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Modern Freedom Beats Feudal Serfdom

Blog Post | Poverty Rates

Modern Freedom Beats Feudal Serfdom

Make the Middle Ages Great Again?

Summary: Some influential voices today romanticize feudalism, but the reality of feudalism was misery for nearly everyone. Life under that system meant hunger, disease, violence, and lives cut brutally short. By contrast, modern societies have lifted billions out of poverty and extended life far beyond what kings and queens once knew. Progress comes from freedom, innovation, and hard work, not a return to the rule of lords and monarchs.


On a recent podcast, Tucker Carlson praised feudalism as “so much better than what we have now” because a ruler is “vested in the prosperity of the people he rules.” This romantic view of medieval hierarchy ignores a brutal reality: For most people, feudalism meant grinding poverty, disease, and early death.

As Gale L. Pooley and I found in our 2022 book Superabundance, society in preindustrial Europe was bifurcated between a small minority of the very rich and the vast majority of the very poor. One 17th-century observer estimated that the French population consisted of “10 percent rich, 50 percent very poor, 30 percent who were nearly beggars, and 10 percent who were actually beggars.” In 16th-century Spain, the Italian historian Francesco Guicciardini wrote, “except for a few Grandees of the Kingdom who live with great sumptuousness … others live in great poverty.”

An account from 18th-century Naples recorded beggars finding “nocturnal asylum in a few caves, stables or ruined houses” where “they are to be seen there lying like filthy animals, with no distinction of age or sex.” Children fared the worst. Paris, according to the French author Louis-Sébastien Mercier, had “7,000 to 8,000 abandoned children out of some 30,000 births around 1780.” These children were then taken—three at a time—to the poor house, with carriers often finding at least “one of them dead” upon arrival.

People were constantly hungry, and starvation was only ever a few bad harvests away. In 1800, even France, one of the world’s richest countries, had an average food supply of only 1,846 calories per person per day. In other words, the majority of the population was undernourished. (Given that the average person needs about 2,000 calories a day.) That, in the words of the Italian historian Carlo Cipolla, gave rise to “serious forms of avitaminosis,” or medical conditions resulting from vitamin deficiencies. There was also, he noted, a prevalence of intestinal worms, which is “a slow, disgusting, and debilitating disease that caused a vast amount of human misery and ill health.”

Sanitation was a nightmare. As the English historian Lawrence Stone wrote in his book The Family, Sex and Marriage in England 1500–1800, “city ditches, now often filled with stagnant water, were commonly used as latrines; butchers killed animals in their shops and threw the offal of the carcasses into the streets; dead animals were left to decay and fester where they lay.” London had “poor holes” or “large, deep, open pits in which were laid the bodies of the poor, side by side, row by row.” The stench was overwhelming, for “great quantities of human excrement were cast into the streets.”

The French historian Fernand Braudel found that in 15th-century England, “80 percent of private expenditure was on food, with 20 percent spent on bread alone.” An account of 16th-century life in rural Lombardy noted that peasants lived on wheat alone: Their “expenses for clothing and other needs are practically non-existent.” Per Cipolla, “One of the main preoccupations of hospital administration was to ensure that the clothes of the deceased should not be usurped but should be given to lawful inheritors. During epidemics of plague, the town authorities had to struggle to confiscate the clothes of the dead and to burn them: people waited for others to die so as to take over their clothes.”

Prior to mechanized agriculture, there were no food surpluses to sustain idle hands, not even those of children. And working conditions were brutal. A 16th-century ordinance in Lombardy found that supervisors in rice fields “bring together a large number of children and adolescents, against whom they practice barbarous cruelties … [They] do not provide these poor creatures with the necessary food and make them labor as slaves by beating them and treating them more harshly than galley slaves, so that many of the children die miserably in the farms and neighboring fields.”

Such violence pervaded daily life. Medieval homicide rates reached 150 murders per 100,000 people in 14th-century Florence. In 15th-century England, it hovered around 24 per 100,000. (In 2020, the Italian homicide rate was 0.48 per 100,000. It was 0.95 per 100,000 in England and Wales in 2024.) People resolved their disputes through physical violence because no effective legal system existed. The serfs—serfdom in Russia was abolished only in 1861—lived as property, bound to land they could never own, subject to masters who viewed them as assets rather than humans. And between 1500 and the first quarter of the 17th century, Europe’s great powers were at war nearly 100 percent of the time.

Carlson’s nostalgia for feudalism is not unique on the MAGA right. The influential American blogger Curtis Yarvin, for example, attributes to monarchs such as France’s Louis XIV decisive and long-term leadership that modern democracies apparently lack. But less frequently mentioned is how, for example, that same Louis ruined his country during the War of the Spanish Succession. As Winston Churchill wrote in Marlborough: His Life and Times,

After more than sixty years of his reign, more than thirty years of which had been consumed in European war, the Great King saw his people face to face with actual famine. Their sufferings were extreme. In Paris the death-rate doubled. Even before Christmas the market-women had marched to Versailles to proclaim their misery. In the countryside the peasantry subsisted on herbs or roots or flocked in despair into the famishing towns. Brigandage was widespread. Bands of starving men, women, and children roamed about in desperation. Châteaux and convents were attacked; the market-place of Amiens was pillaged; credit failed. From every province and from every class rose the cry for bread and peace.

