What Is Capitalism? (with Mike Munger) - EconTalk

What this episode covers

What is capitalism, really? Drawing on Adam Smith, Douglass North, and his own experience as a teacher and economist, economist Michael Munger of Duke University discusses three stages of economic development with EconTalk's Russ Roberts: voluntary exchange, markets, and capitalism. Along the way, the conversation explores the moral and institutional foundations that make impersonal exchange possible, the transformative power of the division of labor, and how capitalism uniquely enables "time travel" through liquidity and equity finance. The conversation closes with a discussion of human needs beyond material well-being.

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Michael Munger on EconTalk EconTalk: Mike Munger and Russ Roberts Michael C. Munger, Director of the interdisciplinary Philosophy, Politics, and Economics (PPE) program at Duke University, appears regularly as a guest on EconTalk, the award-winning economics podcast hosted by Russ Roberts of Stanford University's Hoover Institution. Podcast episodes featuring Mike Munger are listed here. EconTalk has been taking the Monday out of Mondays since 2006. All 750+ episodes are available in the archive. Go to EconTalk.org for transcripts, related resources, and comments. EconTalk Archives, 2006 EconTalk: Russ Roberts, Library of Economics and Liberty EconTalk is an award-winning weekly talk show about economics in daily life. Featured guests include renowned economics professors, Nobel Prize winners, and exciting speakers on all kinds of topical matters related to economic thought. Topics include health care, free trade, economic growth, education, finance, politics, sports, book reviews, parenting, and the curiosities of everyday decision-making. Russ Roberts, of the Library of Economics and Liberty (econlib.org) and George Mason U., draws you in with lively guests and creative repartee. Look for related readings and the complete archive of previous shows at EconTalk.org, where you can also comment on the podcasts and ask questions. Rob Wiblin's top recommended EconTalk episodes v0.2 Feb 2020 EconTalk: Russ Roberts, Library of Economics and Liberty Rob Wiblin's favourite 100 episodes of EconTalk — the award-winning weekly talk show about economics in daily life: http://econtalk.orgA selection of the 'top 11' have modified release dates so they show up at the top when you choose to show the most recent first. The rest are then listed by release date.Learn more about this list and the episodes: https://tinyurl.com/rob-top-econtalkRob Wiblin's personal website: http://robwiblin.com EconTalk at GMU EconTalk: Russ Roberts, Library of Economics and Liberty EconTalk is an award-winning weekly talk show about economics in daily life. Featured guests include renowned economics professors, Nobel Prize winners, and exciting speakers on all kinds of topical matters related to economic thought. Topics include health care, business cycles, economic growth, free trade, education, finance, politics, sports, book reviews, parenting, and the curiosities of everyday decision-making. Russ Roberts, of the Library of Economics and Liberty (econlib.org) and George Mason U., draws you in with lively guests and creative repartee. Look for related readings and the complete archive of previous shows at EconTalk.org, where you can also comment on the podcasts and ask questions.

Frequently Asked Questions

How long is this episode of EconTalk?

This episode is 1 hour and 19 minutes long.

When was this EconTalk episode published?

This episode was published on July 7, 2025.

What is this episode about?

What is capitalism, really? Drawing on Adam Smith, Douglass North, and his own experience as a teacher and economist, economist Michael Munger of Duke University discusses three stages of economic development with EconTalk's Russ Roberts: voluntary...

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