Marx was born 30 years after Smith died, and rose in response to serfdom, (corrupt mionorchs), where the only two classes were aristocracy and serfs, basically. One thing that's not commonly remembered, today, and something that I think is important to know, is that Marx was a fan of Adam Smith. Smith offered a very balanced, reasoned and equitable alternative to serfdom. it's the only example of Marx's opinions I can back btw.
Marx was himself an idiot Or call it intellegent idiot or knowledgeable idiot But his theory is very static Smith understood entrepreneurship well and importance of capital too. A man from 18th century and it's a big deal. He understood consumer sovereignty Marx ignored consumers and kept his workers propaganda alive. His surplus value and Economic development theory is very static and ignores entrepreneurship and consumer sovereignty. Marx solution to problem was even more stupid with an collective approach that has led to many destruction
I think people dont read Adam Smith so everyone misinterpret invisible hand😁 Then we have issue with monopolies? Who will stop merchants conspiring together, bribing government? Actually lobbying is allowed in usa. How division of labour/dumbing down of workforce for the sake of productivity..😏
I'm pretty sure that Smith used the term 'invisible hand' once in Wealth of Nations. The fact that neoliberals have made it central to their interpretation of Smith's work says far more about modern capitalism than Smith's work.
