Finance: Marx (fair Income Distribution)

12 Pages 2880 Words

In a quest for developing the ideal society, economists like Karl Marks and Adam Smith have developed extremist’s economic models that propose the recipe for structure, balance and social welfare. In modern society, the amount of wealth possessed dictates a person’s social class, position, and influence ability within culture. The problem with wealth being such an important factor of an individual’s role is that in numerous cases the way that a person inherits such wealth is not justifiable. Fact is that all around the world, society faces the challenge of income being unevenly distributed. No matter what economic model is establish with in a nation, it seems that while rich get richer the poor get poorer. The goal of many has been to achieve fair income distribution in order to create a stable and content society yet the idea is only feasible as an idea because in real life it seems that such utopic models do not succeed.
Karl Marx is one of the most controversial economists in history. His writings are studied and debated all over the world. He is considered the founder of communism and such association has caused incredible bias against him. Marx’s association to communism was established due to the fact that numerous socialist dictators, such as Russian revolutionary Vladimir Lenin, studied Marx passionately; however it is erroneous to assume that Marx was a proponent of communism.
Marx first introduced the term capitalism in the mid- 19th century yet became one of the model’s toughest critics. Capitalism proposed an economic model in which private individuals and business firms carried on the production and exchange of goods and services through a complex network of prices and markets. He studied capitalism extensively and much of his writings focus on the problems with capitalism and specifically on the exploitation of the worker. Marx spent a great deal of time analyzing the conversion of the feudal society to a cap...