Yueran Ma
Carhartt Family Professor of Finance at Chicago Booth and co-director of the Fama-Miller Center for Research in Finance, presenting research on the historical transformation of capitalism and firm scale.
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Mar 3, 2026 • 47min
The Transformation of Capitalism: 250 Years After Adam Smith
Yueran Ma, Carhartt Family Professor of Finance at Chicago Booth and co-director of the Fama-Miller Center, explores 250 years of capitalism’s shift. She traces rising firm-scale and production concentration, contrasts concentrated production with dispersed ownership, highlights churn among giants, and considers how technology, markets, and policy shape a hybrid system between Smith and Marx.
