Capitalism Vs Socialism | What is the difference between Capitalism and Socialism?
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- Опубліковано 11 чер 2024
- Capitalism Vs Socialism | What is the difference between Capitalism and Socialism?
This is an unbiased comparison of the two economic systems, Capitalism and Socialism. I give a quick overview and compare their goals, main ideas, income, and talk about what Capitalism and Socialism look like today and which major countries utilize each system today.
#CapitalismVsSocialism #Capitalism #Socialism
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I appreciate your unbiased analysis and explanations. 🙂
You missed one point. In Capitalism business owners think only about profit not caring about their workers, environment, ethics... Everything is the mean of production of their wealth. In Socialism the most important thing is prosperity of the people.
Norway Sweden and Denmark, all consider themselves to be Capitalist
none of the scandinavian countries are even close to socialist
They are capitalist.
@@tiagosousa1468 They're really not
@@ltreno2753 yes. They are.
Manu Juliá how? I’m curious
Personally, I think that a mixed economy of both socialism and capitalism works best. Everything is better in moderation.
I think you’re absolutely right! Thanks for watching! Please subscribe for more content. A new video comes out tomorrow on the Green New Deal!
@Illustrate to Educate I just subscribed!
No. Socialism is either everyone gets one or no one does, but they have none. So no one gets anything. Capitalism is clearly superior
@Keanu chungus 100 We currently live in a mixed economy and so do other countries. Are public schools capitalist? No. Is social security capitalist? No. Is Medicare capitalist? No. Is the police department capitalist? No. Are our roads and bridges capitalist? No. Is minimum wage capitalist? No.
@@badwolf9956 Look, the thing is, stuff like medicare and social security and other government funded projects don't work, for example it takes years for the government to get a road built, but a privately owned company could do it way better. So capitalism will always come out on top. There are zero benefits to socialism.
The Nordic countries are not socialist. They are practically the same as the US. The only difference is they get more government benefits
HMmMmM?? It’s true that they are not completely socialist countries. But they have more social government benefits such as healthcare, education, welfare than most other counties. On the spectrum, they are further over on the socialist side than the US. Otherwise, you’re right, they are very similar to the US.
Nordic countries actually have more deregulated markets than the US to my understanding, have flatter tax rates (poorest pay almost as large of a percentage as the wealthiest), their welfare model is universalist (benefits both rich and poor alike), and actually feature very high degrees of private ownership. If we use "capitalist" as a quantifying term, I'd say there's an argument to be made in favor that the Nordic countries are "as capitalist or more" than the US.
@@IllustratetoEducate They are social market Societys.
@@IllustratetoEducate they are social democratic, not socialist.
They are social capitalists
Norway, Sweden, and Denmark all three hate when people call them socialist
social democracies
Yea they are social democracies exactly.
@john doe Scandanavia is more capitalist than USA
This guy is so good at going over controversial topics without getting canceled or hated on, because even the slighted bit of bias will send him down, good job!
Thanks! That’s so so true!
It is hard getting cancelled when you are literally misrepresenting everything
@@IllustratetoEducateYou are spreading misinformation.
There are 3 math equations going on here.
@1:05 Socialism is not free. Social Security is deducted out everyone's paycheck. The USPS charges for their credits or stamps system. It's about delivery to the top of the mountain for the same credit to delivery next door. A credit one buys. Not free.
Communist is a moneyless society that doesn't charge for their credit system. One doesn't buy food stamps or coupons handed out to everyone in a communist country. You get a free TV coupon in communist.
Free food stamps for the handicapped is a social program. Not communist or socialism. Just a social program.
But free food credits to everyone is communist. Communist is moneyless, AKA free.
One credit system everyone buys (socialism).
One credit system everyone gets for free (communist)
One credit system only the handicapped receives (social program)..
Actually the math in the socialism program USPS actually adds up. The less profitable routes are not canceled so the capitalist only keeps the more profitable routes. Leaving the less profitable routes gone. And we need mail delivery, to everyone, it's social.
Great video by the way. Sweden, Norway, Denmark are not socialist countries they are in the same sense as Great Britain and France they have social programs but still a capitalist economy
They have no socialist programs. Socialism is purely about the means of production. social healthcare is not socialist.
@Roniixx usa has social programs and is not socialist lol.
Id say France and Germany and Spain are more "state socialist" than the Nordic countries
Yes- but they are Statist nations.
@@RoniixxYou can start a company in the U.S. that is democratically controlled by the workers. It is perfectly legal and there are thousands of examples.
best most unbiased video on this i've found yet. finally starting to get it!
I said the same thing once it was over.
They're not even remotely close to what socialism is, socialism isn't "when the government does stuff"
He definitely was unbiased and fair, but unfortunately not correct about what socialism is. But keeping watching videos to understand. There are some good ones out there.
All I mainly know is that one is better than the other(which is my opinion)
@@brandon13752 Everyone looks at how all planned economy nations(USSR, China, Cube, etc) and look at how much the government controls the economy, without reading any books on socialism mind you, and just say that socialism is where the government has control over the economy. There are actual names for the amount of governmental intervention in an economy, and it sure as hell ain't socialism. (Free market, Mixed market, and Command economy)
The difference between socialism and capitalism has to do with who owns the means of production and NOT how much government involvement there is in the economy. There are statist and libertarian versions of BOTH capitalism and socialism. In fact, some forms of socialism (like anarchism) are in favour of completely abolishing the government.
