Logistics And Supply Chain Management Essay - 1779 Words

Logistics Supply Chain Management YourFirstName YourLastName University title Abstract For any production and distribution to be successful, then it should be able to produce quality goods and products. It should also ensure that the goods get to the customer in good condition and on time among others. This is achieved through efficient and effective production and distribution logistics. Customer orders may face delays in delivery and therefore not meeting customer satisfaction, which could cause problems with customer retention. Analysis of data helps in coming up with the best actions that a manager or a CEO should take. This paper seeks to discover the factors that affect distribution in any given organization. SECTION I: INTRODUCTION Hymur Limited deals with the production of coolers that are used for outdoor picnics.That said, the production as well as distribution of these products are carried out in a facility situated on the East Coast. Due to low density products and high shipment rates, the company has challenges delivering and reaching the West Coast. Currently, the company ships products from the East Coast center of distribution and the East Coast facility to the West Coast and this is challenging. The company can adopt other alternatives such as giving a contract to another company to do the distribution to the West Coast on its behalf or establish a production and a distribution facility on the West Coast. Having multipleShow MoreRelatedLogistics And Supply Chain Management1033 Words   |  5 PagesLogistics and supply chain management is an important aspect of a firm’s strategy for the business to achieve success by creating value throughout the logistics and supply cha in. The research paper will outline the concepts that are involved in creating the logistics and supply management framework. The logistics and supply chain management strategies will drive success for the company towards fulfilling and supporting customer needs, procurement and manufacturing operations of the firm. This researchRead MoreLogistics and Supply Chain Management2341 Words   |  10 Pageshighly competitive situation in order to survive; Supply Chain Management (SCM) becoming the main topic for improving efficiency and satisfy customer’s need. The supply chain of a company consists of different departments, ranging from procurement of materials to customer service. Supply chain management means transforming a company’s â€Å"supply chain† into an optimally efficient, customer-satisfying process, where the effectively of the whole supply chain is more important than the effectiveness of eachRead MoreLogistics: Management and Supply Chain1566 Words   |  7 PagesMinor Logistics Operations Presentatie titel MIRBSLM114OP N.J. Osentoski-Monsma A. Nielsen-de Vries Lecturers Logistics Room D2.173 osenj@hr.nl / vriad@hr.nl Rotterdam, 00 januari 2007 6-1 Corporate strategy Business strategy Operations Strategy Mission Objectives (cost, quality, flexibility, delivery) Functional strategies in marketing, finance, engineering, human resources, and information systems Strategic Decisions (process, quality system, capacity, andRead MoreSupply Chain And Logistics Management1295 Words   |  6 PagesIntroduction What is supply chain and logistics? Supply chain management involves various activities from acquisition of raw material to distribution of final goods while logistics involves only transportation of goods. Supply chain plays integral role in business process without effective supply chain management an organization cannot meet its demands on time. So it plays crucial role in business activities. Following activities are involved in supply chain management 1. Procurement 2. ProductionRead MoreLogistics And Supply Chain Management1379 Words   |  6 Pagestechnology and the consulting firms that service them, they are scrambling to hire people with Supply Chain expertise, but these experts are hard to come by. Supply Chain Management has moved from a necessary evil to a core competency at companies across industries. I am applying for admission to the Master of Logistics and Supply Chain Management because I want a career in the Supply Chain Management. In particular, I am interested in factors that affect the competitive performance of a businessRead MoreSupply Chain Management And Logistics Essay1877 Words   |  8 PagesSupply Chain management and logistics are an extremely important functions of an organization. In this research paper, we will be discussing an aspect of supply chain and logistics that I am interested in, how both are related and different, key activities in supply chain and logistics, and the ethics and social responsibility in both supply chain and logistics management. Logistics is a vital component of supply chain management. Both involve the planning, carrying out and management of goodsRead MoreLogistics and Supply Chain Management1168 Words   |  5 PagesTopic: Do the terms, ‘logistics management’ and ‘supply chain management’ have the same meaning in operations and why logistics management might be of strategic importance to a manufacturing or service organisation. During last two decades, the importance of logistics has been noticed around the world. In global markets, the effects and further developments of logistics and supply chain management for corporate success has increased significantly that result in a large amount of companies haveRead MoreLogistics Management And Supply Chain Management1125 Words   |  5 Pages Aero Marine