Marx critiqued Smith’s ideology drastically. Marx used this notion of rent and possession of landowner to be the primary causes of issues in the society. Marx observed that in societies there would be two classes of people. The bourgeois and the proletariat are the two classes of people. The upper class essentially controls the working class. In the capitalist system it is found that the proletariat members of the society continue to serve their masters. There is a hidden agenda of controlling He believed that the fundamental collective ownership would lead to productivity (Kuper, 2013).
To summarize it has been found that Smith view had paved the way for modern economic theory. Nevertheless there are gaps and certain fallacies in the arguments put forth by Smith. Ricardo has filled these gaps. These theories provide insights as to how the modern capitalism should work in the societies. Unlike Smith, Ricardo does not believe that the economic capital of the country would keep increasing and there will only by growth. Ricardo has stated that land ownership causes increase in costs of production and wages decrease has been brought on by increase in population (Kuper, 2013). Owing to this there is a substantial issue in the societies. Marxists has used the capitalistic interpretation of Ricardo to bolster the argument. Marxist ideology stems from issue of land ownership that has paved the way for communistic ideologies.
Smith ideology emphasizes the need for continual growth and prosperity in the society. Smith theory proposes that the economy will continue to always grow (Colander, Prasch, & Sheth, 2009). This is not the case. It does not factor in the rent as an important indicator about the growth of the society. Ricardo’s views explain the gaps in the theories proposed by Smith. It essentially states that rent controls the cost of production and increase in population eventually leads to lowering of wages. This increase in land rate and decrease in wages would lead to issues in sustainability. This has been handled in the theories of Ricardo. They were both proponents of free trade. Marx on the other hand stated that this racism was used as sustenance of the upper class white man(Colander, Prasch, & Sheth, 2009). Marx went on to explain that this social exclusion was used to ensure that a certain class of people remain forever poor and in need of dire resources. Upper class was essentially the European white race that controlled the other ethnicities and minorities in the society. Structural racism in the societies and the subsequent bureaucratic factors influence early capitalistic theory.
When Smith proposed the ideology of free market capitalism, slavery existed in the societies. People were using African American communities and Asian communities to work in the industrial and agricultural sectors. Smith even describes people from Asian and African countries as savages. There is racism masquerading in the ideologies of Smith. However Smith does not endorse racism or slavery (Colander, Prasch, & Sheth, 2009). He however states that cheaper labour would ensure further growth in the societies. Smith or Ricardo was not overtly racist nor did they propagate racism. Nevertheless the concept of lower wages could be achieved easily by slavery. Hence the people and the individual governments chose this mode to ensure lower wages.
In the current times, the working population has increased in the societies. Capitalism has allowed more people to enter into the job market. This has caused new breed of ethnic workers in traditional white-collar jobs, women employees and part time employees. In this situation there has been a new crop of employable workers. There is more supply than demand in this situation. This is causing gradual decline of the worker salary and wages. Capitalism notions of making money have replaced the inherent racism in the societies (Braverman, 1998). This situation needs to be addressed. Economic standstill situation proposed by Ricardo can be seen manifested in the modern day capitalistic societies. However this does not mean that there is no racism or paternalism in societies (Braverman, 1998). There has been a growing available resource in the society. This has caused further class divide purely based on economics in the societies.
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