Question

Many ideologies have lead to the development of modern economies. Compare and contrast the beliefs of Adam Smith (Free Enterprise) and Karl Marx (Socialism). What kind of economic systems did they promote? Which system do you believe that the United States has adopted? Provide some examples of their beliefs and explain if we have adopted a sole system or a mix of both.

Answer 1

Smith - capitalism
Marx - communism
America has capitalism.
Smith - “hands off” aka free trade
Marx - rich should share their wealth and power with the working class, everyone is equal and gets the same thing.