What all forms of socialism have in common is that the means of production are collectively owned, which could mean either democratic control by the workers or authoritarian control by a centralized government. What all forms of capitalism have in common is that the means of production are privately owned for profit, which could happen within a free market or an authoritarian nation.
Also, Norway, Sweden and Denmark are NOT socialist -- they are social democracies, which is a kind of regulated capitalism and mixed economy that is between capitalism and socialism on the spectrum.
Someone who actually knows what they're talking about lmao
@@BadGruRising Thanks. I think it's very intellectually irresponsible for people with this kind of reach to make videos describing the differences between capitalism and socialism without even understanding the most basic definitions. All this does is spread misconceptions, rather than educate.
As a teacher of political science and political philosophy, videos like this one make me cringe, but I watch them in order to better understand why there is so much confusion surrounding the meaning of this terminology among my students. Unfortunately, these are the most common definitions I'm seeing on UA-cam.
This video deserves more attention. I feel like the more people who watch this, the less susceptible they are to being brainwashed.
You are unknowingly repeating pro capitalist propaganda dude.
Also you're missing the difference between "state-capitalism" and "socialism" the USSR and China were State Capitalists, that means the "state" controls their means of production. Socialism means the working class controls the means of production. Hes either wrong or lying. I'm going to give him the benefit of the doubt however since most people are oblivious to the difference.
@@kodablack1550 Given how broad socialism is it would still fall under the umbrella of socialism not so?
@@keyzprogression4539 It is kinda confusing so I'm not entirely positive. Marxist-Leninism is listed as a type of socialism on Wikipedia. I know that State-Capitalism and State-Socialism are words often thrown around interchangeably so I would bet it would be. But I know that in the USSR you still had "rich" people with unlimited access to everything, and a proletariat exploited class. Marx talks a lot about exploitation and how the working class is supposed to regain power, so I'm not sure what Marx would have to say about the exploitation and lack of power in Marxist-Leninist USSR or China. Or what his thoughts on Planned and Command Economies would be, as his critique was of capitalism because command economies didn't exist yet. But how was China supposedly communist like 50+ years ago but yet they have the world's second most billionaire's? Idk it's quite confusing.
"While the emergence of the Soviet Union as the world's first nominally Communist state led to communism's widespread association with Marxism-Leninism and the Soviet model, several academics say that Marxism-Leninism in practice was a form of state capitalism, or a non-planned administrative-command system or command economy"
It gets even more tricky when you talk about a "communist party" isn't communism supposed to be stateless, moneyless and classless? How do you have a government communist party if you're not supposed to have a state? Very good question, I'm sorry I dont have more answers and just have more questions.
Another really tricky part too is that Marx wasn't hyper specific. He didn't fully lay out the blueprints for how to do it. It was more of a critique of capitalism and SOME ideas how to better it. So when Lenin got ahold of Marx's information, he put his own twist on it because it wasn't a fully complete plan. So I think broadly speaking a lot of things could probably get called socialist or a socialist idea. But it's worth reading more into it.
@@keyzprogression4539 Literally the preamble of the communist manifesto though
"A spectre is haunting Europe - the spectre of communism. All the powers of old Europe have entered into a holy alliance to exorcise this spectre: Pope and Tsar, Metternich and Guizot, French Radicals and German police-spies.
Where is the party in opposition that has not been decried as communistic by its opponents in power? Where is the opposition that has not hurled back the branding reproach of communism, against the more advanced opposition parties, as well as against its reactionary adversaries?
Two things result from this fact:
I. Communism is already acknowledged by all European powers to be itself a power.
II. It is high time that Communists should openly, in the face of the whole world, publish their views, their aims, their tendencies, and meet this nursery tale of the Spectre of Communism with a manifesto of the party itself."
Homie you did a very good job with this. I'm Sub'n and putting this in a playlist.
Thank you so much!
"Socialism only works in two places: Heaven where they don't need it, and hell where they already have it" - Ronald Reagan
The Ghast Toycat Doesn't Care About Haha interesting quote. Thanks for sharing! :)
Exactly right. However Reagan's supply side does not work. His free trade tendencies did not work for the many (trade is only good as it is a waste in transport costs and other factors when it is driven toward exchanging finished goods with raw materials and balanced and does not undercut the wealth of the common people). He help to gut out middle class America in the Rust Belt - that is the very large working middle class, with his free trade agenda and deregulation. Tax cuts to the wealthy with no qualifiers to invest here and to use the cut for productive reasons leads to offshoring and tax havens and investments not here but in tyrannies like China. Tax cuts work only if under rules that direct capital to development, production, and public improvement (like museums, libraries, opera houses etc.).
😂😂😂😂😂😂😂
did you just quote ronald reagan
Reagan was shit
1:06- Factually inaccurate. I don't know why people always describe public education or public healthcare as socialist. There is a vast difference between social programs (a program paid for socially, aka by the government) and socialism (by its own definition: "the collective/social OWNERSHIP of the means of production"). It doesn't take that much effort to look up a definition. Just because they both have the word 'social' in them does not mean they are the same thing, anymore than cart and carpet are the same thing just because they both have car in them.
