Does Capitalism work?
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- Опубліковано 3 жов 2024
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New Capitalism Series! - In this first episode, Patrick Bet-David covers the voices and key points of Socialism, Communism and Capitalism, the forms of economy pendulum and the historic events and leaders that have ended up killing people. All of this leads us to the question, does Capitalism work?
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Capitalism Series by Patrick Bet-David
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Founded in 2012 by Patrick Bet-David, our goal is to impact entrepreneurs around the world through value and entertainment. We are the #1 channel for entrepreneurs because of the best interviews, best how to videos, best case studies and because we defend capitalism and educate entrepreneurs.
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The video i was waiting for!!
I'm Cuban, never clicked on a notification so fast!! Let me grab the popcorn 🍿. Thank you for the video!
Bill Martin Curious to know your opinion! I've never lived in a communism country...it would be interesting to hear from someone that has first hand experience
Bill Martin i assume fidel educated you?
I haven't experienced it yet, though the way Serffricca's politics are going, it may not be too long before it hits us. Julius Malema already wants all land to belong to the state, all mines to belong to the state... I saw quite a number of identifiers for communism, in the proposed politics from our EFF/ANC parties.
Last year, we had some Cubans visit us at work, for a few months. Here's a few things we learned from them - I ask Mr Martin to correct me if I understood them wrong:
1. No 8-4/ 9-5 jobs. You clock in at 08:00 and you are finished when the boss says you can go. If it is 00:00, you go home 00:00. And 08:00 you clock in again.
2. Only the elite can afford fridges and big screen television. The general population goes without refrigerators. All of the visitors, bought themselves big screens while here, because it is prohibitively expensive in Cuba. Here we are talking guys who are, in Serffriccan terms, rather high-ranking officials.
3. Every day, Monday through Saturday, is a working day. Sunday, you WILL be at the local political gathering. Because you are a good member of society and care about the community.
4. It is a crime to visit someone else without government permission.
5. What you consider poor in the West, is a luxurious living in Communist nations.
i'm brazilian capitalism is life fuck communist
Cuba? The country that was economically starved out by the US for decades but still managed to produce a cancer vaccines and regularly sends doctors to help other countries.....that Cuba?
There is one big mistake in the video. Inheritance is NOT a capitalist, and NOT a liberal idea, but the very opposite. Inheritance DESTROYS competition, and personal freedom. With inheritance you get things you never worked for, you never deserved, for free, just like in a “selective” communism. Capitalism and liberalism means that you get what you work for. Everyone starts on a level playfield, and their own work and success determines how much they get. A rich spoiled kid with inheritance is not better than a person living off of government money, but even worse.
No wonder that many successful rich person decided to donate their wealth after they die, instead of giving the whole to their kids. They have to work for their own success, that’s what makes the economy better.
Liberals aren't socialists and conservatives aren't capitalists. They are both parties of a capitalist country. Liberals are more left-wing, but not as far as socialism. Don' think of liberal teachers as socialists and conservative teachers as capitalists.
Looking forward to the series of these videos!
Thank you for this video! I was thinking about this just yesterday.
You're giving an enormous amount of value with this video series. Thanks!
What an intelligent way to make an agreement. Does not let anger or bias get in the way. I wish this was shown in my university courses.
Oh hell yes Pat, get these people straight on capitalism! Everyone wants to be rich but no one wants to work 90+ hours a week on a business! Thank you for the inspiration, time to sell
You don't need 90+ hours on a business.
Not everyone want's to be rich.
You can earn more money in 5 hours than in a job 8-9hours + commute.
Depends what.
Aurelian Spodarec what job is this?
Anything you wish! Wanna sell hotdogs? You can do that for 5 hours... Wanna sell hotdogs but be at home and lay on your cough? You can do that...
If you're putting in 90hours, then you're building an empire...
So if you're working 25hours... a week... or 15hours... with time it can of course degcrease, but of course ud have to go there from time to time and check it.
Some people take jobs and outsource. All they do is take jobs, outsorce and boom.
Thats the issue bro. People want nice things but not have to work for it. That is why i call socialists/fascist/communists lazy people. I like nice things so I work hard for it. But others that don't do that, wonder why I have nice things. But when I stay late at work and ask for over time at work, my buddies rather get off work early and declined over time hours at work.. Peoples priority are different and that is the origin of inequality, it isn't capitalism..
egocentric bias, you don't need to work 90+ hrs, most rich people are lucky.
Fastest clicking ability alive 🔥🔥🔥🔥
"Where there is freedom, there is Capitalism" - Milton Friedman Thanks Pat for this fantastic breakdown, cant wait for the following videos.
