Beyond Profit: The Human Cost of Capitalism — with Dr. David McNally

Historian Dr. David McNally joins Dr. Richard Louis Miller to explore the deep relationship between capitalism, slavery, and community — and why the path forward may depend on reclaiming our capacity for cooperation and hope.

Together, they trace how capitalism evolved from feudal systems, how slavery became its brutal engine, and how modern life still reflects those same dynamics of exploitation and insecurity. They discuss the moral cost of wealth built on oppression, the erosion of academic freedom, and the possibilities for new forms of collective ownership and economic justice.

Through it all, McNally reminds us that hope is more powerful than anger and fear, and that history shows our greatest progress comes when people act together in community.

Guest:

Dr. David McNally — Cullen Distinguished Professor of History and Business at the University of Houston, and author of Slavery and Capitalism, Blood and Money, and Monsters of the Market.

Key Topics:

How capitalism emerged from feudalism through the expulsion of peasants from common lands

Why slavery was not a premodern system but central to modern global capitalism

The immense wealth generated by enslaved labor

The psychological and moral consequences of exploitation

Living paycheck to paycheck as a modern form of economic bondage

How fear and insecurity maintain systems of control

The importance of academic freedom and independent thought

Collective action as the most powerful form of resistance

Reviving the commons and exploring alternatives to capitalism

Why hope remains the foundation of social transformation

Timestamps:

00:00 — The Importance of Community and Connection02:22 — Understanding Capitalism and Its Historical Context07:20 — The Shift from Feudalism to Capitalism13:00 — Slavery in the Context of Capitalism20:11 — The Moral Dilemma of Enslavement24:07 — The Wealth Generated by Slavery24:47 — Exploring Alternatives to Capitalism29:00 — The Monopoly Game of Capitalism30:53 — The Power of Collective Action34:56 — Living Paycheck to Paycheck: A Modern Form of Slavery40:45 — The Assault on Academic Freedom50:19 — Freedom Dreams and Cultural Resistance