are two of the best economic analysts who ever lived. In fact, Adam Smith may have even set the foundation for present day economics, whilst Karl Marx laid the foundation for communism.

1. Economics approach

Adam Smith uses a more Western approach when looking at economics. He had even stated that workers will always search for the finest employment posts and also the best salaries. In contrast, Karl Marx heavily criticized this theory. He believed that a labor-salary war would cause the society to break down and result in the ruin of the entire economy.

2. Capitalism and socialism

Adam Smith supported the belief that all people should have the rights provided in capitalism. In comparison, Karl Marx criticized capitalism and encouraged the idea of individual freedom. He rightly thought that one day socialism would be used in place of capitalism. Whilst Adam Smith supported free market, Karl Marx did not as he thought that it would make rich people richer and the unfortunate individuals poorer.

3. Rights

Adam Smith supported the notion that every individual has the rights of not only pursuing happiness, but also advancing in the society. However, Karl Marx did not approve of this opinion. To him, when people improve themselves so as to gain happiness, they are essentially endangering their own society.

4. Books

Karl Marx wrote a book titled, Communist Manifesto, in 1848. In the book he discussed comprehensively the values of Communism. He was of German descent where he acted as a political economist. Adam Smith, a great Scottish economist, published his thoughts in the book that was titled, ‘Wealth of Nations’. In the book, he discussed all the values of Capitalism.

Finally, while Karl Max advocated for a larger government, Adam Smith advocated for a small government.

Answered By: daniel [554 ]