Aristocracy in Pre-Modern Society

Adam Smith anticipated a great number of the criticisms that the communists would levy against capitalism too in the end, right? But he does have this one chapter in 20, a few pages long on what he calls the possibility of an aristocracy arising among industrial society. The industrial aristocracy would not deserve the name aristocracy. It would just be the rule of the rich over the poor for the sake of the rich. This is worth noting because throughout Volume One, he talks about contrasting democracy and aristocracy a lot.