Adam Smith
Adam Smith was born in 1723 who was a Scottish philosopher and economist who is known
best for being the author of An Inquiry into the Nature and Causes
of the Wealth Of Nations. The Wealth of Nations won Smith a strong reputation, and the
work, is considered a foundational work of classical economics and is one of the most
influential books ever written.
best for being the author of An Inquiry into the Nature and Causes
of the Wealth Of Nations. The Wealth of Nations won Smith a strong reputation, and the
work, is considered a foundational work of classical economics and is one of the most
influential books ever written.
Karl Marx
Karl Marx was born in Prussia on May 5, 1818, he began exploring sociopolitical theories
at the university among the Young Hegelians. He became a journalist, and his
socialist writings would get him expelled from Germany and France. In 1848, he
published The Communist Manifesto with Friedrich Engels and moved to london where he lived for the rest of his life.
at the university among the Young Hegelians. He became a journalist, and his
socialist writings would get him expelled from Germany and France. In 1848, he
published The Communist Manifesto with Friedrich Engels and moved to london where he lived for the rest of his life.
Wealth of nations - Adam smithThe excerpt from Adam Smith's "Wealth of Nations" supports the belief of a
laissez faire economic system, in which the people should dictate the economy with little, if any governmen intervention. He argues that the government should only attend to three principal functions. The government should protect society "from the violence and invasion of other independent societies" and "from the injustice or oppression of every other member of the society". In addition to this protection, the government should provide and maintain public institutions and work for the enrichment of the society. Government should not be allowed to control the economy because there should not be one supreme authority. Not only is the economy safer from corruption with it in the hands of the individuals, society as a whole will also benefit. Individuals will work to produce as much capital as possible, in an attempt to promote their own gain. |
communist manifesto - karl marxThroughout history there have been distinct social ranks within each society,
ranging from the patricians, knights, plebeians, and slaves in ancient Rome, to the caste system of the Middle Ages that included feudal lords, vassals, guild-masters, apprentices, and serfs. Despite the passing of time there has always and will always be some "complicated arrangement of society into various orders, a manifold gradation of social rank." Due to the separation, each rank eventually grows hostile toward another and conflict becomes inevitable. The lower classes become oppressed by the higher classes and a struggle usually begins, in which a revolution will occur or the further oppression of the contending class. This is the theory that Karl Marx explains all throughout the Communist Manifesto. That there will always be conflict due to the rank in social classes. |