Karl Marx And Karl Polanyi - 1668 Words

Adam Smith, Karl Marx and Karl Polanyi are writer of capitalism, that have influenced capitalism in different ways to making capitalism what it is today. Adam Smith known as the father of the political economy, developed the concept of the invisible hand; which explains how self-interest and competition in a free market economy, would allow economy prosperity. Another concept Smit developed is division of labour which say that jobs a business should be specialised, instead of one person having to carry out all the processes. Karl Marx, on the other hand, demonstrates to us the negative impact of the capitalist system upon workers and society in general. As Marx believed that workers gain nothing, instead get exploited by the capitalist who†¦show more content†¦However, critics of the invisible hand say that it is not as strong as it was in the time of Smith, due to large powerful cooperation, effective marketing system and inefficient financial market blocks the mechanism of the invisible hand which does not allow the scare resources to be used at their best use. An example is of the invisible hand in works is, say if a candle maker sells one candle stick for  £1 but, another candle maker sells 3 sets of candles for  £2, it would mean he would get all the business making the other candle maker lose out and make even run out of business. So, to compensate the lose the candle marker would be forced lower his prices to survive and not get out of business, therefore, the candle maker is guided by the invisible hand being his self-interest to gain profit to lower his prices. Division of labour another, one of Adam Smith’s concepts explains that productive power of workers would increases each worker would have a specialised job to carry out and in turn would allow increase number of output to be produced. Smith further, says that division of labour is not something that is regulated by an authority, instead it is human nature. As what make us human is our propensity to truck, barter and exchange items, which gives us assurance to be able to trade what we have produced goes on to encourage division of labour. Smith gives 3 reasons as to why division of labour increase’s productivity. First, divisionShow MoreRelatedKarl Marx And Karl Polanyi1805 Words   |  8 PagesAdam Smith, Karl Marx and Karl Polanyi, have influenced different parts of capitalism. Adam Smith known as the father of the political economy, developed the concept of the invisible hand; which explains how self-interest and competition in a free market economy, would allow economy prosperity. Smith, also developed the division of labour which say that different jobs in a business should be specialised, instead of one person having to carry out all the processes. Karl Marx, on the other hand, demonstratedRead MoreGlobalization Has Transformed Our Economic Lives1609 Words   |  7 Pagesglobalization functions but rather look at this phenomenon from all it s dimensions. Immanuel Wallerstein s theory on world systems revolves around a historical and qualitative viewpoint. Wallerstein was inspired by people such as Karl Marx, Joseph Shumpter, Karl Polanyi and Fernand Braudel. Wallerstein insists that social scientist are not able to take a value free and objective approach and therefore he looks into the historical influences around the world to comprehend globalization. Immanuel WallersteinRead MoreEconomic Sociology - Karl Polanyis Concept of Embeddedness2096 Words   |  9 Pagesthe relationship between economy and society through Karl Polanyi’s concept of Embeddedness. 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This is true even down to human labour being treated as a commodity to be traded (Marx 2004: 12). When looked at in terms of Lukes’ third dimension of power it can be seen that capitalism has dominated modern civilisations; it is difficult to imagine the functioning of an alternative system, and we have no choice but to take part in it. According to Marx it is not in the labourers’ interest to take part in this exploitative and enslaving capitalist system, because itRead MoreDevelopment by Gustavo Esteva8857 Words   |  36 Pagesones own self, and of the other, was suddenly created. Two hundred years of social construction of the historical—political meaning of the term development were successfully usurped and transmogrified. 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The ancient authors speculated about the relation between property and virtue, a natural subject for discussion since justifying private propertyRead MoreTorpey 1998 State Monopolization Of Legitimate Means Of Movement12377 Words   |  50 Pagespreserve and extend access to Sociological Theory. http://www.jstor.org Coming and Going: On the State Monopolization of the Legitimate Means of Movement* JOHN TORPEY University of California, Irvine Following the imagery of expropriationused by Marx to describe the process of capitalist developmentand by Weberto characterizestates monopolizationof the legitimate use of violence, I argue that modernstates have also expropriatedthe legitimate means of movementand monopolized the authority to