Question

Write a letter as if you are Adam Smith to Karl Marx, or Karl Marx to Adam Smith. Explain your ideas on economics (capitalism vs. socialism) and why they are better. Your response should be in a letter format, including a greeting, body, and farewell. It must contain at least one paragraph.
Can I get help writing this letter?

Answer 1

Answer:

I am Adam Smith

Explanation:

Dear Karl Marx

I write to you to explain, respectfully, why your economic theories are wrong.

First of all, capitalism is not doomed to fail as you say. Capitalism is the best economic system we have developed so far. Capitalism allows the free movement of goods and services, and the accumulation of capital, which leads to economic growth, and the subsequent rise in the standards of living. You yourself recognize this fact.

Secondly, capitalism is not fundamentally unfair. It is true that entrepreneurs tend to earn more than workers, but this is because they risk more than them: they risk their capital and savings, and if the business fails, they could find themselves ruined and in debt.

Finally, I do understand that there are flaws with the system, and I support intelligent intervention to solve these flaws. But it is not socialism nor communism what will solve those flaws.

Sincelery, Adam Smith.