Curto 1Katelyn CurtoProfessor FrangosCH 40026 February 2014An Inquiry into the Wealth of Nations and the Communist Manifesto: A ComparisonWhile Adam Smith's Inquiry into the Wealth of Nations was considered the " "bible" of modern capitalists", the Communist Manifesto by Karl Marx and Freidrich Engels was seen as a doctrine for communism. Both writings were the first to bring important economic ideas to light and are still considered extremely influential works. First published in 1776, The Wealth of Nations was Adam Smith's magnum opus. In the novel he studies the economics of what builds a nation's wealth and the benefits of capitalism. Explain that supply and demand are based on the production of labor relative to the number of consumers. In manufacturing, Smith explains, division of labor is the most practical approach to producing products, which has led to specialization of skills and thus trade. Although it is clear that people are born with certain distinctive skills and talents that can then be cultivated, Smith believes that the difference between people depends on habits, customs and education. Although mercantilism is the idea that a nation's wealth is measured and guaranteed by the amount of gold and silver that its government balances favorably in trade, it is Smith's opinion that no regulation of trade can effectively raise the quality of industry beyond what his capital can do. maintain. Each individual, in his or her economic pursuit in light of his or her own self-interest, can better dictate the economy for the common good. In this laissez faire system characterized by extremely limited government interaction, there are select cases where encouraging domestic industry would be best for the benefit of society, such as ind...... middle of paper . .....and differently significant works of theological importance to economics reflect their respective times. An Inquiry into the Wealth of Nations was written at the beginning of Curto 3 of the Industrial Revolution and reflected the idea of ​​the absence of governmental impact which Smith believed would best promote the promotion of self-interest and the encouragement of better quality of life. 'industry. The specialization that provides so many people with a specific place in the industrial society seen by Smith is considered fruitless after technology takes over production, as Marx and Engels explain in The Communist Manifesto. The self-interest of society has led to the strictly monetary consideration of relationships and the self, which is unproductive and beneficial only to the bourgeoisie. Although both works largely cover the same central ideas, these writings offer an antithesis to economic thought.