These economists are Adam Smith, Karl Marx, and John Maynard Keynes. ... Adam Smith's theory of economics established capitalism as the only moral economic system. ... Smith's theory of economics developed from his ideas regarding the proper relations among men. ... Smith is always a proponent of justice. Never does Smith allow for any sort of theft or breach of respect. ...
Now, Adam Smith's views greatly differ from those of Marx and he would definitely criticize Marx's vision of the communist society. ... Smith believes that division of labour will lead to universal opulence. ... Therefore, according to Smith, division of labour is essential for a well-governed society. Smith also believes that a well-governed society is essential for the existence of human beings. ... For Smith, capitalism is the best form of society, and for Marx, communism is the ideal society....
"This was the kind of capitalism that Adam Smith, the Scottish economist, had called for in his master work, The Wealth of Nations.... Smith said that if individuals were allowed to invest their own money for personal gain, the production of wealth would greatly increase (Biography, n.d.). ...
When classical economists developed the ideas behind the free market economy, many failed to account for the social disparities created by industrialized society. In response to economic conditions created by capitalism, socialists argued that social order is maintained through production owned in c...
