There was a time when capitalism could plausibly present itself as progress.
In the era of the great bourgeois revolutions—of the French Revolution and the American Revolution—and throughout the upheavals of 1848, the rising bourgeoisie shattered feudal bonds, dissolved hereditary privilege, and dismantled archaic hierarchies that had long obstructed productive development. Against feudal particularism and static social relations, capitalism was historically revolutionary. It unified national markets, accelerated scientific discovery, expanded industry, and proclaimed equality before the law—however limited and formal that equality ultimately proved to be.