This fundamental mistake permeates the rest of the video. For example at 2:50 it declares that Norway, Sweden, and Denmark are "generally considered socialist." But they're only "generally" considered socialist by Bernie Sanders. The leader of Norway even came out and publicly stated that "Norway is not a socialist system, we are a capitalist haven with the lowest corporate taxes in all of Europe. We have some well funded social programs but that is not the same thing. And we would appreciate it if American politicians stopped calling us that."
Whether this was just a lack of research because he was confident in things he'd heard from the media/politicians, or whether this was intentionally misleading, I can't say. But given the amount of genocides and famines that have happened in ACTUAL socialist countries over the last 120 years, this false definition is the equivalent of saying "Nazis are the National Socialist Workers party of Germany who followed Hitler, and also are anyone who voted for Bush in 2000." It gives the ACTUAL Nazi's an easy out by saying "oh no, I'm not like the bad ones, I'm like the ok ones."
F**** finally an unbiased video regarding this complicated topic, well illustrated(loved the drawings) and straight to the point with both comparisons. Well done mate. Subscribed.
Thank you! I’m glad you enjoyed it! Thanks for subscribing’
Haha. This video is definitely bias.
they should teach this in school
I totally agree! Thank you for watching this. Hope you liked it! :)
AristoKrap They do😂😂but he does it wayyy better
This is very true. Back in school there was a large majority of socialists. Most teenager’s are so hopeful and optimistic
They do but the videos they show are biased.
hello I saw this video from my AS history class very cool!!!
So many people on both 'sides' need to see this video. Everyone throws around the terms without defining what they actually mean by them, and without realising they already live under a hybrid system.
socialism sounds like communism
it is in many ways but they are different things
Communism is socialism
Socialism is like a less extreme form of Communism. Like it's better than Communism but worse then Capitalism.
@@RJ-he2ns ohhh that makes more sense
Communism is always socialism but socialism isn't always communism. Its like the square and rectangle.
This was so helpful
right
@Di Fox ?
Hate to say it, but this video is wrong about what socialism and capitalism is. If we were to go onto a trusted source like google.com, or read any books as Di Fox has said, we would notice that socialism is an economic ideology where the means of production(stuff used to make stuff) is owned by the working class. Aka one private individual doesn't get paid from the worker's labor. What the person in this video is describing is called a Free Market economy(or mixed market) vs a command economy. If we look up the definitions, or read any books on these systems, we'll notice that a Free Market Economy is one where the government has 0 intervention in the economy, a mixed market is one where the government has some intervention, and a command economy is where the government has a lot of intervention in the economy.
Thank you so much! So easy to understand!
I needed this to be like 15% more detailed and it would have been perfect for me to understand.
I agree. This video could have been much better in many ways. If you check out my more recent videos, you'll find them to be much better I hope.
I think the last point, that governments and regimes mix elements of each, is important. They do not exist in an unambiguous dichotomy - there are policies from each approach that can be useful in different situations. It's hard to group countries neatly into one category or another.
And in some cases, a socialist policy can meet capitalist goals (or vice versa). For instance, entrepreneurship and competition (capitalist) can be boosted by healthy minimum wages and subsidies for small businesses (more socialist).
One criticism I have is that you equate socialist with a strong government role. Many socialists, historically, were anarchists as well, believing that equality could only be achieved without the involvement of states.
McMatthew99 Thank you for your feedback! I appreciate your comments. Thanks for watching!
socialism is by definition anti capitalist. making it incompatible with capitalism but pop off ig
how tf do you get socialism without a strong government
Thank you for making this video. I think the topic of how socialism has affected both major and minor nations should be another video. It's an essential lesson
Hmmm that is a great idea. I like it! :)
Professor Dan, this is an excellent video. I like how you made the point that there are different shades of gray when looking at countries economic practices. I think an additional video you could make is the fundamental differences between Socialism and Communism. The lines can get blurry. I experienced "communism" when living in Russia for a summer in 1990 as the wall just came down. It was eye-opening to say the least. Thank you for continuing to educate all of us on really important concepts in our lives! I think it helps us be better voters!
Russia wasn't communist though. How do they have so many billionaires today if they're communist? Communist aim to achieve a STATELESS, MONEYLESS, CLASSLESS society. The USSR achieved none of that 😂😂😂
There is other countries that have achieved a country with no state and no classes however, but they still have money
@@kodablack1550First of all, Russia today is not communist but back when it was part of the Soviet Union it was communist until the Soviet Union collapsed in 1991. Second of all, a communist society can never achieve a stateless, classless, moneyless society because hierarchies are created by natural human instinct, money is what gives people an incentive to work so they can use that money to feet themselves, and finally, under communism, the state is everything because it owns everything and rules its people with an iron fist. Me personally, fuck the state, but I am keeping hierarchies and money.
@@kodablack1550 communism is a form of capitalism . Russia has its rich and poor .
Definitely subbing. Amazing video. Understand it better now. Thanks.
Thanks for the sub!
Far Left vs Far Right essentially boils down to "Seize the means of production" vs "Seize the means of reproduction"
That’s is amazingly true
Both are extreme and authoritarian idea.
Left-centrist, Centrist, and Right-Centrist are the best solution to keep world at peace and free of tyranny.
