Marx and Smith

              This week in Personal Finance and Economics class we focused on the philosophers Adam Smith and Karl Marx. In pairs, we prepared conversations between the two men. Researching them I learned so many things about not only Smith and Marx but the economy and different types of economic systems. Karl Marx created the famous Communist Manifestos and Das Kapital that defend his ideas of communism and command. He believes strictly in communism and in his opinion capitalism will lead to self-destruction and only benefits the rich. What was most shocking to learn was that Marx believes the most efficient way to find equality through revolution? But what we figured out through our research of different countries and their economies that capitalism and free-market seems to work out more. Adam Smith wrote the books Wealth of Nations and Theory of Moral Sentiments. These books stated his beliefs is capitalism. He stated that capitalism allows freedom of private ownership and helps economic growth. This is because private property rights provide individuals with the freedom to produce goods and services that they can sell in the market. In my opinion Adam Smith has the better argument. Communism does not allow job creation or an expanding economy because it doesn't allow any ownership from private businesses. This topic has taught me a lot about economics. It will definitely help me with future topics because this class is based on economics. This topic can relate to current events because the government is always focused on bettering the economy. With the problems in the economies of other countries this topic comes up often in the news. I now have a better understanding of the economy works.