The fact that you explained such important topics so easily and wonderfully despite not being a “professor” is truly great indeed .Keep up the good work❤️
will study this video.. won't just see it coz the effort Pat puts in urges us to study it, devour it not just treat it as another UA-cam vid
I've literally been waiting for this for months! Thank you!
We’ve been waiting for this video for some time! Nice content Pat keep em comin!!
This is what I love about Valuetainment. I come for a complex video, leave with 10 pages of notes, 6 books to read, and another 4-5 videos to watch that build on the concepts discussed here.
It is very hard to find other business owners that are willing to share in a free UA-cam video their insights, experiences, and principles & values.
Thank you, Pat.
Believe it or not.. i m in the middle of multiple doubts whether to continue work in public or private sector.... this vdo really broaden my understanding. God bless your kids for your good deeds Pat !
Such an incredible speech, simple and clean, can’t wait for the other videos. Im from Argentina, and as you do, i love capitalism.
I'm so in love with this channel, I even like the videos before I even watch them ♥ Thank you Valuetainment, for helping me think outside the box ♥
Tweet me @Patrickbetdavid once you finish watching the video. I want to hear your takeaway from the video.
Valuetainment Sure! Thanks for the Video. Was waiting for this video particularly!
I agree, there is an intriguing aspects of competition that draws many. It is a wonderful thing.
Young people's minds can be molded easily. There is very little diversity of thought in universities. Thank you for this video, we need to look at facts, my generation is not thinking critically and is letting the media, and their professors do it for them.
I have shared a lot of content on capitalism, I hope this one does have some effect, but beliefs aren't easy to change once we form them, are they?
You know, I live in Denmark in a more socialist society (I think Americans think of us as socialist, more than we do ourselves - but it is a socialist society nonetheless) and I have to say the entire notion of paying higher taxes than 35-40% really does make you complacent... I mean everything here is expensive: Cars cost at least twice as much as in neighbouring countries because the car taxes cover road repairs and certain infrastructure, houses/apartments are expensive; good luck finding a decent house for your family near Copenhagen for less than 500.000-600.000 USD, all though our salaries are high and we have a high minimum income. Off course, with higher taxes we get free healthcare (all though waiting lists can be long) free education (we even get paid to go to high school and college - not enough, we still need jobs) and maternity leave for 9 months and other perks - BUT!
But if you just have a job and doesn't really aim higher in life - in my opinion (as I have had low paying jobs) - well, then life sucks! You can hardly afford to go on vacation and have a normal social life because everything is expensive, and it isn't a given that economic mobility is an option - unless you have the ressources to pull yourself upwards - and as the internet grows, knowledge becomes increasingly more available and we get to learn from Entrepreneurs from all over the world, such as Pat Bet-David - and that is a wonderful, wonderful thing!
Back to the complacency part; People have a tendency to maybe have "pipe" dreams - meaning dreams that will never happen because they don't actually know how to breathe life into them. These dreams can more easily be put off when you are somewhat content - never fully content - but not hungry enough to actually do something about those dreams.
In a socialist society, once you have kids and expenses, it can be rather rough for people to actually go and start a business (due to risk) - and when the basics are covered there are less incentives to do so.
I need freedom of mobility to pursue Entrepreneurship in my life - as I believe it is a human right.
I am however a bit torn about the mechanics of a society like mine vs. a society like yours - as I also know that poverty and violence is a byproduct of extreme capitalism... I think tax rate at around 32-40% might be the best answer... what do you think - and why? - Sorry for the novel...
the degree of control that requires in certain places, largely due to the factor of population, which affects the allocation of resources. it requires luck and hope that the person who has the power understands what he or she's doing without killing people.
Never clicked on your video this fast. Lol
Hi boy
I'm here calling you to see my first text in English language and it's about business, it's the first and if I get 100 views in this one, I will write a little more in English
That's the texting blog.
joseredsonsenavital.blogspot.com.br/2018/03/why-bricklayer-cant-get-rich.html
Hi David, I am a Vietnamese refugee boat girl alone, left Vietnam as 17 years old to Thailand refugee because of Communist. My father was a Lieutenant Commander in the American military. I understand and know so much about these political powers. Vietnam is now transformed to Capitalism, I came back to Vietnam last February 2108. I would like to be on your show and empower as a young girl victim on these Communist and Capitalism politics.
Capitalism is an economic system based upon private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.
In political and social sciences, communism (from Latin communis, "common, universal")[1][2] is the philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classes, money[3][4] and the state
Unbelievably good video Patrick. Love the simplicity! Keeping people informed on topics people love to pointlessly argue about.