CB do on BBC cod Gucci obi jon Go no n in Go ff Co o’clock coo boo boo-boo Go phobic no Go igloo icon voodoo coco cocooning Co Co Co Co Co Co boo boo coco o
aRE yOu mAGnA cUm LaUDe?
What do you mean by seize the means is reproduction?
I agree with capitalism but I feel like if it had free health care and education than it will be the best
Love the music background you should return it for your new videos 😃
Good feedback. I definitely will!
Karl Marx Said..
"Capitalism is best system in history to raise people out of poverty"
ua-cam.com/video/V6v0P-JUS3g/v-deo.html&ab_channel=CaliforniaWildfires
Thank you for the information bro good video its still hard for me to fully understand and make an rational opinion about it... do you know if the Netherlands is socialistic?
If a country has a free market is it’s not socialist.
Norway, sweden and Denmark are NOT socialist, theyve gone on TV to clarify that.
I actually live in Norway, its more of a combination, but we actually have many many many government benefits that are in no way shape or form capitalist, such as free universal healthcare, free education(public college), and many more welfare programs, although a lot of our market might seem capitalist, if youve lived here for a bit, its much more of democratic socialism.
@@jakegutierrez7470 Norway is nice but they should become more socialist in my opinion as it would stop their large corporations from going to foreign countries to find cheap labor.
this video is wonderfully edited and i love the channel. however, there’s something you missed. socialism doesn’t inherently have anything do with government ownership, it’s about worker ownership. under socialism, a factory wouldn’t be run and operated by the state, it would be run and operated democratically by the workers. socialism is about fundamentally changing the relationship between the owning class by letting the workers run the business collectively instead of them controlled by a single person/small group of people. socialists can like markets, they just wouldn’t like that those markets are ruled over by CEOs, who they see as having too much power over large swaths of people. hope this comment is helpful to anyone curious about capitalism or socialism :))
Karl Marx Said: "Capitalism is best system in history to raise people out of poverty"
ua-cam.com/video/V6v0P-JUS3g/v-deo.html&ab_channel=CaliforniaWildfires
@@TheConstitutionFirst i’m not gonna lie i dont really care about karl marx lol
@@basedmuscleman6539 You know who else doesn't care about Karl Marx!?
What I find interesting is that a “socialist” can have the very thing they want: A company that is fully owned by the workers. There are no legal barriers (in the U.S. at least). On the other hand, a “capitalist” cannot truly own a business. He or she will be compelled to share ownership with “government” people. Do we conclude then that the USA is a socialist country?
Of course, the “socialist” will find that the “worker-owned” company must share ownership with “government” people as well. Maybe “government” people are simply scammers, con artists claiming ownership shares without any justification. Forget “left” and “right” nonsense for a moment and we might find the actual violations taking place in our economies.
In a capitalist society prices can be set on items the amount one pays for it what the true cost of a A product or service costs socialism they don’t care what the cost of a service or product is will just raise the tax to pay for it not being concerned with the bottom line
@Stuart MacPherson Why do so many complain about the American system then? How money is invested is also of great importance.
Socialism is when workers actually get paid based on how hard they work.
@@pixel6698
their should be no celebrities whatsoever in any socialist country then if that’s the case...
@@tjohnson2139 Yes, no fake celebrity lives, excellent
“socialism is when you have to pay taxes”
Well you see one actually works the other has never worked
im assuming you mean capitalism works? if so, it is constanly bailed out by socialism everytime the market dips or crashes. the rich keep getting rich, and the poor keep getting poorer. you need a fairer mix of both of them for a society that acually works. there are alot more poor people in this wold than there are rich, capitalism needs to keep going burst to try get some money to the poorest people so they dont revolt.
@@garymckay7669 NO it is not bailed by socialism
Do you even know what socialism is?
@@garymckay7669 If someone is poor then that is their own fault. My family is poor and my dad has said several times that he did not care about school until late college
One has been suppressed by America one is in America
@@sicelobhekibafanakhumalo5782 have you ever lived in a socialist country?
Thank you for this, every time I see this drawn out I can’t help but think we need to find the equilibrium. People run a business to be better than another one so people earn more. It’s simple greed we all want to be the best. Competition drives people. But then we have thing like healthcare in the U.K. that is free as it should be. There is some
Privatisation which on paper should be good it allows the nhs to fund core issues instead of wider issues but cronyism won’t let this happen. So why do we keep holding ourselves back. Everyone deserves free education and healthcare that’s just for simple existence. But a normal company needs competition it’s a driver. But then there are simple things like building roads or simple infrastructure that the unemployed can be hired to do. So can we fine the happy medium of privately owned companies that also combine with governments to develop social enterprises where they employ them for work instead of just paying unemployment. Make private contract with companies where people do unskilled work to develop the country(yes this happens) where it is regulated by a communal committee that doesn’t select some crony. Neither left nor right works why is it taking us so long to come up with a hybrid system that work
Sometimes, but just prefer extremes, or want to assert their dominance over others.
I remember my father telling me that when a guy presented the idea of adding cameras to increase security, another one refused completly, despiste being a good idea.
He told me it was due to people wanting to assert their dominance and not seem weak.
In this case, people want advantage for themselves and support their group or have other interests.
In my country, I once heard from many people that during normal times party group reunions have about 4 people, but when in election, about 30.
Its human nature to feel strong and in charge.
