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Comparing and Contrasting Adam Smith, Robert Owen, and Karl Marx

Investigate the differences and similarities of these three philosophers. These are the philosophers that i believe had the greatest impact on current society and Government

Kevin Jurek

on 25 February 2011

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Transcript of Comparing and Contrasting Adam Smith, Robert Owen, and Karl Marx

Adam Smith The Philosophers Karl Marx Robert Owen The Capitalist Natural Laws of Economics Law of Self Interest Law of Competition Law of Supply and Demand People work for their own good Enough goods would be produced at the lowest possible price to meet demand Competition Forces people to make a better product These are the laws of economy that Adam Smith introduced, and still regulate our economy today Laissez-faire Free Economy The idea for businesses to freely regulate there own working conditions Strongly Defended by Adam Smith Believed that people should have freedom of how they want to work, and the wealth they accumulate Although he did believe that you should work to earn your wealth, it was discovered after his death that he donated money to the poor secretly The Believer of a Utopia Owen despised the idea of poverty and illness among the working class this led to Owen's improvement of working conditons in his factory Published many novels that explained his theories on economy, but his most famous was........ The Wealth of Nations He made many houses around his factory's for his workers. He set the rent low, and he also didn't employ children under the age of ten to his factories Believed in helping the lower classes In 1824, He attempts to make an Utopia in the United States known as New Harmony. It was located in Indiana, but the town lasted for a short 3 years. Although the town was ephemeral, it did inspire many other such communities. The Communist/ Socialist The Communist Manifesto Written by Marx, and his co writer Freidrich Engels The manifesto stated that the rule a factory owner had over his workers was unfair and unjust, because the workers worked their asses off on long hours, while the owners provided raw materials and collected profits Marx also divided the social classes into something he refered to as the warring classes Haves (Middle class) Bourgeoisie, the employers Have-nots (workers) Proletariat, performed the hard and labourious tasks of the factories Believed that the Government should regulate the prices of all goods, and make all wages equal, in turn making all humans equal Marx made little money and relied on Engels for support throughout his life, he published his Socialist theories, and made very little from them. Called for the working class to converge and revolt agianst there 'evil' employers Now some comparisons... Although all three had very different intentions, they did find it important to support the lower class, even if it was done secretly, making life easier, or composing radical pieces of work to ask for rebellion they all had a belief of supporting the lower class. Now for the much broader topic of contrast... There are certain topics that these philosophers believed in that were similar, but also very different... Although Smith did help the lower class to an extent, he still kept true to his belief in a free market economy, and that people had to WORK and be EDUCATED to achieve the goals of which they have set for themselves, and if you dont work hard enough you don't deserve the jobs which have less physical burden. And Owen believed strongly in giving support to the people he still asked for a level of labor and exertion, you may live in a Utopia but you must still work to achieve some form of wealth among your fellow man. Marx entirely throws the scale off, by saying that everyone should have the same wages, even for different jobs, but as with the others he also asked a level of labor from his employees. Which brings about another comparison between the three... THEY ALL ASKED FOR A LEVEL OF LABOR! Each had a different range of how much one should labor, but they all believed in the aspect of not being a lazy person and making money for free, they all believed you had to go through a level of hardship to achieve any sum of money, even if it's equal to everyone elses, or 30 times the amount as the others.
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