From Feudal Lords to AI Billionaires: Capitalism's Thousand-Year Conquest of the World

Should we be giving thanks today for our capitalist system? Maybe. But we should certainly be thankful for a 1100-page book about the history of capitalism published this week by the Harvard historian Sven Beckert. Entitled Capitalism: A Global History, this magisterial history, which took Beckert 8 years to write, covers the last thousand years of our increasingly dominant capitalist world. In fact, Beckert suggests, capitalism has become so ubiquitous that most of us can’t imagine an alternative economic system. If we are fish, then it’s our water. So what, exactly, were the origins of capitalism? And is there really an alternative economic system? What, if anything, will come after capitalism? A happy (capitalist) Thanksgiving everyone. 1. Capitalism Isn’t Natural—It’s Historical Capitalism is a radical departure from previous forms of economic life, not the default state of human exchange. Because it’s historical, it had a beginning—and anything with a beginning can have an end.2. The Death of Capitalism Has Been Wrongly Predicted for 200 Years From Marx onward, critics have forecast capitalism’s imminent collapse. Beckert is skeptical of these predictions—most of capitalism’s history came after someone declared it finished.3. There’s No Going Back to the Pre-Capitalist Village The nostalgic alternative—returning to some pre-modern arrangement—is both impossible and undesirable. Feudal lords extracting surplus from peasants, subsistence farming at the margins of survival: there’s nothing romantic about scarcity and exploitation.4. We Have the Means to Solve Our Problems—We Lack the Political Will The capitalist revolution has given us unprecedented productive capacity. We could feed everyone, educate everyone, provide universal healthcare. The obstacles aren’t material—they’re political choices.5. AI Could Liberate Us or Concentrate Wealth Further—It’s a Political Decision If artificial intelligence delivers massive productivity gains, those gains could go to a tiny elite or be distributed broadly through shorter work weeks, better wages, expanded education. The technology doesn’t determine the outcome. We do.Keen On America is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit keenon.substack.com/subscribe