Adam Smith is known as best as a Moral Philosopher of his time, serving as a Professor in University of Glasgow and Oxford University. During his life he published two books by the name of “Theory of Moral Sentiments,” and the other was an inquiry by the name of “An inquiry into the Nature and Causes of the Wealth of Nations.” Smith stated that societies remain dependent on the concept of unregulated capitalist markets instead of focusing on authoritarianism or tradition (Pack 170-172). People’s motivation is governed by their self-interest, and that competition is the sole regulator of greed. In his book, he mentioned that producers could focus on producing the goods demanded by society and the concept of producing less of the desired good can lead to a profitable gain in the market.
Karl Marx renowned and celebrated as the father of modern socialism, conflict theory and the concepts of communism. His proposed theory, which is known as “Marxism” is referred to as tradition for Western Intellectual with three components such as political doctrine, historical philosophy, and analysis spanning over the functioning of an economy (“Marx After Marxism: The Philosophy Of Karl Marx” 40-1467-40-1467). His theories are based on the founding facts that every person needs to realize their full potential to contribute to capital. He further stated that control over material production leads to division of labor, leading to formational of socio-economic classes and the prevalent struggle in these classes.
The proposed ideas of Adam Smith can be seen in their implemented in today’s society. His proposition that people are driven by their motivation based on self-interest is evident in the present day social structures. His second proposition that less production of good products will lead to profit is prevalent in the modern day market system since businesses operate solely by their desire to push their product on to their customer. The current market system is wholeheartedly devoted to the concept of creating wants than on fulfilling needs.
Hegel’s ideas suggested that no method could be devised that could ensure or secure ownership of the property. His theory implies that poverty has a direct link to property and with this concept, the modern day system can be viewed from the perspective of property and its value in the present day.
Karl Marx opposed the concept of industrial capitalism; he envisioned the concept of not interpreting the world for what it is but to contribute towards changing it. His theories towards evident facts for industrial capitalism exploiting human and natural resources for their short gains can be seen in society today in forms of climate and energy crisis. The exploitation is evident across all forms of societal structures around the globe.
Karl Marx, being well aware of the bourgeois political system, wanted to create a separate political system that would focus on human freedom, elimination of alienation and operating on the principles of liberating people by ushering them a rightful place in society. Although holding a sound opinion, Marxism shortcomings arose in the form of the interpretation that can be acquired from the laws of Marxism, which again reflects the various flaws. The laws mentioned in Marxism are vague and lack a basic grasp of the way the real world operates.
“Marx After Marxism: The Philosophy Of Karl Marx.” Choice Reviews Online 40.03 (2002): 40-1467-40-1467. Web.
Pack, S. J. “Ross, The Life Of Adam Smith And Muller, Adam Smith In His Time And Ours.” History of Political Economy 29.1 (1997): 170-172. Web.