How Did Adam Smith And Engels React To The Collapse Of Capitalism

Adam Smith, Karl Marx and Friedrich Engels were three of the most profound economic philosophers in history. They lived in the midst of a society that was incredibly capitalistic. In 1776 Scotland, Adam Smith published the book, The Wealth of Nations. It was his take on how the capitalist society was something that could flourish over time if it were to operate in a highly functioning manner. Merely 72 years later in 1848, Karl Marx and Friedrich Engels, both of German decent, published a pamphlet entitled The Communist Manifesto. They denied that capitalism could ever be good in society and insisted that it would ultimately collapse. Although Smith and Marx and Engels lived in different decades they were surrounded by similar capitalistic societies, but reached very dissimilar conclusions on how capitalism fit in everyday life.
He proposes that one man could make about one pin a day if he did the entire eighteen-part process himself. However, ten men who each took upon themselves one or two parts of the process could make upwards of forty-eight thousand pins in one day. Thus each person has created four thousand eight hundred pins in that same day. Clearly the breakdown of the pin-making process to various individuals creates a more effective route to manufacturing. Smith is fairly content with the idea of capitalism, he just wanted to make it work more efficiently. His use of the pin-making example is his way of explaining how the division of labor and the specialization of people within a factory or even a market produces a great improvement. The idea of division of labor is the main driving force for The Wealth of