What Went Wrong With Capitalism? | Jill on Money
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- Опубліковано 1 жов 2024
- On this episode of Jill on Money, Jill sits down with Ruchir Sharma to discuss his new book, 'What Went Wrong With Capitalism?' They delve into the history of the government's role in the economy, why so many young people today are disillusioned with capitalism, and much more!
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Great episode! Very balanced and thought out discussion from Ruchir Sharma.
It pairs well with Scott Galloway's "How the US Is Destroying Young People’s Future"
Anyone who likes the idea of socialism has never actually lived under socialism.
Socialism is For The Corpratocracy not The Plebes. Bank bailouts corporate bailouts. All the corporations paying slave wages so the Government pays for food stamps and Medicare. That's not benevolence twords the workers it's Friggin socialism for the corporation. Now tell me again about people not understanding socialism. Besides countries Americans call capitalist Democracies like Isreali have universal Govt healthcare and guaranteed Housing 🤩😳🎭🐑🐑
Apparently factual responses to conjecture is Censored here.. socialism is For Corporations in America Obviously you Approve of Bank bailouts? corporate welfare money is Rampant. Tax money pays for the research to develop drugs then big pharma charges the tax payer double and Triple what they charge the rest of the world. Capitalism isn't broken it's Working exactly how the oligarchy wants it to work 🤩🎭🐑. Censor that.
I'm convinced most people don't know what socialism is and would just say "it's government doing things"... Which is completely false. Most "socialism" people think of is just government acting like a big capitalist.
@@WanderingExistence People think it’s government taking care of its people, but it’s really just government taking control of its people.
@@edhcb9359 You missed the point entirely. Just because feudalism was dominated by government doesn't mean feudal governments were socialist. With that example it should easy to see why that's the worst way to define socialism. Government being in control does not mean that it's socialism. _Socialism is a system of economic democracy._ There are various ideologies that want to create economic democracy with large governments (Leninism), and there are some ideologies that want to do economic democracy with smaller governments (democratic socialism), and there are some ideologies that want to do economic democracy with no government at all (anarchism).
You may not think they matter in the real world but when it comes to definitions, it gets really ironic when you realize most anarchists are socialists and yet you guys want to talk about how socialism is defined as "big government". That's not the definition of socialism. The major through line of all socialistic ideologies is economic democracy.
A full length episode!
You know what else didnt exist in the early 1900s? Practically anything, some manufactured textiles and a few machines were all that seperated those poor souls from the middle ages.
Need to raise social security tax over $168,600. It will probably never happen but that should solve the problem.
In bad times take on debt. In good times, like now, pay down debt.
In accounting terms, companies invest in capex when interest rates are low and they build up their cash position when interest rates are high. With a 5% hurdle rate who wouldn’t take the safe option?
Or...don't ever take on debt.
Great show Jill! The episode brings to mind two sayings: 1) We have the best government money can buy, and 2) The Golden Rule; He with the gold makes the rules. Very interesting discussion on the role of government.
Compound and Friends ❤️ Cliff! 🫶🫶🫶
Good content as usual. Don't really agree with the theses of the author however.
Great episode, good debate. My life needs this book
Jill 🔥🔥🔥
A lot of misinformation spouted by Ruchir. He said the pace of new startups has declined over the past 30 years, but the opposite is true. Steady increase every decade and the rate is triple what it was 15 years ago. He said inflation has outpaced US wage growth since the beginning of COVID, which is also patently false regardless of whether you measure by PCE or CPI. Most of his high level points I agree with but has a loose understanding of economic cause and effect.
Great guest, great conversation - thank you Jill!
