What an episode!
I was profoundly engaged by this episode of EconTalk featuring a rich dialogue between host Russ Roberts and economist Michael Munger. Munger brings a rare clarity to the enduring question, “What is capitalism?” He isn’t merely defining it as privatized property and profit — but rather as a complex, dynamic system built on voluntary exchange, decentralized discovery, and individual incentives.
What makes this episode especially compelling is how Munger traces capitalism’s evolution as a mechanism for distributed problem-solving, where millions of actors, through their own interests, collectively guide innovation, regulation, and adaptation. You’ll take away a deeper appreciation for how entrepreneurial experimentation, price signals, and the ever-shifting balance of competition shape economic order.
This is more than a conceptual primer — it’s a journey into the reasoning behind capitalism’s strengths, limits, and paradoxes. I walked away refreshed, reminded of how Munger’s lectures always simplify complexity with precision, making the abstract vivid.
Whether you're already pondering capitalism’s philosophical foundations or are curious about its real-world workings, this episode is a must-listen — its questions will spark new ideas, provoke contemplation, and invite further exploration.

Fountain
EconTalk • What Is Capitalism? (with Mike Munger) • Listen on Fountain
What is capitalism, really? Drawing on Adam Smith, Douglass North, and his own experience as a teacher and economist, economist Michael Munger of D...