Reflection on Marx vs. Smith

This past week we have studied the different economies and the main thinkers behind the concepts of the economies. A traditional economy is one in which families, clans, and tribes make decisions in favor of what would benefit everyone as a whole. A command economy is one in which the government has control over the factors of production. A market economy is one in which individuals have control over decisions made in the economy and they have private property. This economy is run by producers and consumers. We discussed the differences between Adam Smith who was a proponent of a market economy and Karl Marx who was a proponent of a command economy. The class went over the pros and cons that come with the economy that a country chooses and I definitely think that a market economy is the best choice.
When Weserville had Marx and Smith visit the class for lunch, we could see that they had differing opinions, but they agreed on some things. One of the matters they agreed upon is that a nation needs to have an economy. The details of their ideas for an economy is where they started to have issues. Marx believed in socialism and wanted equality among the people. He thought that all the goods should be distributed evenly among everyone to get rid of the different classes in society. Marx believed that capitalism was enslaving the working class in a system of wage slavery and thought that a command type of economy was the solution. 
Smith thought there was another solution. He argued in favor of a market economy on the basis that he thought there was an invisible hand guiding the economy. He believed that when people make decisions to help themselves they are also going to help others. Smith was of the position that a market economy would benefit the people most.
I think that Smith was correct mostly. They both have excellent points, but a command economy has proven to never be successful in countries such as Russia and Cuba. Countries with very successful economies are ones with market economies like the U.S. and Canada. Although these countries have mixed economies, they certainly resemble a market economy more so than a command economy. I agree with Smith on the point that people should have more freedom to make their own decisions so that they have more incentive to work harder. People will not work as hard if they will not see all the fruits of their labor. Smith had the right idea with capitalism and free enterprise, but I do think that it is necessary to have regulation in an economy with the government overseeing that the economy does not totally become unfair to certain social classes in the economy.
These two stands are so important to understand today. Many countries are making the transition from a command economy to a market economy like Iran and China. People need to differentiate the ideas that each of the economies support so that they can know what to do in forming a new economy for their country. A market economy offers the progress that a command economy does not because it pushes people and businesses to make better goods and services for consumers through competition. In all, a market economy trumps a command economy and should be implemented in all countries.

Works Cited

"Whispering." : Adam Smith vs Karl Marx in Egypt. N.p., n.d. Web. 06 Feb. 2014.