Hey Pat i want your blessing for my tomorrow's Maths exam.
I know it sounds weird but still i want.
Thanks @Pat.
I think we should have a long and deep debate on capitalism with optimist peoples.
Really interesting video and debate Pat, thanks for making me think and giving us all food for thought.
this video is a masterpiece, i am fan of this guy :)
You spoke nothing but the truth Patrick #CapitalismWorks
Sir, its nice to hear from you everytime you speak, but there is something I really want to know, how cost price be fixed for services, and what type of expenses do we need to include in the Cost Prices, so that we can be competitive in market in respect of rates. It will be very grateful if you can do a video. It will help me out a lot.
Hey Pat, I would love to see you do a video on disciplining employees for things like tardiness.
Great job highlighting the spectrum of force (involuntary) vs choice (voluntary). People often have a hard time grounding their idealistic visions down to a concrete reality, so it helps to raise examples tapered with an intuitive perspective.
This video is the mot informative on this subject I have ever watched.
Patrick is like the #OracleOfEntrepreneurship. Greetings from Argentina.
Pls continue
I love that initiative sir
This channel deserves 10x even more ATTENTION!! Pat, really thank you for all your videos.
Wow . Its just like what you said . Never done like this before . We here in Tanzania pay 30% and i thought that was bad but after this video i know am starting to appreciate it . Thanks pat . Keep up the Great work .
Great video Pat this was a smart and simple way to give a clear picture. Thank you. I will share this with my sales floor.
Love it. Do we get a part two?
What an eye opening video pat! Thank you for keep updating us for another great input!!
thanks for covering this topic maine! keep rocking
Why isn't it explained like this in school? And why do they force our opinion without letting students come to an accurate conclusion on their own? Great video as always Pat.
Love the biceps at 18:16!
I don't like capitalism, I like regulated capitalism. However, I would rather live in an anarchist society based on socialism.
Great video compared to all videos on UA-cam on this debate
very good analysis . well done
You have such a large following now Pat and a big responsibilty with it. Your quality of videos are just improving day by day with the followers. So impressed. How the heck do you know so much? Jeez. Seems a lot as a young guy learning all this... but I guess you have 20 years on me and you’ve chosen to improve. Much love man. More power to you.
A capitalist system with aspects of socialism is by far the most efficient and effective economic system. It provides the best quality of life for its citizens...this has been proven time and time again throughout the world.
Great video. Thanks for sharing
Ok Pat this will be my research topic for this year. I really wanted to understand these styles for a long time so now you put me in motion. Thank you very much Pat.
Thanks for explaining it Pat. I'll be honest I never really understood what socialism is
explained excellently...
I'm from Bulgaria ex Comunist country, and here we still have a lot of people who are not agree with Capitalistic system. Their opinions are all based on what their parents tell them, in my point of view, because all the time when i ask them why does they think that comunism is better option for our nation they simply have no answer more than everybody is equal, low unemployment. The biggest issue of this despotism is the lack of information that the nation has about it's own political,economy and social system.
It’s usually the case. Share this video with them
You speak of monopoly, however, I would love to hear your OPINION regarding Amazon. Its affect across the spectrum per our economy and business? Please explore.
you need to zoom out your camera lens
How can we measure how many people killed by capitalism? Not only wars for goods but also health care and other critical issues... I think capitalism is a good way to manage limited resources but it kills too.
Thank you Patrick,
I have so many Friends that want to debate politics but don't understand what they are debating.
Thank to your video I can show them what capitalism/communism really is.
With that said let's see what happens next.
You sure taht you know what you talking about tho?
That's so simple
Capitalism= wealth
Socialism = Poverty
And come to see it
I'm here calling you to see my first text in English language and it's about business, it's the first and if I get 100 views in this one, I will write a little more in English
That's the texting blog.
joseredsonsenavital.blogspot.com.br/2018/03/why-bricklayer-cant-get-rich.html
You really think comparing capitalism to socialism is just that simple? Wow.
This is the worst explanation I've possibly ever heard.
The video starts with an interesting statement. We are talking about which one is more EFFECTIVE, and NOT about which one is BETTER. Effective is not always better, especially in case a complex system like society. Effectiveness is measured by GDP, which we know is biased. If we level a city, and rebuild it, it is a huge GDP increase, but also lots of suffering, and we are in the very same position in terms of wealth as before. Also if we replace the dishwasher every year, we are not better of than having a durable one for many years, but the GDP is way more.
Capitalism is more effective in terms of creating more and better stuff. But it creates inequality, and requires continuous competition. And competing is exhausting for the individuals, and there are always losers. (Even if in long term, the losers of capitalism are wealthier than the people in capitalism.
