Over the past millennium, global per-capita GDP has surged 1,300 percent, primarily since the Industrial Revolution, reflecting significant economic production and consumption. However, GDP serves merely as a tally of goods and services and does not equate to societal health or well-being. Despite this economic growth, substantial disparities persist: while many enjoy unprecedented material wealth, billions still experience hardship, including nearly half of the population in the U.S. living with economic insecurity. The increase in GDP parallels troubling societal trends, highlighting the need for a broader evaluation of well-being beyond mere economic indicators.
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.