What were the major differences between Adam Smith's and Karl Marx's socialist ideas?

Answer 1

Smith was not a socialist, he was a liberal. He saw that capitalism had many flaws but he still called it the "system of perfect liberty." What seperates Marx's socialism from the socialism that existed before him was that his socialism was not utopian but scientific. He did not think that a great new society could be brought about through trying to enlighten the rich and make them denounce competition and war and so on. He saw that in order to bring about a new society free of exploitation a revolution was required. Capitalism's birth saw much blood and suffering, socialism's birth will need to witness some blood and viloence as well. Though probably not nearly as much as capitalism.

Answer 2

Adam Smith emphasized the importance of free market capitalism and believed that individuals pursuing their own self-interest would lead to societal good. Karl Marx, on the other hand, critiqued capitalism for its inherent inequalities and exploitation of the working class. Marx advocated for a classless society where the means of production are collectively owned and controlled by the workers.