Economic History

Paper Summary:

This paper answers questions about economic theory beginning with Karl Marx and Adam Smith and showing different conceptions of social class and the division of labor between them. The paper then considers some of the meanings of capital in the capitalist system and notes how capitalism is defined, based on various theorists and on the writings of Adam Smith and Karl Marx.

From the Paper:

"Adam Smith stated the liberal position in writings such as "An Inquiry into the Nature and Causes of the Wealth of Nations." Smith recommended freeing the economy from the control of the state. At the time, the mercantilist system prevailed by which the state regulated prices and the conditions of manufacture for goods. Smith argued that the free forces of the marketplace should shape economic decisions and Smith was the primary advocate of the French view of laissez faire, or letting the economy run on its own. The division of labor was discussed as a manifestation of natural trends and tendencies that also should be allowed to develop on their own. Marx wrote about the class system and the creation of a new class in society."

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