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Economist Noah Smith and the host delve into the idea of plunder in the Wealth of Nations, exploring its historical context and the exploitation of resources and labor by empires such as the Spanish, British, and French. They also discuss how the act of extraction implies coercion in contrast to a perfect free market.

Did nations get rich on the backs of other nations? Did the West get rich from imperialism? Noah Smith says no. But why not? If you can steal stuff, isn't that better than having to make it yourself? Listen as Noah Smith and EconTalk's Russ Roberts discuss the impact of imperialism and industrialization on growth and wealth. Smith argues that understanding plunder and where wealth comes from is more than an exercise in economic history--it matters for today's world, too.