ADAM SMITH vs KARL MARX - History of Capitalism vs Communism

ADAM SMITH vs KARL MARX - History of Capitalism vs Communism

On Traveling Through History, we bring you a special program where we compare 2 philosophers who created diametrically opposed economic philosophies which have dominated the way nations have organized themselves since the 19th century - Adam Smith with the Capitalism economic theory and Karl Marx with his communism economic theory.

Karl Marx (1818–1883) was a German philosopher, economist, and revolutionary socialist whose theories, like historical materialism and critiques of capitalism, became foundational for modern communism and socialism.  Born in Trier, Germany, his radical political writings and journalism led to expulsions from various countries, including Prussia, France, and Belgium.  Marx is best known for co-authoring The Communist Manifesto with Friedrich Engels and for Das Kapital (Capital), which detailed his economic theories and vision of a classless society.  He spent the last decades of his life in London, where he lived in poverty and continued to write and participate in the international workers' movement.

Adam Smith (1723–1790) was a Scottish philosopher and economist, considered the "father of modern economics" for his seminal work, The Wealth of Nations (1776).  He championed free markets and the "invisible hand" guiding self-interest toward societal benefit, while also advocating for limited government intervention in the economy and significant roles in public education and infrastructure.  His work, a product of the Scottish Enlightenment, provided foundational concepts for classical economics and continues to influence economic thought.

We take a look at a series of short videos on Adam Smith and Karl Max and their philosophies and comment on them.

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