I may be not as knowledgeable as mr.ruchir is but the summary is govt should stop bailing out lehman....may be then Rockefeller take its position
in real capitalism buisnesses would be allowed to fail that failing part would be buisness as usual
this would keep buisnesses streamlined and focused on productivity and quality
instead we have the opposite
for example
farmers are paid to not produce
motels sit at less than 50 % occupancy and still stay in buisness
america is very mismanaged
the govt does many things badly
health care
racial problems
foreign wars
failing infrastructure
getto inner cities
law enforcement and prison systems
public transportation
public schools
drugs in schools ect
i mean the govt does many things badly
how is our govt still in buisness
under pure capitalism our govt would be allowed to fail
allowing us to make and support a govt that works
i mean why should any american want to vote in this up coming presidential election
you are voting to support a govt that is destroying our country
what americans dont under stand is that the media is the mouth piece of the govt
the number one job now for them is to present the upcoming election as a sporting event for the purpose of keeping americans dumbed down
its like a roman chariot race election
or imagine this
both contenders kamala and trump bring a pistol to the stage
for purpose of duel
so the person left standing wins the presidency
this seems like a lot of fun and great times
how ever is this really how a modern some what civilized country should pick its president
lets us know what you think in the comment section down below
Everyone afraid of government involvement better brace yourselves because they're about to HAVE TO get involved in almost every form of insurance (but especially home insurance) given the recent wave of policy cancellations and denials, premium increases, and entire markets being abandoned.
❤Jill and The Compound✌️✌️✌️🥳🥳🥳❤❤❤❤
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@@anothername2730 yea Buddy✌️✌️🥳
MWC - Most Worthy Compounder. Happy Father's day Dad!
@@cliffpeebles9705 Lol, I'm not worthy. Happy Fathers day to you too! 🫶🫶🫶
We tried trickle down economics, and it failed. But we’ve never tried trickle-up economics to any great degree. The time has come.
What is trickle up economics?
Trickle-up economics: where the low and middle class get all the tax breaks and the rich get tax increases. It’s basically the reverse of trickle-down economics. But the difference is that the poor and middle class tend to spend their tax benefits while the rich always horde theirs. So, under trickle-up economics, the low-middle classes are recycling their tax benefits back into the economy, which creates more jobs and broader prosperity, while the rich shoulder a greater tax burden. Secondary effects include closing of the wealth gap which ballooned after Reagonomics.
I'm confused.
loved this discussion!!
Spot on, great guest
What's with the Hindu phobia I didn't understand
Woo full episodes are back
Safety net used to be family and church.
Did they used to hand out penicillin in church?
@projectedenable you're being facetious and thTs obviously not what he meant.
But to answer your snarky comment, family and community support structures would raise funds for community members- to buy penicillin.
This is not a model that can be scaled in a globalized, multicultural society or one that has pivoted to valuing the individual over the communual.
Don't bother responding - not interested in engaging further.
Valid points were made for the reason why the economy has stayed strong w higher interest rates But I must agree with Josh Brown that the interest people are making on their money is causing a stimulus of its own!! Thereby resulting in increased spending by wealthier consumers.
I'm with you and Josh, and it shows why the individual and our government needs to be mindful of the amount of debt assumed.
The issue I see is how we compete against foreign nations. If someone in China produces a product for a lower price and earns a lower wage then you almost have to give incentives to US companies for us to compete.
The whole globalism thing really irks me because it’s our companies who wanted to go overseas yet we have to basically bail them out while our public is beginning to suffer. The “brains” in the room should have seen this coming long ago. You start to wonder if capitalism is a pyramid scheme waiting to happen as more companies want to outsource overseas.
Scarcity does not work....in India...I seen it
Jill the Activist
Very interesting conversation here!
Failing at capitalism as the individual level over a lifetime is far far more snatching defeat from the jaws of victory than all the other reasons combined. But the latter is easier than the former to accept and bad actors use that in all forms of manipulations.
Thanks Ruchir ji for the valuable insights…
Because capitalism also does not work. So let's try something else😊 It is time for a change.
Ok but you only know socialism the way India did it. That doesn’t mean that socialism American style will be the same. In fact it’s not likely considering how much more wealthy this nation is vs India
He says he’s experienced Indian socialism, he never said that’s not the only socialism he knows.
