Adam Smith And Karl Marx Foundations Of American Expo

Joshua Bremer Foundations of American Expo. Prof. Stern May 3, 2015 Adam Smith and Karl Marx Modern political economic theory and philosophy can be greatly attributed to the works of two men who seemingly held polar opposite views on the subject. Adam Smith, a Scottish philosopher, published his most well-known work An Inquiry into the Nature and Causes of the Wealth of Nations in 1776 and is most often associated with the ideas and principles of the political economic system known as Capitalism. At the other end of the spectrum is Karl Marx; the German philosopher most often associated with Communism and the author (or co-author) of The Communist Manifesto. This paper seeks to discuss the core differences in their respective political economic philosophies with regards to what economic value is and what the role of government should be in their versions of political economy. This will conclude with the argument that while Smith s work had laid the foundation for modern economic philosophy, it was Marx who would ultimately leave the most significant impression upon the world with his revolutionary ideas. An Inquiry into the Nature and Causes of the Wealth of Nations is considered to be the first full treatment on the study of Economics. This work essentially lays the foundation for the economic system known as Capitalism. Interestingly enough, Capitalism was a term first brought into the public debate, somewhat pejoratively, by Karl Marx himself in describing a capitalist