Logistics Tomer Dicturel California InterContinental University Aero Marine Logistics Introduction During last two decades, the importance of logistics has been noticed around the world. In global markets, the effects and further developments of logistics and supply chain management for corporate success has increased significantly that result in a large amount of companies have taken actual benefits in logistics, such as reducing costs, enhancing customers satisfactionRead MoreLogistics and Supply Chain Management1186 Words   |  5 PagesWhat logistics management? b. State the six rights in an effective logistics management system. Logistics is defined as process of planning, implementing, and controlling the efficient flow and storage of goods, services, and related information from point of origin to the point of consumption for the purpose conforming to customer requirement, which also includes the inbound, outbound, internal, and external movements and return of materials for environmental purposes. Logistics Management is theRead MoreLogistic and Supply Chain Management3353 Words   |  14 PagesRMIT INTERNATIONAL UNIVERSITY VIETNAM Introduction to Logistic and Supply Chain Management Individual Case Study NAME: Tran Thi Kim Mai ID Number: s3231137 LECTURE: JAMIE CALBETO-Group 10 Bachelor of Commerce Program ASSIGNMENT COVER PAGE Your assessment will not be accepted unless all fields below are completed Subject Code: OMGT2085 Subject Name: Introduction to Logistics Supply Chain Management Location where you study: RMIT Vietnam – SGS Title of Assignment:

President James Madison Essay - 1381 Words

President James Madison James Madison, (1751-1836), 4th President of the United States of America. Although he served eight years each as a member of the U.S. House of Representatives, as secretary of state, and as president, Madisons principal contribution to the founding of the United States was as Father of the Constitution. Madisons place among the Founding Fathers reveals the essential qualities of his public career. Jefferson had a superior vision of the potential for life under republican government, a greater capacity for leadership, and a special gift for the memorable phrase, but Madison had a more subtle and incisive political sense. Madisons ancestors, probably all from England, settled in Virginia along the†¦show more content†¦He also attacked Patrick Henry, who did not believe that the Constitution fully protected Virginia and its people, in dramatic and finally successful debate at the Virginia ratifying convention . Madison and Jefferson viewed republican government as resting on the virtues of the people, sustained by the self-reliance of an agricultural economy and the benefits of public education, with government itself remaining mild and responsive to grass-roots impulses. This attitude became the foundation of the Democratic-Republican Party, which was fundamentally at odds with Hamiltons concept of a strong central government. Madison and Jefferson then seized on widespread public sympathy for Frances expansive, revolutionary exploits to promote republican sentiment in the United States. Madison bitterly opposed Jays Treaty, feeling that it made the United States dependent on England and in fact tied America to the corrupt power-politics diplomacy of the Old World. With the final ratification of Jays Treaty, Madison felt that a commercial junta that cared very little for the republican character of the nation had gained control. The war-like attitude toward France of President John Adams, administration alarmed Madison. The XYZ AFFAIR brought the United States and France close to war. During the continiuous turmoil in the United States, theShow MoreRelatedJames Madison : The First President Of The United States991 Words   |  4 Pages James Madison was the smallest elected president of the United States; he measured 5 feet 4 inches and weighing less than 100 pounds. He was born on March 16, 1751 in Port Conway, Virginia. Madison Jr. was born in a family where tobacco planting was the main resource of income. His father James Madison Sr., owned a huge tobacco plantation with his mother Nelly Conway. Madison was the oldest of 10 children, and as a young kid he suffered from psychosomatic, epilepsy, and voice impairmentRead MoreThe War Of 1812 By President James Madison812 Words   |  4 Pages On June 1. 1812, President James Madison submitted a war message to the Senate and House of Representatives of the United States. This message Madison submitted describes how the British have been violating the American flag. It also in tells how the British violated neutrality rights in United States. The Americans also complained of dealing with British ships in American waters. The Americans were angry of the seizure of the American sailors to join the Royal Navy. Madison believed this warRead MoreJames Madison s View On The President864 Words   |  4 PagesJames Madison s view on the president, that he or she is the head of the branch most prone to engage in the dealings of war, has been substantially manifested in the degree to which the executive has taken war power from Congress. In Article I Section 8 of the Constitution, Congress is stated to have the power to â€Å"declare War,† to â€Å"raise and support Armies,† and to â€Å"provide and maintain a Navy. † By explicitly listing these powers to be reserved for Congress, the Framers exemplified their preferenceRead MoreThe First Five Presidents Of The United States Essay1596 Words   |  7 PagesThe first five presidents of the United