Episode · EconTalk · 2025-07-07
Books mentioned on What Is Capitalism? (with Mike Munger)
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.
Books mentioned, in the order they came up
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The Truce
Discussed“I probably talked about it in the episode with um Dwayne Betts when we talked about Primo Levy as well as Ralph Ellison. And in his book, The Truce, where Primo Levy talks about coming back from Awitz and we're trying to get back to Italy, which is a long meandering, painful, and challenging journey. There's an immense amount of”
Where to get it
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The Theory of Moral Sentiments
The Theory of Moral Sentiments by Adam Smith is a foundational work of moral philosophy and economics that explores the psychological and emotional underpinnings of human behavior, sympathy, and social order.
Discussed“So when you mentioned his earlier book that's the theory of moral sentiments where he says man naturally desires not only to be loved but to be lovely and by using that language he means honored respected praised worth and lovely meaning worthy of honor worthy of respect worthy of praise.”
Where to get it
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The Wealth of Nations
The Wealth of Nations by Adam Smith is a foundational 1776 text in modern economics that examines the mechanics of free markets, division of labor, and national prosperity.
Discussed“And of course, as you say Smith understands we can fool ourselves we can be imperfect but it is some restraint on our self-interest which is the focus of the wealth of nations and the sense in which there's this empathetic impartial spectator idea in the wealth of nations.”
Where to get it
