Adam Smith s Theory Of Capitalism And Free Market

Many different economists framed economic thought today. Adam Smith opened up the world of capitalism and free market. These are both systems that truly affect a majority if not all countries in the world in some way. Karl Marx is a man who had a completely different approach to government, he believed in something called Marxism, which was an idealistic approach that meant for all people to work equally for the betterment of the nation. Keynes had a different approach, he believed in government intervention to stimulate the economy. Adam Smith and Friedman’s ideas completely contradict Keynes; they hated government involvement regarding the economy. Friedman’s ideas introduced a new idea after Keynes theory to the American government and his monetary theory shaped the policies that the united States have today. Smith, Marx, Keynes and Friedman all shaped economics to the branch of education it is today and were all revolutionary at some point in history. Adam Smith and Marx’s ideas mostly oppose each other and Friedman and Keynes’s theories opposed one another as well. Though there were huge differences, there still are some similarities to their economic viewpoints. Adam Smith is widely recognized as the father of economics and is still considered one of the most influential thinkers and economics today. Adam Smith is known has the worlds first free market capitalist. Adam Smith is and was everything Marx stood against. Their viewpoints were basically polar opposites.Show MoreRelatedThe Biography Of Adam Smith1505 Words   |  7 PagesThe Biography of Adam Smith Adam Smith was born in Kirkcaldy, Scotland in the year 1923, and died in the year 1790 at the age of 67 (Stewart, 1861). His exact date of birth is unknown but was baptized on 5th June 1723. His father was a prosecutor, advocate, and solicitor but passed on two months after his birth, leaving his mother to bring him up. 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