But what if there are people with different preferences? What if there is a whole group of people, a society with different preferences? They don’t want to compete. They don’t want to fight over each other for having more stuff. They just want a steady, low paying job, a house to live, food, and some basic entertainment, like spending quality time with friends; but all these for granted. They don’t have to worry about tomorrow. They want the basics for granted, but they don’t want anything more than that, and they are willing to sacrifice growth in exchange.
Communism absolutely makes sense for people like the above. But only for them, and it is a foolish idea to think, they will be wealthier any time in the future. It is not their goal.
The problem is, that it requires a relatively high level of economy to start with, because you have to ensure, that even after the decline in effectiveness, you can still have enough production for the above basic goods and services. It is also stated in Karl Marx’s original paper. The Russians made a huge mistake rushing it, they simply didn’t have enough wealth to sustain this system. They also eliminated a whole class of society who were experts in producing food, which of course resulted in starvation.
But maybe in the future, with good enough economic basis, reinforced by robot driven production, someone might try it again with success. They won’t be more advanced than others, they won’t be more rich, but they might have a steadier, calmer life, without the fear of loosing the competition.
Disclaimer: I wanted to write this down BEFORE watching the whole video. I will reply to this if there is any change, or I have anything to add after. Also my dream of future has space travel, better cars, better healthcare, more knowledge etc..., so I still vote for capitalism. But even if you are the same, it is important to understand the i intentions and goals of people who don’t, and rather vote for a more socialist system, or even plain communism.
Okay, after watching the video I’m a bit sad because it became a bit of an ideological propaganda. You could have very strong arguments for capitalism, based on clear objective facts, without pushing your own ideology.
The biggest mistake is to confuse genocides with economic systems. These genocides and wars didn’t happen because of communism, they happened because of dictatorships. But communism is not the same as dictatorship. You can have (in theory) a democratic communism, and we actually have democratic socialisms. The later countries tend to be much more peaceful than average, with pretty good living standards.
It is a good approach to see how much we agree to give to the society as tax, but a bit misleading, because everyone wants to get more from the government, and pay less to the government. But there is a balance, which is different from society to society.
It is false that Bernie Sanders is a socialist, just because he is left from the American average. He is still a capitalist for any other measure, just that much. He is more of an European style capitalist.
There is a big mistake about inheritance, but I have a separate comment about it.
It is good that this guy realizes, neither political party stands for their original values. Both side are just populists, and favor their corrupt income instead of standing out for their values and ideas,
But the far the biggest mistake, is a straight ignorant lie about Bernie Sanders. His picture of the R8 has long been debunked as not true. You should know about it. This really makes me think that this video is just a propaganda of an ideology. I would give credit to this video, if this claim would not be here.
Thank you for this video !!
Loving the frequent uploads
Awesome content as always.
Thank you for the truth and knowledge
18:15 Pat got carried away and Mario had to cut him :)
Awesome vid as always thank you Pat
You entertained me man, love ya
This is such high quality! Econ graduate here and I want to say that it's rare to see something that is balanced and informative on this subject; it brings out high emotions
this video led me to the 10 episode series called free to choose featuring Milton Friedman.
PATRICK THANK YOU!
THANK YOU
THANK YOU
Patrick this is awesome! I read a lot of economics of the Austrian school, but seeing people explain it that actually make money is warming my soul! You're doing everything right!
A great video. Thank for making it
Actually Bernie Sanders would be in the 35-50% area. He is a social democrat, very much like what we have here in scandinavia. Our economies are very capitalistic and my home country Sweden was ranked as the #1 country to do business in. Yes, we pay more in taxes but we reep the reward through our great public education system and our universal healthcare.
Quite a good video, you definitely have done your research.
Your argument is very similar to Friedrich Hayek and Road to Serfdom, its a good argument so keep making it!
Thousands of people needed to see this video here in Brazil
thank you Patrick
1:34 liberal does not mean against capitalism...
The constant desire to increase taxes is going against capitalism.
Really? Then that is it?
Valuetainment. this argument taken it's logical conclusion would suggest anyone that is for taxes is against capitalism.
Thank you for this! Love you Pat!
Love you too
Market-Economical-Capital-Policies is compatible system when we want to keep our freedom to decision about our own values and still have enough safe-secure balance with most independent platforms and having stable claiming opportunities in different situations.
This is great info . I honestly didn't know the difference or even cared. Thanks
Amazing video!! I can’t settle for only left or only right either
One of your best videos.
Hey Patrick!
