Adam Smith and Joseph Schumpeter take issue with late stage capitalism

On the issue of the bifurcation of society and the widening income gap in the U.S., and the strains appearing from the factory system in China that have recently been highlighted, there is useful commentary that comes from a surprising quarter, or perhaps not surprising in itself, but in the view taken on the subject: Both Adam Smith and Joseph Schumpeter, defenders of capitalism as the source of “universal opulence”, see a road leading from capitalism to the disenfranchisement of the worker and the vaulting of the elite.

Read it at Rick Bookstaber
Adam Smith and Joseph Schumpeter on the Issues of the Day
by Rick Bookstaber
(h/t Edward Harrison of Credit Writedowns)

Interesting summary of how Smith and Schumpeter arrived at a conclusion similar to Marx but through a different analysis.