Explanation:
These are the laws of economy that Adam Smith introduced, and still regulate our economy today
Law of Self Interest
People work for their own good
Law of Supply and Demand
Enough goods would be produced at the lowest possible price to meet demand
Law of Competition
Competition Forces people to make a better product
Free Economy
The idea for businesses to freely regulate there own working conditions
Strongly Defended by Adam Smith
Believed that people should have freedom of how they want to work, and the wealth they accumulate
Published many novels that explained his theories on economy, but his most famous was
The Wealth of Nations
The Capitalist
Adam Smith
this led to
Owen's improvement of working conditons in his factory
Believed in helping the lower classes
He made many houses around his factory's for his workers. He set the rent low, and he also didn't employ children under the age of ten to his factories
The Believer of a Utopia
Robert Owen
Marx made little money and relied on Engels for support throughout his life, he published his Socialist theories, and made very little from them.
Written by Marx, and his co writer Freidrich Engels
The manifesto stated that the rule a factory owner had over his workers was unfair and unjust, because the workers worked their asses off on long hours, while the owners provided raw materials and collected profits
Called for the working class to converge and revolt agianst there 'evil' employers
Haves (Middle class) Bourgeoisie, the employers
Marx also divided the social classes into something he refered to as the warring classes
Have-nots (workers) Proletariat, performed the hard and labourious tasks of the factories
The Communist Manifesto
The Communist/ Socialist
Karl Marx
The Philosophers
Now some comparisons...
Although he did believe that you should work to earn your wealth, it was discovered after his death that he donated money to the poor secretly
Owen despised the idea of poverty and illness among the working class
Although all three had very different intentions, they did find it important to support the lower class, even if it was done secretly, making life easier, or composing radical pieces of work to ask for rebellion they all had a belief of supporting the lower class.
Now for the much broader topic of contrast...
Natural Laws of Economics
Laissez-faire
In 1824, He attempts to make an Utopia in the United States known as New Harmony. It was located in Indiana, but the town lasted for a short 3 years. Although the town was ephemeral, it did inspire many other such communities.
Believed that the Government should regulate the prices of all goods, and make all wages equal, in turn making all humans equal
There are certain topics that these philosophers believed in that were similar, but also very different...
Although Smith did help the lower class to an extent, he still kept true to his belief in a free market economy, and that people had to WORK and be EDUCATED to achieve the goals of which they have set for themselves, and if you dont work hard enough you don't deserve the jobs which have less physical burden.
And Owen believed strongly in giving support to the people he still asked for a level of labor and exertion, you may live in a Utopia but you must still work to achieve some form of wealth among your fellow man.
Marx entirely throws the scale off, by saying that everyone should have the same wages, even for different jobs, but as with the others he also asked a level of labor from his employees.
Which brings about another comparison between the three...
THEY ALL ASKED FOR A LEVEL OF LABOR! Each had a different range of how much one should labor, but they all believed in the aspect of not being a lazy person and making money for free, they all believed you had to go through a level of hardship to achieve any sum of money, even if it's equal to everyone elses, or 30 times the amount as the others.