States impacted the United States greatly and their names were George Washington, John Adams, Thomas Jefferson, James Madison, and James Monroe. The president I think that impacted the U.S the most was George Washington who was in office for eight years (1789-1797). George Washington who was the commander in chief and led the army in the Revolutionary War and gained freedom from Great Britain at that time there was thirteen colonies in the United States. InRead MoreJames Madison : The Oldest Of 12 Children1139 Words   |  5 PagesJames Madison, born in 1751 in Orange County, Virginia, was America’s fourth president, he served from 1809 - 1817. He wrote The Federalist Paper, with John Jay and Alexander Hamilton. Many people referred to hi m as The Father of The Constitution because of his many contributions to the ratification of the Constitution. James Madison was the oldest of 12 children. In 1762 he was sent to a boarding school. When he returned home, his father got him a private tutor because he was concerned about hisRead MoreThe Life Of James Madison Essay1418 Words   |  6 Pages The Life of James Madison Madison Williams Central High School November 9, 2015 3rd Period  Abstract In my paper I will state and explain the least known aspects of James Madison. James Madison contributed to some of the most simple and complex events that have not been recognized. For his job well done, I am willing to make those aspects known. The Life of James Madison James Madison, also known as â€Å"The Father on the Constitution†, contributed to quite a few intellectual eventsRead MoreThe Life and Accomplishments of James Madison995 Words   |  4 PagesJames Madison was born in Port Conway, Virginia on March 16th, 1751. Madison received an education at the college of New Jersey and graduated in 1771. He studied Latin, geography, and Philosophy. In 1774 he joined the local committee of safety which was a patriot group that monitored the actions of the local militia. Two years later Madison became a delegate in the Virginia convention and took part in the framing of the Virginia constitution. During the general election for delegates in the stateRead MoreThe Presidency of James Madison1497 Words   |  6 Pages President James Madison held the white house office from 1808-1816. During his tenure he had to deal with the ramifications of his policies from when he was Secretary of State under Thomas Jefferson and The War of 1812. These two major points are what shaped most of his presidential terms. It was his second term that helped with the postwar expansion of America and the split in the Democratic Party system. It was also during his second term that he helped America gain it’s economic independenceRead MoreGeorge Washington, John Adams, And Thomas Jefferson1322 Words   |  6 Pagesthis a list of US Presidents but it is also a list of three of the most well-known Founding Fathers. Yes, they have their reasons to be because each one of them have numerous achievements and have accomplished many things that others have not. But one Founding Father often over looked, and not just because he stands five feet four inches tall, is James Madison. With all due respect, James Madison has a ccomplishments that stand just as well against the test of time. James Madison to me is one of theRead MoreThe First Five Presidents Of The United States1233 Words   |  5 PagesThe first five presidents for the United States impacted the United States greatly and their names were George Washington, John Adams, Thomas Jefferson, James Madison, and James Monroe. The president I think that impacted the U.S the most was George Washington who was in office for eight years (1789-1797). George Washington who was the commander in chief and led the army in the Revolutionary War and gained freedom from Great Britain at that time there was thirteen colonies in the United States. In

Commonwealth Bank of Australia

Question: Write a report on "Commonwealth Bank of Australia". Answer: Introduction This report aims at describing how the auditing aspects affects Commonwealth Bank of Australia and the way they are related to the operations of this multinational organisation. However, not all the aspects are linked to the company and therefore only those which affect this particular company are discussed. The aspects discussed in this case are: The role of audit committee, ethics, the role of internal and external controls, the audit expectation gap, auditing planning and finally audit evidence (Fischer, 2010). Commonwealth Bank of Australia This a bank that offers services entailing finance matter for instance insurance and revenue management among others. This bank is multinational and has subsidiaries all over Europe and Asia specifically UK, Fiji, Newzealand. It is also believed to have a branch in US. In the securities exchange market of Australia it is the biggest company in that list by the year 2015.The headquarters are in the Martin Palace in Australia specifically Sydney city. Not forgetting the several brands that the company boosts of such as Commonwealth Insurance Company, Bank west just to name but a few. The Role of Audit Committee The audit board (the committee) has an indispensable function in structure and supporting efficient and dependable organization. Responsiveness exercised by the board has an consequence on lucidity, not only for how funds are managed, but also in relative to the information regarding the performance and endorsement of an situation conducive to moral values surroundings and these, in turn, related to the obligation