The Great Enrichment, a phrase coined by my Cato Institute colleague Deirdre McCloskey, of the past 200 years or so lifted billions from the misery that defined human existence for millennia. It was driven by market economies and limits on the rulers’ arbitrary power, not feudal hierarchy.

There are many plausible reasons for Carlson’s (and Yarvin’s) openness to giving pre-modern institutions such as feudalism and absolute monarchy a second look. One is a lack of appreciation for the reality of the daily existence of ordinary people whose lives, in the immortal words of the English philosopher Thomas Hobbes, were “poor, nasty, brutish, and short.”

Another is their apparent conviction that the United States is, in the words of President Donald Trump, “a failed nation.” Except that we are nothing of the sort. The United States has plenty of problems, but the lives of ordinary Americans in 2025 are incomparably better than those of the kings and queens of the past. Our standard of living is, in fact, the envy of the world, which is the most parsimonious explanation for millions of people trying to get here.

Solving the problems that remain and will arise in the future will depend on careful evaluation of evidence, historical experience, reason, and hard work. Catastrophism does not help, for it rejects human agency by declaring that the future is already decided. Hunkering down under a protective shield of feudal hierarchy or placing our trust in a modern incarnation of Louis XIV is no guarantee of success. We tried it before, and the results were disastrous.

This article originally appeared in The Dispatch on August 26, 2025.

Financial Times | Mineral Production

Diamond Prices Fall as Lab-Grown Diamonds Gain Ground

“De Beers is halting production at South Africa’s biggest diamond mine, as consistently depressed conditions in the market for the precious stones weigh on the company that mining major Anglo American is trying to sell.

The diamond group said on Monday that it would pause production for two years at its Venetia mine, which employs about 3,500 people and accounts for about 10 per cent of the company’s production, to cut costs. It will also reduce capital expenditure for the site.

The mine accounts for 40 per cent of South Africa’s annual diamond production…

Diamond prices have fallen because of slowing demand, especially in China, and competition from lab-grown gems that can be made and sold much more cheaply than natural stones.

WWW International Diamond Consultants’ rough diamond price index is down about 50 per cent from the record highs of 2022.”

From Financial Times.

Blog Post | Cost of Material Goods

Jeff Bezos Earned His Amazon Fortune

The Amazon founder’s innovations save customers 22 hours a year on average, giving them the gift of time.

Summary: Amazon’s immense value may be better understood not through Jeff Bezos’s fortune, but through the time Amazon saves for consumers and businesses. Entrepreneurs capture only a small fraction of the value they create. Amazon has generated trillions of dollars in social benefit through greater convenience, lower transaction costs, and improved access to goods and services. By reducing the time people spend shopping, managing inventory, and building technological infrastructure, Amazon has created substantial consumer surplus that far exceeds Bezos’s wealth.


Amazon founder Jeff Bezos recently made a point that every critic of billionaire wealth should confront: “If I do my job right, the value to society and civilization from my for-profit companies will be much, much larger than the good that I do with my charitable giving.”

To see if he is correct, consider the one resource that is truly finite: time. Modern debates about wealth start in the wrong place. They begin with the fortune. They should begin with customers and their time. Mr. Bezos is worth roughly $275 billion. That number offends many people because they assume wealth must have been taken from someone else. But Amazon didn’t become valuable by force. It became valuable because hundreds of millions of people chose to use it.

Consumers weren’t forced to buy books, batteries, diapers, cables, razors, tools, groceries or printer ink from Amazon. They did so because Amazon saved them time, money, effort or uncertainty. Sellers weren’t forced to use Amazon’s marketplace. They did so because it gave them access to demand. Firms weren’t forced to use Amazon Web Services. They did so because renting computing power was cheaper than building and maintaining their own information-technology infrastructure. That is capitalism: People get rich by creating something others value enough to buy.

The Bezos fortune looks large because it is visible. The value Amazon created is harder to see because it is dispersed. A mother who doesn’t drive to a store to buy diapers doesn’t appear in an economic headline. A small business that reorders supplies in two minutes doesn’t make the evening news. A rural customer who gains access to goods once available only in cities doesn’t receive a subsidy check with Amazon’s logo on it. Yet each transaction saves time, and time is limited.

Consider the arithmetic. Suppose an hour of labor is worth about $64, roughly the average gross domestic product per hour worked in the countries in which Amazon operates. If Mr. Bezos’ fortune corresponded to the total value that Amazon created, his $275 billion would represent about 4.3 billion hours of saved time. Divided among Amazon’s more than 300 million active customers, the saving comes to about 14 hours per customer over Amazon’s life. That’s nothing. Many customers save that in a month.

But entrepreneurs don’t capture all the value they create. The Nobel Prize-winning economist William Nordhaus estimated that innovators keep only a small share of the social value—roughly 2%—produced by their innovations. Under that assumption, Mr. Bezos’ $275 billion fortune implies that Amazon created about $13.8 trillion in total value for society.

