How do Robert Owen and Adam smith differ?

Answer 1

Robert Owen and Adam Smith differ primarily in their views on capitalism and social welfare. Adam Smith, often considered the father of modern economics, advocated for free markets and the idea that self-interest drives economic growth, emphasizing minimal government intervention. In contrast, Robert Owen, a social reformer, focused on the importance of improving working conditions and promoting cooperative communities, believing that a more equitable society could lead to greater productivity and social harmony. While Smith championed individualism and competition, Owen emphasized collectivism and social responsibility.