I think we need a good mix of both. Too much capitalism creates monopolies and drives the gap between the rich and the poor to be larger, and too much socialism is just too much of the government in control for my liking... people who swing too far on either side scare me tbh. I think we need to model ourselves after Europe more, or even Canada, well here in the US anyway. Theres really younger people out here that want straight up communism and I don't understand that at all.
Majority of millennials are in support of a socialist economy. Multiple polls have showed that 60% of them don't even understand truly what socialism is. Most people support socialism because it only sounds good but when they actually do research on what socialism has done to every country it's been in, they think differently
@@kiwikiwi2483 I'm a millennial and I absolutely do not support socialism lol, I support strong social PROGRAMS, but as far as the economy, free market reigns supreme... at least, in my personal opinion anyway.
@@kiwikiwi2483 And honestly, I think it's more Gen Z that supports it. Millennial I believe are more split down the middle.
@@ayejay4270 I'm going off of statistics generated from polls done on millennials on the topic of whether or not they support socialism or not and if they are actually educated on what socialism is and how much it can screw up a countries economy
@@ayejay4270 Again, it is only a majority however not ALL millennials. And these polls weren't done on all millennials, just a certain number of them (however that data would mathematically expand if you do polls for larger portions of the millennial population).
Great job in explaining it, i now fully understand!! Thanks!!!!
This is quite a mischaracterisation of socialism. Socialism is more about public ownership that state ownership, coloration over competition. Depending who controls the state state ownership can be capitalism or socialism.
Mind you the biggest issue I have with this video is presenting socialism and capitalism as a dichotomy as if they are mutual exclusive or the only two options - this is a fallacy.
Lol this was a great video but when I'm finished watching I still dont understand. I need to watch it over 50 times
You're me, and I'm you. I have test tomorrow and I'm fcked up.
I only understood 50% of it.
@@danishgda1886 hows the test?
@@NEY-uu3lx Surprisingly it's going very well lol.. not as bad as I thought
@@danishgda1886 good to know
The idea of socialism is wonderful, but, due to human nature, is impossible to pull off
ur just told to think that way brought up in the proper environment this is not true
Nature is shaped by our environment
Let me correct this:
The idea of socialism is immoral. Trying to pull it off is evil.
C L explain to me how sir that makes no since form someone who is educated on the topic 😃🤛
@@madinicolette2888 Proposing to take other people's stuff and spread it around is immoral. Actually stealing other people's stuff is evil.
Not very complicated.
there should be a term to refer to the mix of capitalism and socialism. I think that would clarify and help others understand things a lot more. If there already is a term referring to the definition, plz let me know?
Social Democracy it is called.
thanks for the video, very helpful.
The best countries that promote the highest quality of life for the average citizen have incorporated elements of Capitalism and Socialism.
reasonably smart people know that the economy should be balanced between left and right philosophies.
@@casonherndon6122 Freedom of speechand of course common sense.
@@casonherndon6122 Freedom of speechand of course common sense.
@@user-ci3ej4su6k I agree. A capitalist society can help promote and encourage development, while not promoting too much government control in terms of the means of production, but a mix of socialist ideals will allows for safety nets like free healthcare, and reduced education costs, especially to those who cannot afford those things.
FALSE. socialism requires theft and is a parasite on the free market.
Tbh I just want a US government where there a more social benefits and a government that’s breaks up monopolies like Teddy Roosevelt
The Government already does both on each side. However bits from each for different scenarios would work best.
Oh dear, socialism is not government and capitalism is not markets. Socialism is all that pertains to worker control of production and the working class getting all the wealth it produces--including democratic worker-owned businesses and cooperatives--while capitalism is specifically a division of workers and owners.
Colin Bruce Anthes is the clearest on clarifying the difference:
ua-cam.com/video/FhQkEB9ucwg/v-deo.html
Acts 4:32 All the believers were united in heart and mind. And they felt that what they owned was not their own, so they shared everything they had.
Is this a type of socialism? One motivation by love and unity?
BRO THANK YOU SO MUCH I FINALLY GET IT
Love this video, fully understood the concepts
Thanks for watching! Glad you enjoyed it!
Karl Marx Said..
"Capitalism is best system in history to raise people out of poverty"
ua-cam.com/video/V6v0P-JUS3g/v-deo.html&ab_channel=CaliforniaWildfires
The term “capitalism” was coined as a derisive term if not by Karl Marx himself, at least by one of his contemporaries because there's no reference to it prior to the publish of Das Capitol In 1867. That's it was never designed, but just evolved over time as humans traded goods and services. Invariably some will accumulate more wealth in capital than others, which they can convert to political power, which in turn leads to vastly more wealth capital for those at the top.
In a socialist system the Capital or means of production is owned collectively or by the state. Thus one's wealth, is invariably correlated to one's political power.
I think you presented the "income" slide the opposite in your employment graph. Employment should go up under Capitalism, and should go down in Socialism. Unless you mislabeled employment from *unemployment*. Which you have supported in your audio.
Gil V., RRT Sorry, yeah it’s a bit confusing. What I was trying to say was that employment can’t be guaranteed in a capitalist system when the economy takes a downturn but employment can be better “controlled” in a socialist system where the government is more hands on with the economy. But yeah the way it was presented was not great. Sorry about that.
