Marx vs. Smith

When we started class, each person received different amounts of starbursts. Some only got three, others got up to fifteen. This was to teach us the idea that some people, with no work at all, started off wealthier than others. Even though they did not do anything to deserve it, they were wealthier than other people. This was kind of frustrating to me because I only received three starbursts.

Marx and Smith each wanted to help the poor, but in different ways. Smith decided it was best for the people to dictate the prices of the goods. If a certain good was too highly priced, nobody would buy it. This would force the company to lower their prices or suffer the consequences. The government would not be involved, and the “trickle effect” would come in to play. When people purchased goods, the money would go to the company, which would go towards the workers, who would make the goods. Therefore, the more goods produced equals more goods sold, which is more money for the companies, and in turn more money for the workers. This idea is often referred to as the “invisible hand”. Marx’s theory on how the poor would help themselves is through capitalism, socialism, and communism. In capitalism, the poor would be able to make as much money as they want, doing what they want, given they are willing to work for it. In socialism, the state would own and operate means of production. Therefore, the poor would benefit by receiving money from the state. In communism, the community owns property, and the goal is for everyone to contribute to the society. Therefore, everyone is equal and receives the same benefits.

In my opinion, capitalism is the best solution. Obviously, some people are not going to want to work as much as others, and those other people that work harder should not suffer from that. I believe it is entirely up to you when it comes to how successful or rich you become. Being an American, I believe that we have the freedom and the right to choose what we do with our life and where we go with our careers. I would hate to be given a job that I hate and make the same amount of money as everyone else.