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Adam Smith vs Karl Marx

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Title: Adam Smith vs Karl Marx


1
Adam Smith vs Karl Marx
  • Whos the man with the economic plan?

2
Adam Smith
  • individuals own the means of production
    (factories, machines, land) and reinvest profits
    as capital to expand business
  • Capital wealth that is invested in order to
    create more wealth

3
Adam Smith- The Wealth of Nations
  • Laissez-faire- (let do) non-interference of the
    government in business
  • HANDS
    OFF!

4
Capitalism
  • Free Market Economy One in which consumer
    choice, the law of supply and demand and
    competition drives companies decisions regarding
    what products to produce and the prices of those
    products.

5
Adam Smith3 Laws
  • Law of Competition

6
Law of Self Interest
7
(No Transcript)
8
Law of Supply and Demand
9
Socialism
  • a theory or system of social organization that
    promotes
  • that the community as a whole should own and
    control of the means of production (factories /
    land)
  • profits from production should be divided amongst
    the community as a whole

10
Socialism Continued
  • Believe capitalist take advantage of workers
  • Community or state (govt) must act to protect
    workers
  • Unequal distribution of wealth is unfair (caused
    by capitalism)
  • Goods should be divided according to each
    persons needs

11
Karl Marx and Freidrich EngelsThe Communist
Manifesto
Haves Have-nots
Patrician Plebeian
Noble Serf
1st 2nd Estates 3rd Estate
Bourgeoisie Proletariat
12
The New Struggle
  • Bourgeoisie owners of business, capital and
    means of production
  • Proletariat working classes, own nothing

13
Karl Marx (and F. Engels)The Communist Manifesto
  • Radical Socialism or Marxism
  • Workers will seize control of the government and
    businesses

14
Dictatorship of the Proletariat
  • Workers would take control of the government

15
Then what
  • redistribute profits equally
  • own all property in common (no private property)

16
Socialism ? Communism
  • From each according to his ability, to each
    according to his need (all must work, all share
    in profits)
  • Economic equality (no more classes)
  • No government or police would be needed in a
    community of equals where all is shared
    government would fade away ? Communism

17
Communist Countries Today
  • Communism Dictatorship
  • never moved passed Marxs Dictatorship of the
    Proletariat stage
  • Examples
  • Former USSR (Soviet Union)
  • China
  • Cuba
  • North Korea

18
Socialist Countries Today
  • Tend to be democracies
  • Major Industries owned by the people (Railways,
    Telephones, TV stations etc.)
  • Government taxes provide benefits to all citizens
    (healthcare, free higher education, pensions
    (retirement), Social security
  • Examples
  • France, Canada, England

19
What system would they support?
  • For the following people decide whether they
    would support
  • Socialists - All means of production and all
    profits are owned by the community together
    (Owen, Marx)
  • Laissez-Faire Capitalism - Government should keep
    its hands off business and allow owners to act in
    their own self interest to seek profit (Smith,
    Malthus and Ricardo)

20
Donald Trump
  • If you don't make him a profit YOU'RE FIRED!

21
Robin Hood
  • Robs from the rich and gives to the poor (ie
    redistribution of wealth).

22
Papa Smurf
  • Leads a self-sufficient community of little blue
    people living in harmony. All members of the
    community work together to meet their needs. All
    have an equal share.

23
Gargamel
  • He is in constant pursuit of wealth and doesn't
    care how many little Smurfs had to die to make
    him rich. In fact he thought he could turn Smurfs
    into gold...hmmmmm
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