There is an old cliche about imagining the end of capitalism. But explaining the rise of capitalism presents its own challenges. Human beings have congregated in marketplaces for millennia. When did simple barter and trade tip into what we call capitalism? And why did that particular system conquer the world? Answering such questions requires an interdisciplinary approach, and perhaps there is no better starting place than with experts in the two fields that have the most skin in this game: economists, who study capitalism’s inner workings, and historians, who chronicle how humanity got here.

Sven Beckert is a professor of history at Harvard. His new book is Capitalism, and it chronicles how human history was transformed by this relatively recent advent. In this conversation with host (and economist) Steven Durlauf, Beckert discusses slavery’s role in the development of capitalism, why it took hold across the globe, and what, if anything, may spell its demise.