History 102 with WhatifAltHist's Rudyard Lynch and Austin Padgett Explaining Capitalism's Rise + Fall + Rise
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Oct 8, 2025 Dive into the fascinating rise and fall of capitalism as it transforms from feudalism in medieval Europe. Explore how guilds and decentralized law spurred innovation, while contrasting American frontier ingenuity with European constraints. Discover lessons from Cold War capitalism versus socialism, and how bureaucratic growth affects developing nations. Delve into ancient market systems, regulatory challenges, and the impact of immigration on political dynamics, all while unpacking the complex forces that shape economic success.
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Roots Of Capitalism In Medieval Europe
- Capitalism naturally emerges from rule of law, property rights, and transport infrastructure.
- Rudyard Lynch argues these conditions in medieval NW Europe produced modern capitalism and its innovations.
Monarchs Versus Merchants
- Monarchies and guilds repeatedly tried to crush emergent markets to preserve privilege.
- Lynch credits merchant classes and parliaments in England and the Netherlands for enabling the Industrial Revolution.
Common Law As Market Infrastructure
- Decentralized common law and local institutions fostered competition and legal evolution.
- Austin Padgett highlights bottom-up law as crucial alternative to top-down bureaucratic regulation.