At $64 an hour, that means Amazon has saved its customers about 214 billion hours. Across 300 million customers over roughly 32 years (Amazon was founded in 1994), the saving equals about 22 hours per person a year. That is 25 to 26 minutes a week, or a little less than four minutes a day.

So the question isn’t whether Mr. Bezos has too much money. It is whether Amazon has saved the average customer four minutes a day. The answer is yes. A single avoided trip to a store can save 30 minutes. Finding a product online instead of driving to three retailers can save an hour. Reading reviews can reduce the chance of buying the wrong product. Automatic reordering can save repeated errands. Price comparison can save money and time. Fast delivery can substitute for inventory kept in closets, garages, offices and warehouses.

The savings extend beyond retail. Amazon Web Services lowered the cost of starting and scaling companies. It gave firms computing capacity without the old capital expense. That made experimentation cheaper. Some firms failed faster. Others grew faster. Both outcomes matter. Cheap failure is part of progress.

Amazon also forced competitors to improve. Walmart, Target, grocery chains, hardware stores, logistics firms and online retailers responded with better websites, faster delivery, wider selection and lower search costs. Even people who dislike Amazon benefit when its competitors become better because Amazon raised consumer expectations.

Charity can do good, but Mr. Bezos is right: Business can do better. Charity moves existing resources toward chosen ends. Business, when it works, creates new value by reorganizing labor, capital, knowledge and logistics. Enterprise can improve how hundreds of millions of people spend their time every week. Some people will spend the extra time earning money to buy things they previously couldn’t afford, helping their communities, enjoying the company of their loved ones, taking a holiday or relaxing.

That distinction is often lost. Critics praise entrepreneurs when they give money away, but condemn the process that made the money possible. That is backward. The social contribution of an entrepreneur usually occurs before the charitable foundation is created. It occurs when customers gain, workers earn,  suppliers sell, competitors improve, and resources move to better uses.

None of this means Amazon is perfect. No large company is. Amazon can make errors. But that doesn’t cancel the basic fact: Amazon created enormous consumer surplus.

The moral case for Mr. Bezos’ wealth doesn’t require blind admiration of his business acumen. It requires arithmetic. If Amazon saves each customer 22 hours a year, Mr. Bezos’s fortune passes the Nordhaus test. If it saves more than that, society receives far more than he keeps.

It is easy to resent the billionaire. It is easy to ignore the saved hours. But the hours matter because time is limited. It is our most precious resource. Count the time saved, and Mr. Bezos’ fortune becomes less mysterious and much more defensible.

A previous version of this article appeared in the Wall Street Journal on 5/26/2026.

Reuters | Cost of Material Goods

Kia CEO Signals Price Cuts in Europe to Compete with China

“Starting this year, Kia has narrowed its vehicle price gap with Chinese models in Europe to 15-20% from 20-25% previously depending on markets, Song said, according to ​a recording of the event obtained by Reuters.

The move highlights how Europe has become a key battleground between legacy ​automakers and Chinese electric vehicle firms such as BYD, as they pursue rapid overseas expansion amid ⁠flagging sales in China and effective exclusion from the U.S. market.”

From Reuters.

Blog Post | Cost of Material Goods

Two Centuries of Increasing Paper Abundance

If we're running out, why is it so cheap?

Summary: Paper has become dramatically more affordable over the last two centuries. Abundance comes not primarily from conservation or recycling but from improved knowledge and technology. The increasing efficiency of turning plentiful trees into paper is a good example of that.


In 1826, a ream of 500 sheets of paper cost about $5.00. With average wages near five cents an hour, the time price was 100 hours. Paper was precious because modern papermaking techniques had yet to be invented—we had yet to discover the knowledge needed to innovate the product.

Today, a ream of 500 much higher-quality sheets sells for $7.99 at Staples. With average wages around $36.86 an hour, the time price is just 13 minutes.

The time price of paper has fallen by 99.78 percent over the last 200 years. For the time required to earn the money for a single sheet in 1826, a worker today can obtain 461 sheets. Scarcity didn’t disappear because we conserved paper, but because we learned how to transform abundant trees into even more abundant paper.

What About Recycled Paper?

Many people assume that recycling paper saves resources. If that were true, why is recycled paper about 85 percent more expensive than virgin paper? The answer is that the United States has roughly 300 billion trees, while recycling itself consumes substantial energy, labor, and capital.

A useful question whenever someone warns that we’re “running out” of something is simple: If it’s so scarce, why is it so cheap?

Remember, abundance doesn’t come from good intentions; it comes from innovation. Over two thousand years, paper has migrated from papyrus to cotton and linen rags to wood pulp—each transition a triumph of human ingenuity over scarcity. What we consume is not trees or fibers, but knowledge encoded in matter. And the more we consume, the more we discover. That is why paper is plentiful, pencils are cheap, and light is abundant. Wealth is learning made visible, and abundance is the dividend of ideas.

Find more of Gale’s work at his Substack, Gale Winds.