Growing globalization prominence, increase in productivity, importance of capitalism and free trade are pervading throughout the societies. It can be contended that there is an increase in competitiveness in the economies. There are a number of positive attributes and negative aspects that are formed owing to these ideologies in the society. Marxist ideology seems to address some of the key issues in competitive spirit. This theory of supply and demand seems to control the market economies. There is also growing unemployment, financial uncertainties and crashing of the markets, poverty that has been seen in the societies. These are repercussions that were predicted in the Marxist economic ideals. Even the Marxist ideals seem to bring a halt in productivity. People in the societies are often in a conundrum as to which ideal they should choose.
Unlike classical economies, more intricate variables are considered in the case of Marxism and in Neo classical economies. The importance of the individual and their impacts in the society has been factored in these newer theories. Classical theories operate on the platform of supply and demand. Basic similarities of these two theories are that they both state that individual acts are influenced in the pricing process. Smith and Marx allude that self-interest leads to more production the society. The interpretation of self-interest, however, is different between these two theories. They both state that the individual needs lead to more production and the individuals in the society are the driving force that causes increases in production.
Both these theories factor in the notions of class in the societies. The treatment of the classes in the society is the differing variable between these two theories.
Neo classical economy gives importance to production and individual growth. It considers production essential for its sustenance. It celebrates production. There are many levels of growth and increase in production that has been developed owing to these economic policies. Principles of marginal utility are used in this theory. Theory of supply and demand is the most important facet. Importance is given to individualism and the issue of the labor is not factored in this economic theory. On the other hand Marxism factors in the labor theory of value and contends that the pricing of the product should be based on the labor utilized for the production. In the current times, there is increase in competition owing to the globalization and free trade principles. In this notion the factor of competitiveness was probed in this analysis. It was analyzed if this level of competition was desirable using these economic theories. It was concluded that certain gaps in each theory has been addressed in the other theory. Each proponent has their own set of values regarding the same. In this situation, the notion of truth and the representation of truth and rationalist viewpoint of each theory cannot be dismissed. There is a need for a new system that addresses the situation from a holistic angle. In retrospection the competitive aspect needs to be fostered while considering other variables such as labor.
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