Questions: Communism - Karl Marx - Adam Smith -

Certainly! Let's define each of the terms mentioned:

1. Communism:

   • Definition: Communism is a political and economic ideology that aims for a classless society in which all property and resources are communally owned, rather than by individuals. The state, in theory, would wither away as a result of the establishment of a classless society.
   • Key Features: It advocates for the abolition of private property, the means of production being owned and controlled by the community as a whole, and the distribution of goods and services based on need.
   • Historical Context: The concept of communism has been most notably associated with the works of Karl Marx and Friedrich Engels, particularly in "The Communist Manifesto" (1848). It was later implemented in various forms in countries such as the Soviet Union, China, and Cuba.

2. Karl Marx:

   • Definition: Karl Marx (1818–1883) was a German philosopher, economist, historian, sociologist, political theorist, journalist, and socialist revolutionary. He is best known for his theories about capitalism and communism.
   • Key Contributions: Marx's most influential works include "The Communist Manifesto" (co-authored with Friedrich Engels) and "Das Kapital." His theories on the class struggle, the labor theory of value, and the critique of political economy have had a profound impact on the development of socialist and communist movements worldwide.
   • Legacy: Marx's ideas laid the foundation for the development of Marxism, a socio-political and economic theory that has influenced various political movements and governments.

3. Adam Smith:

   • Definition: Adam Smith (1723–1790) was a Scottish economist and philosopher, widely regarded as the father of modern economics. He is best known for his work "The Wealth of Nations" (1776).
   • Key Contributions: Smith introduced the concept of the "invisible hand," which describes the self-regulating nature of the marketplace. He advocated for free markets, competition, and the division of labor as means to increase productivity and wealth.
   • Legacy: Smith's ideas laid the groundwork for classical economics and have significantly influenced economic thought and policy, particularly in the context of capitalism and free-market economies.

These definitions provide a foundational understanding of each term and their significance in historical and theoretical contexts.