@@IllustratetoEducate I still think you got it opposite. Capitalism creates more jobs, Socialism plummets the economy by taking more money through taxes from big companies, which leads to less money to hire more employees. However, I do love this video overall and also your Democrats vs. Republicans video. Very on point!
Gil V., RRT Yeah you’re right! And I think that that’s the point I should’ve made. I was more referencing during economic downturns (like we’re in now) where employment takes a greater hit in a capitalist system. Is that not right though?
@@IllustratetoEducate correct!
@@IllustratetoEducate true, and good to note that the downturns are created by applying socialist principles and regulations which the regulators have no intention of following themselves.
Great video
Great video. Please do one on surveillance capitalism and techno feudalism
Interesting topics. I’ll need to look into those. Thank you for watching!
You could add that true socialist countries were the USSR and communist China (that still is a socialist or communist country adapting more or less market economy). Socialism in the Soviet Union resulted in hunger, death of tens of million people, poor economy that eventually led to the county collapse. Sweden has been reducing taxes that were the major reason for economy stagnation in 1970s and 1980s.
Absolute power absolutely corrupts
You be conflating Capitalism with Markets and Socialism with Planned economies. Also if you're going to be discussing Socialism talking about Marxist theory is required.
Classmate Guy I appreciate the feedback. Not really sure how to take it, but would encourage you to make your own video if you have that much criticism about this one.
The main difference between Capitalism and Socialism is that Capitalism ties the distribution of wealth at least loosely to production: hence, the more an individual contributes through his productive capabilities, the more wealth he earns. As not all persons contribute the same value to the general economy, not all earn the same rewards. Socialism, in contrast, insists upon a divorce between production and distribution: whether he contributes a little or a lot, every worker is entitled to the same share of the wealth. The problem arises in the question of how to motivate a person to devote his time to hard economic labor, when a light, easy job could net him the same profit.
I'm lucky my country have best of both, thanks to the leaders whom had driven this very company to this extent... I'm glad
Great video that is very informative! Good work!
Good Video
Jesus is king Thank you! I appreciate it! Consider subscribing and thanks again for watching! :)
just wanted to send thanks! keep it up
Thank you! Will do! :)
This was very informative thank you
IMO, the government should not have absolute control over the markets, so capitalism is better.
Lol a government that is democratically elected by the people having control over the economy is 10x better than capitalism. A government cares more about the people than corporations do.
@Roniixx nope. Having a system where you have the freedom to criticize your manager and when the means of production are decided by the people is the best system
Socialism is not when the government influences the economy or controls certain enterprises; if it were, every single country would be socialist. Socialism is when WORKERS own the means of production, not the government (Think of worker co-ops). Like a lot of the comments mentioned, Denmark, Norway, and Sweden are not socialist because enterprises are controlled by private individuals or the government and not workers.
Very true, people are confused
You're exactly right. The point of socialism is giving power to the people not necessarily the government.
The Nordic countries should not be confused as “pure” socialist countries though as they’re absolutely not.
Keep the good work!
Thanks
Thanks, will do!
Karl Marx Said: "Capitalism is best system in history to raise people out of poverty"
ua-cam.com/video/V6v0P-JUS3g/v-deo.html&ab_channel=CaliforniaWildfires
Nailed it!
Understanding political economic ideologies!
1- Capitalism
A system where there is private ownership of business, not regulated by governments, there is class difference as the owner can make profit and give workers their allocated wages. During economic breakdown unemployment is a problem as the state wasn’t regulating the workers. Capitalism promotes competition which is a source to boost economy.
2- Socialism
A system where the government owns most of business and services (nationalisation) ; the people elect their ruler by democratic elections to regulate the service and distribute the money to people, but there is concession for private ownership but they come under conditions of high taxation. The government is responsible for the employment of people and the individual are paid according to the contributions made. The revenue generated by state is given for the welfare of people like free healthcare and education system etc. Basic rights like freedom of religion and expression are promised.
3- communism
A system where the people own most of the services, it’s a classless society where everyone is paid equally regardless of contributions made, the central government gives people the necessity, only the ones they need. This leads to corruption by the ruling power, which is why Orwell was against it. There is no system of democratic elections likewise no freedom of religion and expression.
4- fascism
It is defined as a government structure where one dictator has complete control of the entire country, state, or territory. Anyone who opposes this dictator is suppressed and individual rights are often oppressed. A fascist government might also be called totalitarian. This ideology leads to nationalism where people might opt for ethnic cleansing of minorities like in India. However, There is concession for ownership of private property like businesses as long as they are beneficial to the state.
Love you
You forgot one.
Common Sense.
@@4th19th2 honestly there is a very subtle difference bw them, whatever I could find on google and my knowledge I shared it
Hope it’s beneficial
The best explanation I've seen. Thank you
Karl Marx Said: "Capitalism is best system in history to raise people out of poverty"
ua-cam.com/video/V6v0P-JUS3g/v-deo.html&ab_channel=CaliforniaWildfires
Thank you very much for that!
No problem!
Capitalism: Focuses on private individual ownership of the means of production, business growth, and more job opportunities.
Socialism: Focuses on social or state ownership over the means of production, the government employs citizens, and social programs for the poor and needy. Wealth is distributed amongst those who work hard and those who don't
One system rewards hard work, and the other undermines hard work and rewards laziness.
