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Marx vs. Smith

Marx vs. Smith. I) Adam Smith. -English Scholar -Pioneered Capitalism. a) Market Economy. -most questions answered by individuals -personal choice fuels the economy. i) Self Interest. -Self Interest is the motivating force in the economy -Greed drives most choices

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Marx vs. Smith

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  1. Marx vs. Smith

  2. I) Adam Smith -English Scholar -Pioneered Capitalism

  3. a) Market Economy • -most questions answered by individuals • -personal choice fuels the economy

  4. i) Self Interest • -Self Interest is the motivating force in the economy • -Greed drives most choices • Individuals are motivated by economic profit

  5. b) Invisible Hand • -The incentive of individuals to follow self-interest • -This “hand” determines the allocation of resources in our society

  6. II) Marx • -German Philosopher • -Pioneered Communist theory

  7. a) Command Economy -Almost all questions are answered by the government/state. -Government owns nearly all businesses

  8. i) Equity • -Economic equality is the motivating force in the economy • -All citizens are given an equal number of products

  9. b) Government Control • -Government has control of all industries. • -Government centralization can help to industrialize. • -No capital or banking systems in underdeveloped countries

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