Adam Smith And Karl Marx's Views Of Capitalism And Communism

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Modern economic values can be described as a mixture of many philosophies into one philosophy. However two prominent philosophers, Adam Smith and Karl Marx, find their theories on economic value at the opposite ends of the spectrum. Smith’s writings on capitalism, and Marx’s writings on communism have created a fair amount of conflict throughout history. The well-known conflict called the Cold War featured two powerful nations who found themselves on the opposite sides of the economic values system. The United States of America believed in Smith’s capitalism and the Soviet Union believed in Marx’s communism and the clash of these two powers reshaped the theory of economics forever. Capitalism and Communism are two entirely different economic systems. Capitalism is an economic system known for a freedom of the market. Capitalism can be very beneficial to the economy. The government will change over time, but with capitalism it can easily adjust to the changes. Communism can be defined as an economic and political system where government controls all of the economy. Capitalism and communism are commonly viewed as two opposing political and economic structures. In a capitalist economy, everybody has freedom with government having a limited role in their life. But the limited number of jobs is a major downside. Your economic status fully depends on who you work for and what you do. People have the ability to choose an occupation for themselves without the government giving
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