Adam Smith vs. Karl Marx

The Week Overview

This week we learned about the main types of economies and the history behind the ideas. I learned about traditional, command, and market economies and their viewpoints. We especially focused on the men Karl Marx and Adam Smith. Karl Marx was big on communism and Adam Smith was a supporter of capitalism. After learning a little about their history and ideas for economies, we made skits about if they came to Weserville and had dinner together. In my opinion, I believe in what Adam Smith says more than Karl Marx. I feel we should have a freedom of choice in where our money goes and how we earn it, instead of our lives being run by the government. In the skit, I was Karl Max, but found it difficult to defend my views when i believed in what Adam Smith was saying. This may relate to current events with North Korea. North Korea has more of a communist economy, which is shown when the government closed the gates to North Korea. This topic can relate to later discussions with what type of economy Weserville should use.