and institutional goal (Ellwood Newberry, 2007). The responsibility of the board may vary from one institute to another, depending on their authorized, monetary, and public environment;oversee the truthfulness of the information controlled in the fiscal statements. keep an eye on the efficiency of interior accounting control structure. evaluate the extent and efficiency of the system recognized by administration to recognize, assess, and scrutinize fiscal and commerce risks. The board assumes this accountability, as there is a risk board. analysis efficiency and competence of interior audit. recommend the selection of exterior auditor and review the autonomy, impartiality and efficiency (Hatherly, 2001). The audit board is a component of public accountability aspect and the authority. The function of the board is to maintain the duty of leading body complies with fiduciary as well as legal obligation, mainly with regard to the reliability of fiscal reporting, interior control structure along with fair setting. Among the tasks of these committee, comprise: the sanction of the capacity of the audit and its efficiency keep an eye on the monetary statement in addition to interior control advocate authorization of the fiscal statements carry out exceptional investigation for principal body Ethics The audit work must be planned and implemented and in case there are assistants should be monitored satisfactorily. The audit work requires proper planning methods and procedures to be applied as well as the working papers that will serve as the basis for the conclusions of the review. It is not possible, nor would it be desirable, that the auditor does all the work personally. There are routine tasks that do not require the auditor's professional capacity and can be performed by assistants; for example, cash count, checking mathematical operations, etc. However, this delegation of tasks to assistants does not relieve the auditor of the personal responsibility of all the work (Improving Public Service, 2008). The auditor shall examine, check, and make the system of internal control in the company to meet two fundamental aspects: The trust that deserves it as a means of generating reliable information. Determine the scope, nature, and timing of the different audit procedures. The Audit Expectation Gap The conditions of the company I terms of the way they operate, how to internally handle cases, measures have to control of the accuracy of operations and their pass books and financial statements are the particular circumstances of each company that modify the nature audit tests. The extent and timing with which these tests can be performed. Hence, it is necessary that the auditor, to perform satisfactorily, ought to take into considerations these specifics of the business whose monetary statements are probing. It is as a result crucial for the auditor to study and appraise the interior control of the corporation whose fiscal statements analysed. This study targets to get out how that interior control is not only in the organization strategy, but in the authentic implementation of day by day operation (Pandey, 2005).The audit work required to obtain, by applying audit procedures, elements of good and sufficient, in both quantity and quality, allowing obtaining an objective opinion on the financial statements trial. The evidence to form an opinion should be objective and true, they must be based on the nature of the facts examined, having reached the knowledge of them with reasonable assurance; the final judgment on the audit work is whether i t has provided the auditor sufficient material to support their professional opinion. The material or evidence to which we refer are called evidential, and should be sufficient in quantity and quality.The role of internal and external review The interior control comprise the preparation of business and all synchronized method and procedures taken in company to guard your asset, confirm the accurateness as well as dependability of its office data, endorse operational competence furthermore support observance to policy structured by the administration (Bijkerk, Karamychev, Swank, n.d.). An interior control structure extend past matter openly connected to the function of office and fiscal department. Accounting controls have as core goals to offer organization of the business guarantee that the office information is honest and trustworthy (Pandey, 2005). These controls include systems authorizations and approvals of transactions, segregation of duties in different departments, physi cal controls on assets, internal audit, accounting policy manuals and procedures, etc. Audit planning Plan is the primary stage of the audit procedure in addition it will depend on the competence and efficiency of the accomplishment of the goals, by means of firmly putting up obligatory funds. Planning ought to be cautious, imaginative, constructive, and real, you must reflect on alternative and go for the mainly suitable method to execute the responsibilities, so this action ought to rest with the more skilled members of the assembly (Sin, Moroney, Strydom, 2015). Planning an audit begins with obtaining information necessary to define the strategy to employ and culminates with the detailed definition of the tasks in the implementation phase. Planning objective. The main objective of planning is to determine appropriate and reasonable audit procedures that apply to apply, how and when executed, so that the activity is met efficiently and effectively. Planning is a dynamic process, but