Well, in a nutshell.
oh yes the poor and homeless are lazy arguement
@@karenparker6407 no but in socialist countries you literally have no motivation to do any kind of work I know people from Sweden they tell me all the time the government gives them too many benefits and it’s probably gonna lead to the country going broke
@Pack -A- Punch they still get more then what they deserve in a capitalist nation you earn to stay afloat.a country with millions of people cannot cater to every single person
I've been looking for videos related to the difference between capitalism and socialism to show my middle school students. I can confidently say, as someone who has been studying political economy since 2015, whenever I see these videos it is quite obvious that nobody who makes them has ever studied capitalism OR socialism.
As an educator myself, I'm surprised by your disrespect. Maybe instead of "looking" for a video, you make one yourself for your students.
@@IllustratetoEducate damn you destroyed that commie
@@Irishlad7979 😂
There are only three ways to get people to submit to work, voluntarily, through trade, and through coercion. Every country uses a mix of all three. Socialism uses more coercion (slavery). Capitalism uses more trade.
There’s no way for these two systems to exist entirely independently from one another, and there is no pure form of either one anyway. Capitalism is an affront to the sensibilities of materialism. Socialism enforces the idea of living for future elsewhere as both desirous and also ridiculous. The appeal of capitalism is the challenges it paced, paved, and placed upon individuals. You get a sense of who you are, you’re truly one-of-kind, but also not really. Socialism is by far more comforting, which can also become excessive and smothering. Really, we should look at these two as defining the nature of industry, and not economy. A socialist country specializes in manufacturing, and in general factories, in a very large and broad sense. A capitalist country specializes in making the socialist economy meaningful, which is also partially an euphemism. The reason I say socialism is comforting is that the very idea that you will always have something, and that you won’t face the capitalist roller coaster of which a fall from graces could destroy a person. Capitalism creates cliff like scenarios, where as a socialism may seem like a perpetual fog. A fog is oddly comforting although it makes it difficult to see, and a cliff is exhilarating, but if your health should fail you for example, you may plummet to your end as loss after loss after loss can pummel you, or the realization that most of your life will have to live in the balance between stability and instability, requiring continued investments of your money to provide you with various protection. A third world country is a misnomer. We should instead translate this into a kind of industry. They are resource countries.
The Nordic model is social democracy, which operates under a capitalist framework, albeit regulated. Capitalism is the only system compatible with individual liberty, though it does not guarantee it.
Imagine thinking socialism and communism, which are inherently democratic, are not compatible with liberty. There’s is nothing more liberating then the workers controlling the workplace and the state.
@@arthurmorgan1550 Democracy actually limits individual liberty, which is why we limit democracy. Who is more free: the person who wakes up in the morning and chooses their own outfit or the person who wears whatever the majority voted they should wear? It's called a tyranny of the majority for a reason.
@@Nanofuture87 So are you an an-cap? (Oxymoron.)
@@arthurmorgan1550 No, a minarchist.
@@Nanofuture87 So how exactly is workplace democracy tyrannical? It’s far more free than a ceo a thousand miles away controlling everything. And without democracy, the so-called tyranny of the majority, you’d be left with tyranny of the minority. That tyranny of the minority could be a dictatorship, an aristocracy, capitalists, etc. It would be a small group of people in power controlling everything.
It blows my mind that the most successful economic systems (western Europe and North America) are looking to become more like the known socialist economies of China, Vietnam, Cuba...North Korea who haven't been anywhere near as prosperous 🤔
omg no bs 20min video!!!! good job
Thanks! I’m glad you enjoyed it.
Karl Marx Said: "Capitalism is best system in history to raise people out of poverty"
ua-cam.com/video/V6v0P-JUS3g/v-deo.html&ab_channel=CaliforniaWildfires
Really helpful!
Glad to hear it. Thanks for watching!
Capatilaism best
Mostly capitalism some socialism>All capitalism > All socialism
free market is the default. socialism is the disease.
Socialism > Mix > Capitalism
@@pixel6698 no, honey. socialism can't exist without the free market to feed off of. that's why progressively socialist countries implode and go back to the free market. all countries with a govt are socialist to the degree income of the individual is stolen by said govt.
@@legalfictionnaturalfact3969 Painfully obvious you liked your own comment, but oh well. Do you have any evidence to back up that claim? The biggest issue with people criticizing socialism is that they pretend it always fails, when that is just not true.
@@pixel6698 if you dont' like your own comments, you shouldn't be making them!! lol. i never said socialism fails. it works exactly as the ruling class intend.
Very informative, for that I say vielen Dank =)
These Capitalism vs Socialism debates keep overlooking the fact that most developed countries have mixed economies. So it's about how much more or less you want of each?
