ExplainerFeatures of Capitalism

What is capitalism? Let’s start with this dictionary definition from Oxford, which John and Ellen share in Episode 1:

But as John and Ellen also note, that needs a whole lot of unpacking, doesn’t it? Capitalism is big, and it developed over hundreds of years. The capitalism of Wall St. in the 2020s is different from the capitalism of the 1970s, let alone the 1870s, or the version Adam Smith was talking about in the 1770s. It also can take a variety of shapes at any single point in time: what capitalism looks like in America today isn’t exactly the same as capitalism in, say, Sweden or Singapore.

That said, capitalist systems share certain features, even if they look different in systems across time and place. Examining those features – and the connections among them – can help us make sense of what capitalism is and how capitalist systems function.

This explainer introduces some of those features and connects them to ideas explored in Scene on Radio’s Season 7 episodes. It’s intended as a starting point for further learning and reflection about an economic system that shapes the lives of humans and other living things.

Key Features of Capitalism