Capitalism, as an economic and social system, has been a subject of substantial debate among economists over the centuries. When Adam Smith penned his groundbreaking work “The Wealth of Nations” (1776), he laid the foundation for economic theory by introducing the concept of the “invisible hand.” He posited that societal productivity is maximized by instituting a division of labor that allows individuals to specialize. The resulting surplus (profits) can then be traded or invested according to an individual’s self-interest. By extension, Smith maintained that such actions would promote the best interests of society, which is why government should stand aside and allow society to prosper through a ‘free market’. “Greed is good,” mused Gordon Gecko in Oliver Stone’s capitalism critique “Wall Street”. Smith believed that free markets, unencumbered by governmental intervention, would lead to the efficient allocation of resources, promoting competition and innovation. His perspective’s form the bedrock of laissez-faire economics to this day.

And in his day, and for hundreds of years thereafter, Smith was right! Now, it is extraordinarily important to deeply understand Mr. Smith’s context.  He wrote Wealth of Nations in the late 1770s, precisely when many historians generally consider that humanity had emerged from the Middle Ages and moving into the Industrial Period. And let’s face it: being a serf sucked.

It’s probably not an overstatement that if one were to theoretically poll all 8 billion souls on our planet, not a one would choose the good ol’ days of feudalism versus the delightful chaos of modern life! Let’s take a jaunty jaunt through the jarring juxtapositions.

• Sustenance and careers. Once upon a time, your career was preordained by your noble birthright or lack thereof. You were born a serf, you worked as a serf, and you died, well, a serf. You got up, worked the fields, and went to bed. Social mobility was non-existent: In feudal times, the only ‘upward mobility’ was moving to the upper floors of your lord’s castle if you were lucky. Personal Freedoms? Meh! Feudalism offered the simple joys of knowing your place and sticking to it, no questions asked. Today, well who doesn’t love the stress of choosing from 57 types of coffee, having the freedom to vote, and the right to binge-watch any TV series from anywhere in the world? Nowadays, thanks to education and entrepreneurship, you can climb the social ladder — assuming it hasn’t been replaced by a glass ceiling or an escalator going backwards.
• Health, Hygiene, and Lifespan:  Middle Age hygiene. One word: Gross! Actually I have read that Middle Age hygiene was not as bad as popular belief. Sure, the occasional plague might sweep through your village, but who needed longevity when you had such quality living conditions like…dirt floors and communal disease? Contrast that with today’s GMO foods, air pollution, and sitting-is-the-new-smoking warnings. Modern life might be longer, but it’s full of strange contradictions. In any event, medicine has progressed amazingly as have average lifespans. Determining the average lifespan during the Middle Ages is somewhat complex because infant and child mortality rates were high, and records from that time are not as reliable or comprehensive as they are today. Still, if a person survived past childhood and reached their twenties, they could expect to live into their forties or fifties, and some individuals lived into their sixties or beyond[1].
• Education: Remember when reading and writing were hobbies for the elite, and the common folk prided themselves on their robust ignorance? (no, I am not talking about certain modern-day American demographics). Now we’ve got more degrees than a thermometer. It’s a God-given right that we can all receive degrees from a fine higher education system (like Trump University), graduating therefrom owing our oligarchs multiple six figures of debt guaranteed by Uncle Sam, and accessing the internet to help us win arguments by finding facts that suit our viewpoints!
• And technology? Who needs Google when you can just send a raven? Or why get bogged down with emails when you can dispatch a squire with a parchment? But, honestly, in today’s techno-turbocharged times, can you imagine living without the sublime pleasure of 24/7 connectivity, constant social media alerts, and the uncanny ability to order a llama-patterned onesie at 3 am? Neither can I.

So there you have it, the past versus the present, the serfdom versus the freedom. Let’s raise our mugs of organic, single-origin, fair-trade coffee one last time to the modern age – and to capitalism. It’s complicated, chaotic, but never dull! Comparing the feudal daily life of the Middle Ages to the modern daily life reveals stark differences in various aspects of human existence, including economic activity, technology, social mobility, and personal freedoms. Our societies have evolved from the highly stratified, agrarian feudal systems to today’s modern societies characterized by economic diversity, technological advancements, improved personal freedoms, and increased social mobility. However, is capitalism still working? (to be continued….}

[1] Hollingsworth, T. H. (1969). Historical Demography. Cornell University Press.