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Karl Marx Vs Adam Smith Analysis

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Karl Marx and Adam Smith are two of the greatest economic analysts the world has ever seen: one being the father of communism, and the other of modern economics. Despite being different in thought, it was both of their ideas that created the fundamental bases of economics. As the father of communism, Karl Marx's economic model is based on government ownership of the economic wealth and its equal distribution in the society. However due to major flaws in his thinking, his theories have failed to be adopted. Due to lack of competition and profit motive one is less likely to produce goods in most effective and efficient matter. In contrast, Adam Smith's economic model is focused on self-interest and discourages government intervention. Smith's

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