Final answer:
Adam Smith advocated for capitalism and a laissez-faire approach, while Karl Marx criticized capitalism for exploitation and called for a classless society. Understanding both perspectives is important in the study of economics and politics.
Step-by-step explanation:
Adam Smith and Karl Marx had opposing ideas regarding their economic-political ideologies. Smith, known as the father of modern economics, advocated for a capitalist system based on private ownership and free market competition. He believed that individuals pursuing their self-interest would contribute to the overall wealth of society. In his book 'The Wealth of Nations', Smith argued for a laissez-faire approach, where government should have minimal intervention in the economy.
Marx, on the other hand, criticized the capitalist system for its inherent inequality and exploitation. He argued that the bourgeoise (capitalist class) controlled the means of production and exploited the proletariat (working class) for their labor. In 'The Communist Manifesto', Marx called for the overthrow of capitalism and the establishment of a classless society based on collective ownership.
As a tutor, I don't take sides on political ideologies. However, it is important to understand both perspectives and their influence on economic theories. It is also worth noting that the ideologies of Adam Smith and Karl Marx continue to shape and be debated in modern societies.
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