Planned economy to ensure Long Term Stability of Canada
Economists have often debated the strengths and weaknesses of different economic theories or plans. Two economists that proposed two entirely different economic theories to be integrated into society were, Adam Smith and Karl Marx. Adam Smith born in Kirkcaldy, Scotland, on 1723 was an economist from Scotland who believed that an economy can grow without the interference of government role by individuals driven to expand their wealth by the incentive of financial power and reward. However, Karl Marx, a social economist born on May 1818, in Germany had a differing theory. He believed in equality and that with capitalism came a separation of classes within a society, in which the lower class of a society were exploited by higher class workers. Thus, the lower class were unable to acquire financial needs or requirements for their own survival in life. For this reason, he suggested that government should be the main dominance in a country, to dictate how much wealth individuals can acquire, in a way which every individual could equally be financially stable to provide for their own needs and survival. Both economists suggest theories that a society should or could implement, but with both economic theories comes their own set of advantages that a society could benefit from and disadvantages that could lead to society to collapse. In my opinion, I feel that for Canada to economically stable, they should follow the planned economic system suggested by Karl Marx. This I believe, because everyone within a society is given equal opportunities and wages to provide for themselves and their families since the government works on the termination of unemployment. In this way, workers get the money they deserve for their efforts in a production process without being exploited.
Adam Smith had 3 basic theories that he