Liselotte Watkins: Marx and Smith

Karl Marx (1818–1883) and Adam Smith (1723–1790) remain two of the most influential thinkers in the history of economic thought. Marx’s critique of capitalism and Smith’s analysis of markets continue to shape discussions about economics, business, society, and ethics.

The urns invite reflection on the ideas and debates that continue to influence contemporary understandings of economic systems and their role in society.

Donation by Michael Storåkers.

Photos: Mikael Olsson

Reflection

Few individuals have shaped our understanding of capitalism as profoundly as Adam Smith and Karl Marx. Many of the ideas explored at business schools today can be traced, directly or indirectly, to their work.

Encountering these urns at the entrance to the Stockholm School of Economics serves as a reminder of the intellectual traditions that continue to inform economic thinking. Both Smith and Marx sought to understand how societies organize production, exchange, and prosperity, although they arrived at very different conclusions.

While Marx criticized capitalism and advocated alternative social arrangements, he also recognized its extraordinary capacity to generate wealth. Smith, often associated with free markets, was equally attentive to the limitations and shortcomings of economic systems.

The urns encourage reflection on the complexity of their ideas and on the importance of approaching economic questions from multiple perspectives. They stand as reminders of the intellectual foundations that continue to shape both business education and public debate.

Text by Klas A. M. Eriksson, PhD in Economic History and researcher at the Stockholm School of Economics.