Replies to Marx vs Smith

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Please reply to two student, i attached your work plus the 2 students that you need to reply. up to 100 words per student is fine. thank you

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Running Head: ECONOMIC THEORIES 1 For this discussion, please identify and discuss two of the major differences between Marxism and Capitalism. In your discussion, provide specific examples of how each are implemented or used today (cite your sources as necessary). ECONOMIC THEORIES 2 Marxism Versus Capitalism Marxism is an ideology attributed to socio-economists Karl Marx and Friedrich Engels. It revolves around the promotion of communism and the exploration of the effects of social class stratification on the economy. Here emphasis is given to public, and communal ownership of all the sectors of the economy. Capitalism, on the other hand, applauds the privatization of the economic institutions. Here the concept of free market economy is upheld. The economic growth rate is controlled by the elites of the private sector and is regulated by the government to prevent the rise of monopolistic markets. Forces of demand and supply are also in play within such markets (Kowalik, 2014). Communists are keen on social welfare. Thus labor is given depending on ability and is paid according to one’s living standards. Capitalists are eager on economic growth rather than social welfare. Capitalists tend to favor competitive individuals thus promoting uneven distribution of opportunities, and resources especially among the marginalized populations (Payne, 2004). Today, communistic ideologies are applied to the economy through taxation, and government budgeting, aspects that promote the centralization of resources for the benefit of the masses. In communist countries such as China, the economy is centralized. Therefore, the government controls all income and distributes profits according to the needs of the public. Capitalism can be seen when large corporate players are allowed to own unlimited resource such as Samsung which accounts for a large percentage of South Korea’s economy. This is because the enormous multinational has been allowed to expand and capitalize on growth rather than social welfare. However, its corporate social responsibility plans are an indication of communism whereby it cares for the society without any direct monetary benefits (Przeworski, 1986). ECONOMIC THEORIES 3 References Kowalik, T. (2014). Imperialism, and the Process of Capitalist Decline. Rosa Luxemburg, 119-130. Payne, S. G. (2004). The Spanish Civil War, the Soviet Union, and Communism. Rethinking Class, and Class Politics After Communism: Avoiding Marxist Determinism, and Totalization. (n.d.). Marx, and Modernity, 367-369. Przeworski, A. (1986). Capitalism, and Social Democracy (Studies in Marxism, and Social Theory). Cambridge: Cambridge University Press. Reply to students, 100 words is more than good. Student 1 William - Monday, March 12, 2018, 12:31 PM There are many differences between Capitalism and Marxism one being that Capitalism was a political system the slowly grew, and molded into what we see today, through changes in technological progress, along with other social and political feelings the propped up over a long period of time. Whereas Marxism is a system that was created by humans, to feed their desire to take control every political and social developments. Another major difference between the two political systems is the freedoms that their citizens receive. In. For example the citizens living within a capitalist government, they are free to pursue their ideological, scientific, religious, and economic goals without any interference from their government. A government that practices the capitalist system, should only be responsible for guaranteeing safety and equal freedoms to everyone. On the other hand, in Marxism freedoms and rights are highly restricted, for example there is no right to own land, and the freedom of expression is non existent. In Marxism, these things are taken away, because it was believed that citizens having those rights and freedoms, were not within the best interest of their society. References Kowalczyk, H. A. (2015, November 11). Capitalism, Socialism, and Communism. Retrieved from Huffington Post: ECONOMIC THEORIES 4 Student 2 by Kimberlyl - Monday, March 12, 2018, 9:09 PM One of the biggest differences in Marxism and Capitalism is that capitalism creates competition between companies, services, and people while Marxism creates equal among the people. An example of capitalism in the United States take for example a local grocery store sells their eggs for $.22 a dozen. The grocery store across the street normally charge $1.99 a dozen, however now there is a sign saying HyVee eggs $.22 a dozen. This is to create a competition among the stores. I have also seen this with gas prices to draw people to their store. Another difference is possibility of production within a government. By this I mean that in a capital government, people are paid by the hour or on a salary basis. In a Marxism government, people are paid by the amounts set by the government. For example, if the people are promised to be paid to produce a certain number of houses, then why would you make more if you are not going to be paid more for building more houses. Kowalczyk, H. A. (2016). Capitalism, Socialism, and Communism. Retrieved from Huffington Post: difference is that ...
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Replies to Marx vs. Smith
Student 1(William)
From the assessment of the response provided by William it is evident that he
understands the sharp differences existing between the Marxism notions, and the capitalists. The
discussion further provides a deeper understanding of capitalism which is linked to politics, and
how politicians use their influence to control the economy. It is also correct to note that the
political systems can be use...

Klosevin (9721)
Duke University

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