Adam Smith vs. Karl Marx : Competing Ideologies and Their Lasting Effect on Global Economics

This paper examines how the competing ideological belief systems of Adam Smith and Karl Marx have affected economic governance, conduct businesses, and transactions today. This paper adopts a comparative approach to assess the strength and weakness of the ideologies of both philosophers while highlighting the ideological difference of both philosophers that contributes to their relevance today. The discourse concluded that one critical defect of the Marxist ideology by interpretation is that it advocates for a system that ignores incentives—capitalism. On the other hand, Smith’s ideology by interpretation is successful because it does not ignore incentives. The capitalist system was considered preferable following the inability of the socialist system to curtail autocracy and misery and provide reciprocating rewards for productivity