Capitalism (Braudel's Definition)

Braudel's most heretical argument, developed across the three volumes of Civilization and Capitalism, was that capitalism is not the same thing as the market economy. The market economy is the vast, decentralized web of local exchanges — visible prices, transparent transactions, small-scale competition. Capitalism is the layer above the market: long-distance trade, financial speculation, monopoly control, concentrated accumulation, state collusion. Capitalism does not create wealth; it captures wealth that the market economy creates. The distinction reframes AI platform economics: the hyperscalers are not competing in the market — they are operating at the capitalist layer above the market, extracting rents from the cognitive labor that the market-economy layer of developers, designers, and users actually performs.