“Karl Marx and Adam Smith both subscribed to this view. They both saw successful growth as dependent on the development of efficient property rights. Their followers appear in the main to have forgotten this.”

— Douglass C. North

Source: The rise of the western world, 1973, p. 157

Adopted from Wikiquote. Last update Oct. 2, 2023. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Karl Marx and Adam Smith both subscribed to this view. They both saw successful growth as dependent on the development …" by Douglass C. North?

Douglass C. North photo

Douglass C. North 18

American Economist 1920–2015

Related quotes

“The technological concepts of Technocracy are completely beyond any of the political and social philosophies, from Adam Smith, Ricardo, Proudhon, Bakunin, Karl Marx, Lenin and various other promulgators of rightist and leftist political philosophies.”

Howard Scott (1890–1970) American engineer

Source: History and Purpose of Technocracy, 1965, p. 23

“It is not for nothing that Skaldin in one part of his book quotes Adam Smith: we have seen that both his views and the character of his arguments in many respects repeat the theses of that great ideologist of the progressive bourgeoisie.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Lenin᾿s Collected Works, Vol. 2, pp. 491–534
Collected Works

“Both security and development ultimately depend on respect for human rights and the rule of law.”

Kofi Annan (1938–2018) 7th Secretary-General of the United Nations

Truman Library address (2006)
Context: Both security and development ultimately depend on respect for human rights and the rule of law.
— Although increasingly interdependent, our world continues to be divided — not only by economic differences, but also by religion and culture. That is not in itself a problem. Throughout history, human life has been enriched by diversity, and different communities have learnt from each other. But, if our different communities are to live together in peace we must stress also what unites us: our common humanity, and our shared belief that human dignity and rights should be protected by law.

“Now, everything Marx did was intentionally anti-Christian. If the Bible is for it, he's against it. See, the Bible makes private property a real serious issue. Ownership of private property is critical. You can't have freedom without property rights. What good does it do to say that you have all kinds of freedom if there's no place to exercise your freedom? […] You could not possibly lose your property permanently in the Biblical system. Since every man has his own vine and his own fig tree, drink waters out of your own cistern, waters out of your own well. Private property is essential. […] Karl Marx developed the idea of a graduated income tax. The more you make, the more they take. That's Karl Marx's idea. He's said, "You need to abolish rights of inheritance." The Bible says a good man leaveth an inheritance to his children's children. Karl Marx was against that. Confiscate property rights. Evolution is a foundation of Communist philosophy behind the money powers. Karl Marx said, "We need a central bank." This was a Communist idea. The banking system we're using today in America, the Federal Reserve, is a direct result of Karl Marx's thinking. There is nothing Federal about it. It's private bankers that run our currency. The Bible says, "The love of money is the root of all evil". All evil.”

Kent Hovind (1953) American young Earth creationist

Creation seminars (2003-2005), The dangers of evolution

“I disagree with the followers of Marx and those of Adam Smith: the reason free markets work is because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or "incentives" for skill.”

Nassim Nicholas Taleb (1960) Lebanese-American essayist, scholar, statistician, former trader and risk analyst

Source: The Black Swan: The Impact of the Highly Improbable (2007), p. xxi

“Hope will come with the return of the language of class conflict and rebellion, language that has been purged from the lexicon of the liberal class. This does not mean we have to agree with Karl Marx, who advocated violence and whose worship of the state as a utopian mechanism led to another form of working class enslavement, but we have to learn again to speak in the vocabulary Marx employed. We have to grasp, as Marx and Adam Smith did, that corporations are not concerned with the common good.”

Chris Hedges (1956) American journalist

Source: The Death of the Liberal Class (2010), p. 17

“If the existence of bullshit jobs seems to defy the logic of capitalism, one possible reason for their proliferation might be that the existing system isn’t capitalism—or at least, isn’t any sort of capitalism that would be recognizable from the works of Adam Smith, Karl Marx, or, for that matter, Ludwig von Mises or Milton Friedman.”

David Graeber book Bullshit Jobs

Bullshit Jobs: A Theory (2018)

“Karl Marx was right, socialism works, it is just that he had the wrong species”

Edward O. Wilson book The Ants

Source: The Ants

“Adam Smith, and other able writers to whom I have alluded, not having viewed correctly the principles of rent, have, it appears to me, overlooked many important truths, which can only be discovered after the subject of rent is thoroughly understood.”

David Ricardo (1772–1823) British political economist, broker and politician

Original Preface, p. 1
The Principles of Political Economy and Taxation (1821) (Third Edition)

“Economic theory, since the time of the Physiocrats, has endeavored to get rid of the human will and to explain economic phenomena in terms of physical and hedonic forces. The human will had been the main reliance of the Mercantilists and of the economic theory of the Church fathers. But the will was arbitrary, capricious and contrary to natural laws. There were two stages of these physical theories which attempted to get away from the will:-the natural rights arld physical equilibrium stage of foreordained evolution of Quesnay, Adam Smith and Karl Marx, and the natural selection stage of blind evolution that followed Darwin, whose distinguished exponent in economics is Veblen. The theorists of each stage attempted to get rid of the human will and to explain economic phenomena as the working out of natural forces, either foreordained or blind. It was a concept of society as the natural growth of a mechanistic equilibrium.”

John R. Commons (1862–1945) United States institutional economist and labor historian

Source: Legal foundations of capitalism. 1924, p. 376

Related topics