…either case, it seemed to me that the best way to understand what was happening is to turn to the work of Fernand Braudel, the famous French historian who made a distinction between capitalism and markets. And it was meant to be provocative and it's a…

…capitalism, and I always thought one of the most interesting definitions, I don't agree with it entirely, is that of Fernand Braudel, who points out that we tend to identify capitalism and the marketplace, but in many ways, they're opposite principles.…