Economic Systems Evolve with Context

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Economic systems are shaped by both material changes and the social and cultural contexts in which they occur. Major historical shifts, such as the rise of mercantile trade, colonialism, and the enclosure of farmland, illustrate how economic transformations are intricately linked to broader societal changes. These dynamics reveal that while technological advancements and environmental factors influence economic development, they do so within a framework of evolving social norms and values. Understanding capitalism requires examining its historical emergence during significant transitions from the Middle Ages to the modern era, highlighting the interplay between economy and culture.

Economic change happens in a cultural context. We trace the tectonic shifts in the Western mind that made capitalism thinkable – in part through a look at two Enlightenment thinkers: Baruch Spinoza and Adam Smith. (The real Smith, not the one held up as the patron saint of unfettered capitalism.).

By John Biewen, with co-host Ellen McGirt. Interviews with Kate Rigby, Glory Liu, Steven Nadler, and Wendy Carlin. 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.