Monday, August 26, 2019

[Political Economy] Derive Classical theorist Marx vs. Smith view to Essay

[Political Economy] Derive Classical theorist Marx vs. Smith view to analyze current political issues. Choose a News (from WSJ) - Essay Example Moreover, Karl Marx is a renowned Communist while Adam Smith is associated with Classical ideologies. Therefore, adequate analysis of articles will sufficiently bring out the difference between the two theorists regarding current trends in the society. Moreover, the essay will assess the debate between the different classes of thought Marx and Smith represent. To reflect claims above, the article in wall street journal titled, Politics Counts: the Red/Blue Retail Divide approaches issues affecting the rapid expansion of United States economy. United States is a two party state, which comprises of Democrats and Republicans. This article replicates that consumption of goods and services from the party supporters differs greatly. Consumer subcultures has diversified so much that it threatens communal coexistence in the country. Democrats and Republicans have adopted different ways of shopping which if not curbed early will threaten mutual understanding. From this article, Marx and Smith ideologies clash. America is a democratic state so every civilian has a right to engage in activities wanted as long as it does not ruin stability in the country. Adam Smith emphasizes on free market whereas Marx articulates economy where a ruling class should not exploit the proletariats. From this, allowing the party supporters to shop differently will aggravate political animosity in the country. Smith argues that free trade leads to increased economic prosperity while on the other hand Marx argues that allowing free trade and competition will lead to exploitation of workers by employers rendering them powerless. Conversely, labor should be part of the final product and employers need to conquer to step up free competition, accompanied by a social and political constitution adapted in it, and the economic and political sway of the bourgeois class (Theriault 37). The Wall Street also carried out an article putting Some Facts in the Tax-the-Rich Debate. This article emphasizes on tax fairness between the rich and the poor. For economic stability, the rich should be taxed a higher amount than the poor civilians. However, this sparked a debate between political elites among them president Obama who seconded the idea. This article has created a clash between classical and liberal theorists. Smith propagates on political economy where he says both political and economic systems should be integrated together to achieve political stability. He bestows all powers to political elites and entrusts them the privilege to make policies governing economic activities. Marx’s ideologies are against political economy because it concentrates property and power to a few individuals, which leads to classes for instance propertied and propertyless .Taxing the rich more than the poor will reduce the gap between the propertied and the propertyless in the society therefore, economic development will improve enabling all people access goods and services. There are classes in the world whereby the oppressed struggles to free themselves from the oppressors that make society â€Å"a manifold gradation of social rank† (Marx 14). The Wall street journal carried an article, States Get Say in Health Law. President Obama’s administration changed health policies, which will screen insurers’ considerations when charging insurance covers. Employer groups praised

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