Paper Summary:

The paper relates that Adam Smith is considered the modern father of capitalist theory, in particular the unfettered form of capitalism known as laissez faire. The paper then discusses how Karl Marx is considered the father of Communism, the declared direct opposite of, and solution to, capitalism. The paper posits that both men would likely not be totally happy with their historical reputations and then compares the view of both men on the division of labor.

From the Paper:

"Adam Smith, the Scottish economist and philosopher of the 18th century, is considered the modern father of capitalist theory, in particular the unfettered form of capitalism known as laissez faire, a term Smith never actually used. Karl Marx, the German journalist and philosopher of the 19th century, is considered the father of Communism, the declared direct opposite of, and solution to, capitalism. Both men would likely not be totally happy with their historical reputations. A main element of both their writings is the idea of the division of labor."

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