BERNSTEIN: China's insane spending on robotics is fundamentally changing capitalism
Oscar Williams-Grut for Business Insider: Analysts at global investment manager Bernstein believe the "age of industrialization is coming to an end," with robots set to destroy manufacturing jobs globally.
That may not sound seismic. After all, the industrial revolution happened hundreds of years ago and manufacturing jobs have been the minority of all jobs in the West for decades. But Bernstein is arguing that the nature of capitalism is undergoing a fundamental change.
Analysts Michael W. Parker and Alberto Moel argue that Adam Smith's Wealth of Nations, the foundational textbooks of economics, is becoming redundant because of two trends: the rise of robotics and China's modernising economy. Cont'd...
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