Smith’s “The Wealth of Nations” scrutinizes mercantilist policies, advocating for free trade and open markets. “The twofold character of the labour embodied in commodities - as concrete labour and as abstract human labour - becomes practically important, only when the products of labour are exchanged, and take the form of commodities.” (Volume I, Chapter I) – MarxĬritique of Mercantilism: Smith and Marx both critique mercantilism, the dominant economic theory of their time. “The real price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.” (Book I, Chapter V) – Adam Smith Smith emphasizes the efficiency and productivity gains derived from the division of labour, while Marx focuses on labour exploitation within a capitalist system. Labour Theory: Both Smith and Marx recognize the pivotal role of labour in the production process and its contribution to value creation. Nevertheless, there are notable similarities between Smith and Marx in their approach to key issues: Such cherry-picking and selective interpretation of texts have led to radicalization and a failure to grasp the broader ideas presented by these thinkers. However, in Smith’s extensive writings, this term appears only three times. For instance, the term “invisible hand,” often attributed to Smith, is frequently misused and overquoted by adherents of neoliberalism. One aspect that frustrates me is the misinterpretation and distortion of the works of influential thinkers like Adam Smith and Karl Marx. The great minds behind these ideas would likely be appalled by such superficial understanding. Such categorizations reduce complex ideas to simplistic identities, ignoring the nuances and subtleties of the original thinkers’ works. This phenomenon is particularly evident in the United States, where the false dichotomies of “Republicans” versus “Democrats” or “Marxists” versus “Capitalists” dominate public discourse. Rather than engaging in thoughtful analysis, many people simply declare themselves followers or fans, failing to recognize the deeper connections between seemingly opposing perspectives. This tendency is especially evident in modern culture, where individuals and groups align themselves with specific ideologies to the point of dogma. The intellectual landscape often becomes limited by the rigid adherence to particular “isms” or schools of thought.
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