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EPISODE · Mar 3, 2026 · 47 MIN

The Transformation of Capitalism: 250 Years After Adam Smith

from The Pie: An Economics Podcast · host Becker Friedman Institute at UChicago

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.

What this episode covers

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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Frequently Asked Questions

How long is this episode of The Pie: An Economics Podcast?

This episode is 47 minutes long.

When was this The Pie: An Economics Podcast episode published?

This episode was published on March 3, 2026.

What is this episode about?

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...

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