The Economic Theories of Smith and Marx Explanation
In this video, we explore the economic theories of Adam Smith and Karl Marx, two of the most influential economists in history. Smith's classical economics emphasizes the importance of free markets, competition, and the invisible hand, while Marx's Marxism critiques capitalism as inherently producing exploitation and inequality, advocating for collective ownership of the means of production. We dive into the Industrial Revolution, The Wealth of Nations, surplus value, and social justice, among other topics, as we examine these two contrasting economic visions. Join us as we explore the lasting impact of Smith and Marx on economic thought and policy, and their relevance to modern economic challenges.
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