starts at the beginning of the audit work can be modified during the execution of the same. Plan ning phases: Planning each audit it is divided into two phases, called preliminary planning and specific planning (Tewarie, 2011). Audit evidence the audit examination requires the auditor to obtain the necessary evidence to enable it to ensure that transactions, accounting records and balances of the fiscal statement are factual as well as precise. The facts required by auditors to consider valid and substantive examination is obtained through a series of tests that professional jargon has called substantive. The proof is adequate in magnitude from the outcome of a solitary experiment or else by the consensus of numerous auditors. The assessor may obtain the ethical assurance that the details are trying to provide evidence or else the criterion for amendment is judged to be productively tested. The degree of safety that can assert facts and things with full confidence that it is not making a bold statement, even if not absolutely certain of them have. This level of security is called moral certainty. The certainty that the assessor ought to guarantee that they are capable to give their expert judgment in an honest and clear conduct moreover gratifying the duty of his line of work ("The ASQ auditing handbook: principles, implementation, and use", 2006). The quality of evidence depends on the circumstances in which it is obtained. The evidence obtained from sources outside the company provides superior to that obtained within the company confidence. The evidence comes from a reliable internal control system is greater than that resulting from poor control system. Personal knowledge that the auditor obtains directly through physical examinations, inspections, calculations, etc., is more persuasive than information obtained indirectly. In carrying out the work, the auditor should always be guided by the criteria of materiality and risk likely. The auditor should focus its examination according to the importance of different items. Moreover, the auditor should perform procedures according to the relative risk of error runs in each of the groups under consideration. The comprehensive understanding of all the problems of the company and the environment and circumstances in which it operates will enable you to interpret facts and draw con clusions more logically and convincingly (Turnbull, n.d.). It is intended that the auditor develop its audit from a managerial point of view, knowing the business as if it were a manager and reaching conclusions, saving the differences, the management bodies of the company would get. The audit understood as a routine practice that tries to verify whether the transactions recorded in the accounting records are backed by documents is doubtful that he ever had effective results. The documents are simply a means of transmitting information where what matters, for audit purposes, is not the documents as such but the analysis and study of the underlying reality in them. To achieve this general knowledge of the company and its economic environment the auditor has multiple possibilities: conversations with company executives, meetings with business associations, reading of general and specialized economic journals, attending meetings, conferences and any other source of reliable informati on of credit (Wan Hua, Georgakopoulos, Sotiropoulos, Galanou, 2010). Conclusion In conclusion, the arrangement of business, methods and procedures associated to operational effectiveness are some of the management policies. This principle may be difficult to implement, since it is not always possible to estimate the benefits that provide control in the future. All internal and external control, no matter how good and effective it is, has a number of limitations that are inherent in the system. In the operation of most control, procedures exist possibilities of error resulting from lack of understanding of the instructions, misjudgments, personal carelessness, fatigue, etc. References Bijkerk, S., Karamychev, V., Swank, O. Aggressive Reporting and Probabilistic Auditing in a Principles-Based Environment. SSRN Electronic Journal. Ellwood, S. Newberry, S. (2007). Public sector accrual accounting: institutionalising neo liberal principles?. Fischer, F. (2010). The Application of the Controllability Principle and Managers' Responses. Wiesbaden: Gabler Verlag / GWV Fachverlage, Wiesbaden. Hatherly, D. (2001). Principles of Auditing: An International Perspective. The International Journal Of Accounting, 36(2), 259-261. Macve, R. Chen, X. (2010). The equator principles: a success for voluntary codes?. Accounting, Auditing Accountability Journal, 23(7), 890-919. Pandey, A. (2005). Auditing: Principles and Techniques by S. K. Basu(Pearson Education, New Delhi, 2005). Paradigm, 9(2), 97-97. Sin, F., Moroney, R., Strydom, M. (2015). Principles-Based versus Rules-Based Auditing Standards: The Effect of the Transition from AS2 to AS5. International Journal Of Auditing, 19(3), 282-294. Tewarie, W. (2011). A structured approach to IT auditing. Amsterdam, The Netherlands: VU University Press. The ASQ auditing handbook: principles, implementation, and use. (2006). Choice Reviews Online, 43(09), 43-5363-43-5363. Turnbull, S. How US and UK Auditing Practices Became Muddled to Muddle Corporate Governance Principles. SSRN Electronic Journal. Wan Hua, L., Georgakopoulos, G., Sotiropoulos, I., Galanou, E. (2010). Main Principles and Practices of Auditing Independence in China: A Multifaceted Discussion.

