Difference Between Free Market And Karl Marx

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This paper aims to provides a full understanding of the free market system and how it can potentially benefit individual’s needs. The free market system is fully explained and classical economist’s views are considered separately as well as in contrast with one another. The specific economists discussed include Ricardo, Marx, and Mill. Their individual opinions on how the free market system could impact the economy is examined and the effects of an economic system controlled by the government is also discussed.

The Free Market & Karl Marx
The free market is the only economic system consistent with personal freedom. It thus not only provides the basis for the greatest improvement in living standards, it also provides the basis for remaining …show more content…

His desire to move development towards the future is seen in his actions and throughout his work. For Marx, the coming of industry means a liberation from these constraints. This is the aspect of its development (Chitty, 2009, p. 155). Karl Marx had a vision towards the future that had machinery that would take up most of the physical labor individual workers had to endure. The free market economy was one that individuals strived towards as this would limit government involvement and potentially increase profitability for all involved. Marx had an open mind to changes and the changes into a free market were not difficult for him to understand and fully …show more content…

He recognized that a free market economy and private property could be maintained only if there were limited government, individual rights, the rule of law, and toleration (Capaldi, 2004, p. 198). It seems odd that in order for the free market economy to work efficiently there must be individual rights and the rule of law along with toleration. The basis of the free market economy is focused primarily around these three attributes that individuals must put forth. The odd part is that with the lack of a free market there are still individual rights and toleration must still be exercised frequently to preserve peace. The concept itself is profound and has great outcomes available, but with so many individuals varying opinions there would be potential conflict that limits all three of those attributes. John Stuart Mill had a great idea on this topic but didn’t have plans set in place for if the government wouldn’t provide rules for all individuals. The free market economy could fall into ruin if not handled in a joined effort with all involved. A free market economy is not just about making money. Unless as many individuals as possible are encouraged to obtain private property and participate as entrepreneurs within the market economy, liberal culture will breed its own self-destructive Frankenstein (Capaldi, 2004, p.

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