Karl Max and Adam Smith’s ideologies are commonly used to this day. They are economists whose previous works provided the foundations for enlarging and enhancing the modern economy. Karl Marx established himself as one of the original minds behind communism in addition to being an astute political philosopher. Adam Smith is known as the father of economics, and fusing economics with moral theories.
His explanations of the role of the state in economics and the market forces shape today’s economic system. Both Karl Max and Adam Smith have all been placed in the school of classical economics. Therefore, one may conclude that there are some similarities between these two men’s policies. However, Marx’s and Smith’s policies significantly differ politically.