Adam Smith And Karl Marx Contrasting Views Of Capitalism free essay sample

Karl Marx presented his philosophical and sociological critique of capitalism where the effects of the market varied or are distinct from man’s economic well being. Capitalism according to him brought about alienation where workers became degraded or dehumanized. Marx’s view on alienation was based on or oriented on work and sociological aspects. Assumptions made were that workers dignity would only be maintained if autonomy, responsibility and self-fulfilment were allowed in the work place. Alienation brings about powerlessness, isolation as well as self-estrangement. Powerlessness arises, as there is a distinct separation from ownership and the means of production. People or labourers are not in a position to influence managerial policies and they cannot control the conditions of employment or their immediate work process. To Marx, capitalism brought about the development of division of labour and specialization where people tend to advance on areas they are best suited in. The industrial capitalism workers are completely separated from the means of production. (rationalargumentator.com). The workers also became like a tool, a commodity or a machine whose main duty is to produce. They can also be hired or fired at will. Marx coined the word command to describe the market where the wages were determined by the forces of the market. In becoming alienated the capitalist becomes isolated not only from himself but from the world including his fellows and nature. Self-entanglement means that workers are alienated from their ‘inner self’ and they are dehumanized.   To Marx, capitalism is bad because it brings about exploitation of the poor by the risk. It is geared at benefiting the rich while exploiting the poor. According to Marx in production men not only act on nature but on one another. They produce only by co-operating in a certain way and mutually exchange their activities. In order to produce, they enter into definite connections and relations with one another and ‘only within these social connections and relations does their action on nature takes place’. According to Marx, the production process comes about from the desire to meet the needs of people in society. In capitalism workers were also overworked. Work alienated people from the society, the human race as well as the product that they produced. Poor wages were offered to workers and it was just sufficient to keep them alive. The employers were only interested in gains regardless of the pain it caused to the workers. Since the poor lacked a choice they had to put up with the stressful conditions to survive. The resultant effect of capitalistic exploitation was an early death. (Skousen M, 2007). The division of labour made human beings to become machine like structures especially as it advanced. It became like a commodity that could only be sold in the market. To Marx, elimination of capitalism was necessary so that people would live freely, away from exploitation, isolation and alienation. Capitalism hinders self-determination, which is an important aspect for human beings. It also controls people both at the work place as well as their economic life. Marx advocates for a society that has economic democracy in addition to political and social democracy. If people were to have control of their workplace they would be more effective as real liberty is experienced. They should not be treated as ‘domesticated animals’ or machines but should be left to guide their own direction. To him, workers should be left to own and control their work places from which they earn a living and spend most of their time. (rationalargumentator.com). Marx suggests that workers would be more effective especially if they were left to control their workplace. They, like artists could devote more of their time and under adverse conditions if they were given full control. To Marx, workers should be empowered and provided for basic needs by their employees like food shelter and clothing. (rationalargumentator.com). Marx favours a communist society to replace the capitalist society. The wealthy class is the bourgeoisie and the proletariat are the poor. The wealthy or the ruling class control the means of production and consequently the economy. Marx advocated for a revolution of the proletariat so as to remove the bourgeoisie. Capitalism brings about class-consciousness, which is unfair as it brings about inequalities. There is evidence struggle between the classes as the bourgeoisie strive to maximize and retain profits; the proletariat strive to earn decent wages and fair treatment. Marx supports government involvement that would result to central planning geared to solve the current problems. (www.kelsoinstitute.com) He coined the idea of ‘surplus value’ to explain the gap between the value that a worker produces to the wages he or she gets in return where there were signs of exploitation. To him, capitalism is subject to fail and was headed for doom from its first inception due to competition involved, lack of centralized planning, control by the rich and it was subject to create social problems due to the great gaps between the rich and the poor.   