Contrasting Views on Accumulation

Karl Marx critiques the notion of primitive accumulation as presented by Adam Smith, asserting that it fails to acknowledge the violent and coercive processes involved in the formation of capitalism. While Adam Smith suggests that the capitalist mode of production emerged from a peaceful and steady process of wealth accumulation, Marx counters that this perspective glosses over colonialism and dispossession. For Marx, the capitalist economy fundamentally relies on the exploitation of labor, which is built on a foundation of violence and theft. Therefore, he challenges the idyllic narrative of gradual wealth accumulation, portraying it instead as a result of systemic and historical injustices.