The nineteenth century marked the most dramatic leap forward in human welfare ever witnessed. It was a century defined not by aristocrats or emperors, but by coal, cotton, contracts, and capitalists. In his lectures “War, Peace, and the Industrial Revolution” and “The New World of Capitalism,” historian Ralph Raico masterfully outlined how capitalism, industrialization, and free trade shattered the stagnant feudal order and lifted hundreds of millions from abject poverty. Despite the predictable outcry from the old regime—the landed aristocracy, royal monopolists, and reactionary...
















