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This online essay writing service for college students essay attempts to discuss, explain and shed lights on the main economic theories and arguments as theorized by two famous scholars and economists Adam Smith and Karl Marx. Smith and Marx have contributed significantly in creating and shaping two distinctive and diverse economic and political systems called capitalism and communism. Capitalism is a method of production and type of economic system and communism is both political and economic system Rutherford (2007). If you continue reading Ukessay you can find more abou how Adam Smith claim that division of labour and exchange in market both reduce cost especially in economies of scale and he insisted that free trade between countries would bring permanent peace (Dimand, 2005). Therefore, the main theories covered in this essay include theory of capitalism, theory of free market, theory of value, theory of exchange, and theory of economic growth and welfare. .