Taylor Rogers threw his mitt into the garbage one year. It happens
😃 แล้วแต่ ! คุณทำอะไรไว้กับใคร สิ่งนั้นจะให้คุณเป็นทวีคุณ จำไว้
Mr Sharma is wrong on his perception of India. India was one of the most impoverished countries in the world in 1947 when it got freedom from the British. And the first priority of the first PM Jawaharlal Nehru was to set up the basic industries in a country where it was difficult to raise capital. Inspite of that Nehru set up companies in iron and steel, oil and gas, minerals and several other sectors that became the foundation for the economic leap which we are reaping post 1990 liberalisation a la Manmohan Singh reforms. India was never a fully socialist economy like Russia as he says. There was a big private sector along with the public sector - sort of a mixed economy as the academics call it. I think Mr Sharma is keeping a blind eye on several things that plagued the Indian economy post independence like the food crisis, the success of Green Revolution etc to advocate for unbridled capitalism which has created monopolies and huge inequality in India. Capitalism has huge disadvantages like crony capitalism that he is not highlighting. I think Mr Sharma needs to learn a lot to put things in the right perspective
Sharma is not talking about Nehru period after independence, he is talking about when early and late 70’s when India Gandhi nationalized banks and more license raj were introduced. The problem at that time was, too much communist influence over Indira Gandhi, communist in India were able influence policies without winning peoples mandate.
I mean Indira Gandhi not India
jill, the subtext to this interview is brilliant
Dope episode, really enjoyed this topic
This was great, thanks
Nothing went wrong with Capitalism. The only problem is that we let people who have no idea and never lived in that system run amok with a notion of romanticism about socialism and communism.
Your actually uninformed enough in economics you believe you have seen capitalism 🤙
Governments supporting big capitalism is socialism now? Lololol
corporate welfare Queens Absofucnloootly
@@WanderingExistenceso you think government funding big Corporations is Capitalism 😂. That's the opposite of capitalism. Capitalism means essentially No ONE is Going to bail you out. You Are Free to make or Lose all the money you can. Hello
@@jluther1755 It's quite funny that you think capitalist will stay in the private sphere- there is no such thing a pure capitalism. Capitalists are motivated by profit, government is one of the highest ROIs. Corporatocracy is corrupt capitalism, but it's still capitalism. There is no PURE system, SillyWilly.
👌Grilling Insights
Great intellectual.
🫡
Hey Jill thank you for hosting Ruchir. As an aside you need to get your facts on India and Hindus re-examined. It’s not just the Hindus. Christian missionaries are the largest land owners in India today after Moslem waqf board. So enough of that gobbledegook. The country has split away from rest of emerging market crowd. A country doesn’t rise out of poverty by leaving behind 18% of the population. Stop reading NYT, WaPo, Guardian, etc. when you want Indian political information.
The Asian bling or display of wealth seems to be the most elaborate of all races. It's mind-blowing sometimes the extent they get to.
Huh? Have you ever heard of the term "iced out"? That's as American as it gets
Wage labor is renting yourself via "self ownership". Employment is literally renting another human being as if they're property. The employer-employee relationship is a very insidious dynamic. Employment is a rental contract, like if you rented capital (say, a chainsaw from Home Depot), you pay rent for the "time preference" (basically the cost of time) for a piece of property. Capitalism is based on a principle of self ownership, which sounds empowering, until you realize that most people don't own capital goods other than themselves, and must rent out the authority over themselves as pieces of "human capital". This is a process of dehumanization where human beings are valued for their return on investment as capital goods. This is why, at the very least, capitalism needs unions and safety nets (or abolishment), or else the system won't value people for their human value. Importantly we must also think about our sick, elderly, and disabled people, as they can't provide competitive economic return for the investor class to value. We must figure out a way to change this economic system if we wish to value each other.
Labor, in the sense of being a regular full time or part time employee is NOT a contract. The employee has complete power to walk away from the job without notice and without employer recourse.
@@cliffpeebles9705 Still a contract to do work 🤦
One person agrees to follow orders for money, and the other person agrees to pay them when they follow orders. Whether it's written or verbal... It's a contract.
Greed ! is the answer for title of this video. Soon the youth is going to embrace the idea of socialism because corporations are greedy buying single family homes as an example.😢Too much government involvement and high taxes…
Looks like Ruchir Sharma is tired of promoting his book. Stop slouching. Sit straight.
Lmao what are you, his aunt?
Oh, quit with your posturing
Midwit boomers love telling people their silly opinions
Be constructive on criticism don’t focus on unimportant things, focus on the subject and what Sharma is talking about.
@22:55 Word!