Wealth and Spending Habits Through History

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The chapter delves into the spending patterns of wealthy individuals in medieval times, emphasizing their purchases of luxury items, charitable donations, and the evolution of wealth hoarding practices over the centuries, contrasting historical societies with indigenous cultures. It also examines the economic stagnation of earlier eras in comparison to the dynamic economic growth seen in modern capitalism through the lens of GDP estimates and historical contexts.

To fully grasp capitalism, it helps to understand the system it replaced – and the most meaningful differences between feudalism and capitalism. We visit the British Isles of the Middle Ages.

By John Biewen, with co-host Ellen McGirt. Interviews with Karen Dempsey, Ben Jervis, and Eleanor Janega. Story editor: Loretta Williams. Music by Michelle Osis, Lilli Haydn, Chris Westlake, Alex Symcox, and Goodnight, Lucas. Music consulting by Joe Augustine of Narrative Music. “Capitalism” is a production of the Kenan Institute for Ethics at Duke University, in partnership with Imperative 21.