Smith on the other hand provides positive outcomes of capitalism. To him, the free market economy provides a means for mutual gain and that the division of labour. It improves productivity and is hence beneficial to the whole society and does not destabilize it. Smith suggests that there is an invisible hand that controls the market and this refers to the forces of demand and supply. The ‘invisible hand’ guides people in their decision-making and as a result individual decisions can affect the while economy. He opposes Marx’s idea that ‘capitalism breaks down human spirits potential and forces him to always think of work. It becomes like a monster or â€Å"universal whore† â€Å"Every individual necessarily labours to render annual revenue of society as great as he can he †¦. Neither intends to promote public interests, nor knows how much he is promoting it. He intends only his own gain and he is in this as in many other cases, led by an invisible hand to promote an end, which was no part of his intention. By pursuing his own interests he frequently promotes that of the society more effectually than when he really intends to promote it’’. (rationalargumentator.com). Smith views capitalism as a system where individuals have the right to own property and have the free will to do whatever they please with it. Private property ownership, desire to earn spend and act productively control how the natural markets function in a free economy. (Gianaris N, 1996). Competition affects the pricing of goods and services in the market. It is essential as it ensures that the prices offered are fair and only the most efficient producers survive in the market. While Marx sees inequalities in terms of benefits gained in capitalism, Smith argues that capitalism benefits all in the society regardless of their status in the society. All people, according to Smith can create, own or earn their living. Smith’s views are of a moral society where he hopes that capitalists will be guided by virtues and selfish or greedy motives would be countered. Smith does not see the importance of a revolution as supported by Marx. Peace would be maintained as all people enjoy the benefits of a capitalistic market. (Skousen M, 2007). Marx wrote his ideas of a capitalist system as during his time it was operational and he could point out the shortcomings, Smith on the other hand expressed his views when a mercantilist society was in existence. To him, capitalism opened grounds where people had the will to make choices that best suited them. Marx experienced the evils of capitalism and he was convinced that it was the root of all evils in the society. (Skousen M, 2007). Marx’s views on capitalism are criticized on the basis that he presented an argument where one was bound to retain his or her status quo in society. His views were also based on the current situations and he did not foresee the end of the terrible working conditions. (Gianaris N, 1996). This is however not the case as one can move up or down the social ladder status is therefore not inherent. Capitalism is free and people can own properly or run business, which can see them rise through the ranks as long as the freedom causes no harm to others. Capitalism would be beneficial to all in the society. Smith does not see the need for government involvement in the market operations because that would be checked by ‘invisible hand’. To him individualism, freedom of enterprises and competition contributed to the increase in the wealth of nations. To smith competitive markets are best in planning for resource allocation and development. Governments should not interfere with the market directly but they can help business to thrive by protecting societies from invasion or violence, injustice or oppressions, and they can erect public utilities that can be run by individuals or companies. In capitalistic societies individuals would produce as par their talents or competitive advantages and they would acquire that which they can’t produce from those who can. To smith, a more equitable distribution of income would be necessary if progress and development was to be achieved in the capitalistic system. ‘No society can surely be flourishing and happy of which the far greater part of the members are poor and miserable’ Competition is a basic natural and structuring principle of the market. Tampering with the market mechanism should be avoided as much as possible or be limited as much as possible. To Smith, man is not a work machine â€Å"it is the interest of every man to live as much at his ease as he can†. Capitalism also produces individuals who work for the benefit of the society at large for instance those based on arts, spiritual and non-material or non-greedy initiatives. Surplus of wealth also goes to programs that are not necessarily materialistic in nature for instance charities and assistance to help the needy. (Almond G, 2002). Smith does not view consumers as undignified unnatural or alienated like Marx does. According to him, division of labour in capitalistic systems occurs naturally from the human need or purpose to trade. People of different classes can trade in the capitalistic systems linked to specified classes in the society. To smith, labour is a measure of value but it is not as the exclusive source of it as Marx suggests. He also does not agree with Marx’s idea that workers were powerless and faced inevitable exploitation through poor pays. (Almond G, 2002). To him, if national income and division of labour were increased wages would not be a cause of alarm or dissatisfaction to workers. Smith did not show that workers in capitalistic systems were isolated as Marx thought. References: The Contrast between the Views of Karl Marx and Adam Smith L. T. A Journal for Western Man. Issue LVI- May 2, 2006. Retrieved on 7th March 2008 from http://rationalargumentator.com/Smith_Marx.html Nicholas Gianaris.1996. Modern Capitalism: Privatization, Employee Ownership, and Industrial Democracy. Group Management. Greenwood Publishing. P 22-25 Gabriel Almond. 2002. Ventures in Political Science: Narratives and Reflections. Lynne Rienner Publishers. P 139 Mark Skousen 2007. The Big Three in Economics: Adam Smith, Karl Marx, And John Maynard Keynes. M.E. Sharpe. Louis Kelso. Karl Marx: The Almost Capitalist. Retrieved on 7th March 2008 from http://www.kelsoinstitute.com/pdf/karlmarx_almostcapitalist.pdf