The Transformation of Capitalism: 250 Years After Adam Smith

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Recorded03 Mar 2026

Publisherfeeds.megaphone.fm

Handlerec:16311252

Show notes

Two hundred fifty years after The Wealth of Nations, capitalism looks nothing like Adam Smith imagined (and nothing like Karl Marx predicted, either). Smith envisioned small, decentralized producers, while Marx foresaw concentration dominated by the rich. In this lecture, Yueran Ma of Chicago Booth draws on centuries of global data to show how production concentrated while ownership diffused, and the giants at the top keep getting toppled.

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