Question

Did 19th century thinkers agree with Adam Smith. How did , for instance Karl Marx view the doctrine of Laissez-Faire? What were the inevitable consequences if such economic system?

What were the influences of Adam Smith and his critics, like Marx, reflected in the mixed economy of the United States Today

Answer 1

As regard to Adam Smith's understanding of how the market forces work could be termed as classical view of market equilibrium.
Where it is believed an invisible hand is at work which somehow brings market forces such as demand and supply into equilibrium.
Now critique of this notion by Economist like Karl Marx argued that this is not the case most of the time, he did not argue against market forces, rather in his view the state or government must play an important role in bringing the forces into equilibrium.
According to Marx, Laissez-Faire fails to address the issue of market failure and also it does not improve the social distribution of income, thus it leads to exploitation.

Mixed economy is that economy where market forces and state both are at work together to run the economy at efficient level. so most of the countries in recent years follow mixed economy incorporating the idea given by critiques of Laissez-Faire economy. United States has also incorporated that, they are run by market forces but state also govern the market mechanism to avoid market failure.