I'm really excited that we'll be getting more videos covering the intricacies of different economic policies. I feel like one the biggest challenges when having these kinds of debates is a lack of universal definitions (i.e. where that line is that moves a country from being considered capitalist to socialist). I really like that you took it upon yourself to set the tax ranges. What separates the two is half the debate because I've heard a lot of people who call for free this or that who consider themselves capitalist, and vice versa. More than anything, I'd like to see a real discussion/debate between you and a powerhouse socialism supporter. I remember you roasting the girl from "Think Tank," but that didn't do it for me. I remember in one of your videos you talked about how a lot of owners of big companies switch to socialism after making it big. Maybe get one of them, somebody that's really on top of their shit when it comes to this issue and have a discussion - I'd love to see it, if nothing else just to better understand their point of view as well as to hear what their response is to the points you bring up in support of capitalism.
Great video man!
You don't own your property in the USA. It's not a capitalist country. You pay property taxes. You are renting the property from the government. You need to get permits to build stuff on your property. Also known as asking the government for permission to build something on their property. You also have to do it to their standards.
You can never pay a certain amount and own the land. You can work your ass off and pay your 30-year mortgage off and the minute you don't pay your property tax. You lose everything you worked and paid for. That isn't capitalism. That isn't how real ownership works.
I don't know why you think 0% tax is anarchy and below 50% tax is capitalism and above 50% is socialism/communism. That isn't true at all. That isn't the real differences between them. That's some new found perceived way of thinking about it so you agree with the current day political system. But it's far from reality.
This has to be some kind of weird propaganda piece. I know you're better than this.
In what ways? I believe in a 10% flat tax but we won’t get there with a nation that’s in debt $21 trillion not including our unpaid commitments of $60 trillion for several social programs we have.
Thank you learn lots of things that didnot know...Love it
Well this was an unexpected breath of fresh air.
Winston Churchill quote: The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries
I appreciate all the work put in to this thank you pat!
You should use a RED Marker for Socialism rather than blue
Ah the old Propaganda colour trick.
I like that he switched it around and i think he did it knowingly.
Because ever since the cold war started many countries ran a really harsh propaganda colouring in everything from children stories to movies and adverts.
If you have to question whether or not capitalism work, you will never survive. Let nature sort out the weak. The real world is not easy and there should be no handout unless your truly disable. If you have to compete for mates, compete for food, compete in school, capitalism is the same. Good job pat. Like your explanation for capitalism.
you have to read anatomy of the state and the libertarian manifesto pat, there are great ideias on those books
Thanks pat for this video.
Living in Communist Romania, my parents have learned this saying about how communism works: everyone is equal, but some are more equal than others. You cannot have balance in a society where those who make the laws are above them, because they control everything and can do anything. FORCE vs. CHOICE this is what it's about. Thanks Pat for this great video, looking forward for the Marx one!
Since we all love competition, capitalism needs a rival to compete with.
Thank you Pat!
Hey Pat!!
I don't think Albania had ever an anarchy system(i'm albanian myself) not really sure about it but anyway just wanted to say that you're on fire brother!!
Keep em comin 👊🔥
love your work man
Very valuable info. And unbiased opinion. Look forward to the series. I literally know nothing about politics.
Amazing Pat.. I would lyk to see part two of this ..Please
#Valuetainer
i got some hate for commenting on another video saying you should talk to guys like jordan peterson. people don't seem to realize how much economics, politics, and business are intertwined. keep up the awesome content brother!
also history. And I'd love to see JP and Pat have a conversation.
Pat do you believe in increase or decrease taxes and wages? The wealth distribution isn't healthy right now. The economy needs spenders. I believe in Capitalism and low taxes-unlike the left- but I also believe in higher wages -unlike the right. What are your thoughts about taxes and wages?
I believe in helping increase your value in the market place where the Goverment doesn’t decide what you’re worth. The market does.
"Low wages" happen because of inflation. Let's say the minimum wage is $10. Today that might be considered low and not enough for a family to live on. 20 years ago $10 MW would have been high. So what changed? That 10 dollars has less purchasing power. Why? Inflation. Fractional reserve lending from banks and the Federal Reserve printing more dollars (that are backed by nothing) is the source of problem you're referring to.
and by the way, wealth isn't distributed... it's created. Some choose to create it and some choose to complain about not having any.
Thanks Pat, I'm learning a lot.
Good video, had it almost right but confused about what anarchy and capitalism is but does understand communism and is half confused about socialism.
There is one thing that Pat got wrong. The definition of Anarchy, which is no rulers. This is very different from "no rules" . What he is calling Anarchy is actually chaos. This is a very important distinction. Otherwise - GREAT VIDEO!