Adam Smith vs. Karl Marx Essay Example | Topics and Well Written Essays - 750 words

Adam Smith vs. Karl Marx - Essay ExampleKarl Marx was a political scientist and economist from Germany who lived in the age 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 fabricated the comfort of the products. Marx argued that capitalists 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 t he world is wretched to a system of ii 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 exposit 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 mentation 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.