I have begun my research using excerpts and quotes from Adam Smiths' and Karl Marx's books, as well as articles found on databases such as the Gale database.
One of the most interesting facts I uncovered about Adam Smith is that, while he applauded the rapid industrialization of the western world, he did not support the mistreatment of workers. In Book 1, Chapter 8 of The Wealth of Nations, he states that "No society can surely be flourishing and happy of which the far greater part of the members are poor and miserable." He even warns readers about the dangers of Capitalism's "mean rapacity" in Book 4, Chapter 3.
In reading further into Adam Smith, I am beginning to wonder if any key figures in the industrial revolution were radicalized by his belief in the significance of 'self-interest.' In Book 1, Chapter 2 of The Wealth of Nations, Smith explains that it's self-interest that makes the world go round: "It is not from the benevolence of the butcher, the brewer, or the baker, that we can expect our dinner, but from the regard of their own self interest." However, Smith distinguishes between self-interest (motivation) and selfishness (greed).
Another of Smith's ideas that struck me as critical is that the government should play a limited role in the economy, which was later challenged by Karl Marx and the rise and fall of Communism in the 20th century.
That brings me to Karl Marx and some of the most intriguing facts I've gathered about him so far.
Marx believed that class struggles have existed throughout all of history. In his book The Communist Manifesto, co-written with Friedrich Engels, Marx states that "Modern bourgeois society which arose from the ruins of the feudal system has not wiped out the antagonism of classes. New classes, new conditions of oppression, new modes and forms of carrying on the struggle, have been substituted for the old ones. This characteristic of our epoch -- the epoch of the bourgeois, or middle class -- is that the struggle between the various social classes has been reduced to its simplest form. Society tends to be more and more divided into two great hostile classes -- the Bourgeoisie and the Proletariat."
He realized that the bourgeoisie were profiting from and exploiting the proletarians. He hypothesized that "A never ceasing struggle," between classes usually ends in "a revolutionary alteration of the social system, or in the common destruction of the contending class." These actions would symbolize the end of Capitalism and a shift into a classless society rooted in the central belief that everyone has a role to play, depending on what they contribute and require: "From each according to his abilities, to each according to his needs."
Marx wrote in Chapter 1 of The Communist Manifesto that the bourgeoisie without the proletariat class is "like the sorcerer, who is no longer able to control the powers of the nether world whom he has called up by his spells." I wonder what is required to create a Communist society and why most of the Communist nations of the 20th century have failed.
Marx's idea of a classless, equal society seemed like paradise compared to the poverty-stricken, overcrowded emerging cities of the industrial revolution. I would like to look into why and how Karl Marx developed his ideas and whether Communism can be seen as a form of "utopia" developed to contrast with the harshness of the industrial revolution.
Works Cited
Blenman, Joy. "Adam Smith: The Father of Economics." Investopedia. April 19, 2017. Accessed November 12, 2018. https://www.investopedia.com/updates/adam-smith-economics/.
Engels, Friedrich, and Karl Marx. The Communist Manifesto. 1848.
"If adam smith were alive today: Capitalism is the only way to go." Vital Speeches of the Day, October 15, 2001, 12+. General OneFile (accessed November 12, 2018). http://link.galegroup.com/apps/doc/A80325079/GPS?u=ko_k12hs_d73&sid=GPS&xid=955189af.
Smith, Adam. An Inquiry into the Nature and Causes of the Wealth of Nations. 1776.
"The Communist Manifesto - Bourgeoisie and Proletariat." The British Library. April 10, 2006. Accessed November 13, 2018. http://www.bl.uk/learning/histcitizen/21cc/utopia/methods1/bourgeoisie1/bourgeoisie.html.
Monica, Thank you for a very well researched blog. It is very interesting to read that Adam Smith distinguished to clearly between self-interest and selfishness. When capitalists discuss Adam Smith I find that this distinction is rarely made. You demonstrate a good understanding about both Karl Marx and Adam Smith. I am interested to read your next post and see how these ideas were put into place during and in response to the industrial revolution.
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