In Ireland we have a mix of socialism and capitalism (I think it’s called democratic socialism if I’m wrong tell me) it was going great up until 2007 before that the time of wealth was called “the Celtic tiger” (don’t ask me why I honestly don’t know lol) but up until 2008 there was a recession not because of socialism it’s because the banks kept printing money. Because of my Taoiseach at the time and the party in Charge which was labour btw kept on printing and printing until the euro in Ireland became nothing. But the EU gave us money BUT today every Irish worker is paying about €7000-9000 in tax to pay back the EU. (No wonder England left) I wish the EU would cut that price down and also no wonder why France wanna leave also Ireland has socialist parties but a lot of people think socialism doesn’t work but it does work here BUT there is also capitalism. I am NOT saying Ireland is soooo wealthy we were but if my government wasn’t so stupid we would’ve been fine 😂 socialism can work and it still does for us BUT having a balance of capitalism and socialism is A LOT better than just one or the other. Is there poverty here of course there is we have a horrendous homelessness problem because of housing is so expensive here(thanks to my shite Taoiseach Leo Varadkar lol Ireland isn’t all wealthy it used to be but not anymore
Market based economy under rules that benefit the common citizen coupled with a strong social security system (retirement,wage support,disability) and free healthcare and education is what Ireland and all nations need. It is neither socialism nor free marketism/trade with all their inherent flaws. It is to build national wealth distributed to the many. It supports the inventive, the creative, the innovative entrepreneur - the small businessman and the philanthropist (by encouraging museums, parks, opera houses, libraries etc.). It focuses on building up the skills of the people - tradesman, craftsman, production workers, service workers etc. who are paid middle class wages who then exercise their power by choosing winners and losers in the marketplace. It recognizes that the national currency is best - as it can be issued based on demand - its value based on that demand - through a progressive tax system that focuses on keeping taxes low on the productive and high on the non-productive.
THANK YOUUUUUUUUUUUU
very good video. thank you
You’re welcome! Thanks for watching.
when every nation has a combination of the two systems, why even divide it in the first place? especially when they are bound to be overlap.
Imagine being a socialist using capitalist made product
That makes no sense if your not allowed to criticise something because you live in that thing then by your logic slaves couldn’t hate slavery because they ate their masters food or people under an absolute monarchy can’t criticise the monarchy because they reap some benefits.
@@cathalmckibben7176 your comment is very ironic
@@eurasiaacaci.-110 how?
@@cathalmckibben7176 not allowing to criticise something , Stalin always do that lol
@@eurasiaacaci.-110 i never mentioned liking Stalin he was a maniac
Unbias, clear and concise. Nicely done!
Thank you!
One of the finest video with explanation.
Thanks man ❤️
Thank you so much for watching!
very helpful!
This gentleman seems to be confused about socialism..he seems to be describing communism.
Justin Kottabi www.google.com/amp/s/www.history.com/.amp/news/socialism-communism-differences
I would say that communism is more authoritarian, while socialism is more libertarian. America is pretty much a mix of capitalism and socialism so we aren’t even close to being communist.
@@IllustratetoEducate good article and it nails the core meaning behind each term. So many people instantly associate both words as being terrible or awful. While I am not a fan of true communism, unchecked capitalism. or true socialism. I do believe Democratic socialism is a nice in between of capitalism, so people dont lose innovation and drive, while maintaining a balance of social programs that benefit the majority. A strong foundation is built from the ground up.
Thats because socialism and communism are very similar
@@locked_code2468 Nah
I only clicked this to fact check myself- and would like to applaud you for your creativity and this channel concept
Thank you! :)
Norway, Sweeden and Denmark are all capitalist countries with some socialist tendencies, but socialism is achieved when means of production are collectively owned which is not the case in any of those.
norway owns like 80% of the national wealth if you exclude homes. the other countries aren't as high , but they're a lot , lot higher than the US.
Giving all power to the government is always a bad idea
Yes, socialist's agree
Didnt U forget mentuin that one of them dont work?
Both have failed
Both have there pros and cons. Like no one should be too powerful because of money. But some jobs are more deserving of higher pay.
@@zj13goat57 capitalism is fine if you make the right choices but socialism you have no choice
Social democracy sucks for middle class in my country
@@jackcason5282 Socialism doesn't mean equal pay for all, you are thinking of communism. Socialism asks that the workers have more say in the business and get paid based on how hard they work. Jeff Bezos earns roughly 1857000x as much per hour as a minimum wage worker, do you think he works 1857000x as hard as one? I would argue the average worker works harder.
I like how he is just describing it and not being one sided
Not really. He said "the government". Does he realize socialism specifically mentions the community controlling the economy and not the government? This guy is forgetting about anarcho-socialism.
@@shinybaldboy4384
The government is the community.
Capitalism is private ownership of the means of production and socialism is collective ownership of the means of production.
Welfare, high taxes and wealth redistribution can happen in capitalist economies and it can also not happen in socialist economies. It's all about the ownership of the means of production.
Furthermore, collective ownership doesn't necessarily mean that the state owns it. There are other forms of collective ownership.
The term 'market socialism' is where businesses are collectivly owned in coops (worker- or customer coops) and compete in the market similar to capitalism but without private ownership.
Would it be possible for both to exist?
Mixed economy
Yeah, If you have a mixed economy
Socialism and Fascism are not the same
Most fascists are capitalist but some support more socialist ideas
ZJ13 goat Name a fascist, capitalist country.
It may take you awhile, but I can name five fascist, socialist countries off the top of my head
@@spiicypotato America is fascist-capitalist country and rest of the so called first world
Fun fact: the United States is a mix of both socialism and capitalism on the economic spectrum. We are also socially liberal.
What side do you support bro ?
Capitalism
Socialism
Thank you for the great video 👍🏽
Lmao we should all go back to watching watermelons explode with 1000 plus rubber bands