What is the criticism of Karl Marx regarding Adam Smith Theory?
What is the criticism of Karl Marx regarding Adam Smith Theory?
Homework Answers
Karl Marx criticized Adam Smith theory because according to his viewpoint he believed that capitalism was not the most effective way for organizing an economy. He thought that because of capitalism the ones who own most of society's wealth will remain rich by maximizing their own interest and by keeping the working class as low as possible. He also believed that capitalism would eventually stagnate because of internal contradictions and would certainly be followed by socialism.
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