Something to remember. When people talk about "the market" that really means YOU. You, the consumer, governs the market in capitalism. You have control with your money. As you move away from capitalism, you have less and less control because instead of YOU deciding the market, somebody or some group is now in charge. This is an insane amount of power for a person or group and it almost always ends badly.
"the market" means you, along with billions of other people and millions of corporations. YOU are not in control of the market. if you hate the idea of child slavery and decide to stop buying iphones, tough shit, because millions of people won't and apple won't give up cheap labor. YOU are not in control in capitalism.
You just pointed to the nature of capitalism evolution and gradually becoming obsolete due to the obsession of the capitalist class with hoarding wealth in few hands. Believing the control of the market and therefore monopolizing in order to hoard profits is a sign of "success " when in fact sets the conditions to cause the failure of this system of organizing production and distribution. This capitalist system sets the conditions for its obsolescence. In trying to perpetuate it they cause wars and unfair concentration of wealth and immense social problems.
@@shanenolan085Yes and no You can affect the market But the people with money and are more beneficial to the government get priority in anything, why do you think so many billionares avoid taxes?
One big critique I have for this is that the individual isnt truly in control of their own future and whether they succed or fail. Laissez faré capitalism naturally breeds monopolies and to be born with little resources and to "win" against a monopolistic corporation is a David and Goliath fight that will only end one way
It’s a 3 minute video. You didn’t really expect every pro and con to be covered, did you? The best defense against monopolies is competition. 20 years ago everyone was freaking out about Walmart being the evil monopoly that needs to be taken over. 😂
@@jasonmitchell7550 Yeah no looking back this video is actually 10x worse than I remember, markets exist in both capitalist and socialist organisations of the economy, and so he doesn't even start to describe capitalism accurately at all within the 3 minutes he has to describe it
In a laissez-faire system monopolies can only persist if they provide their product or service at a fair market value, otherwise competition will arise. One example of this is Alcoa, which the fed gov tried to go after with the Sherman Act back in 1947, but had to relent because Alcoa was doing good business/not cheating anyone.
Too simple, not very informative. Like barely covering the definition and some of the outcomes. You can do a lot better than this video to understand capitalism. The deep, dark truth is that capitalism is unsustainable in practice. Doesn't matter what the ideal definition of it is, it is not sustainable so it cannot continue without a massive decline and decay of society. See "Why Capitalism is Killing Us (And The Planet)" by Our Changing Climate for more on that.
How does the free market handle 1. Fracking 2. Companies using cheap and harmful ingredients without the fda 3. How does the market handle advertising cigarettes to children 4. How does the free market stop drug companies from high drug cost 5. Education 6. Air water 7. Road travel 8. Crime
1 - Its the free market, if the market decides its a bad thing, businesses indulging in fracking will fail and go under. If the market decides its a good thing, then fracking will continue. 2 - Private quality certification/ 3rd party reviewers and licensing/certification: Basically have a free market of businesses doing what the FDA do, and this is better than the FDA because such businesses would be competing against each other to give consumers the most transparency. 3 - That's the responsibility of parents. 4 - Ironically high drug costs are due to extensive government regulation, patenting, exclusivity, import restrictions, etc. The drug industry would be a lot cheaper in a free market. 5 - Decentralized education where you learn what you want to learn is a far better system and perfect for a rapidly growing economy. 6 - Air and water are free - you pay for the service of getting you clean and packaged air and water. 7 - The government doesn't build roads - it pays private contractors that build those roads. Simply pay for your own roads under a laissez fairre free market. 8 - Free market open courts, decentralized competing defense and security companies, we already have this in cyber space - if you've ever installed an anti-virus or phone security software you are already participating in a free market of security services.
“There is winners and losers.” But the winners keep wining and the losers keep losing. This will never balance out, the gab will grow and grow untill the winners “own” you!
This sounds more like a description of free markets than it does Capitalism. You can have markets under both Capitalism and Socialism. I think a better description is how property and ownership are organised. Under Capitalism, you have private ownership as the basis of the economy.
There are multiple errors in this video blatant to anyone who has even picked up a econ book. What are your credentials? Does this even meet public education standards?
Government and the state are indispensable for capitalism perpetuating as a state. Your premise is wrong. Without the state and government the rules of capitalism would not exist. Capitalism needs a police , a military and a state of constitutional law to protect the capitalist class from threats against the ruling class and therefore the survival of their ruling position. Because the law is made to protect the established economic system and is made by the influence of that class.
@@karmar4808 the problem with the first statements in your video is that capital ism from its inception used government in its economic functioning. The wealthy class had always used the regulatory instrument of government to influence one way or another the economic activity in order to avoid conflict among themselves and against the rest of the people as well as to promote a healthier social relationship in the economic exchange. Laws against monopolies are that kind of influence since those promote entrepreneurship to thrive instead if being crushed by unfair competition. Taxation is a government influence since it helps the development of a state and infrastructure capitalism needs. If it were for the rich they wouldn't pay any taxes and infrastructure would not develop properly. Today is the greatest limitation to modernizing capitalism since the wealthy influence in government corrupts and limits the taxation rate to the will of a few unregulated capital owners determined to hoard wealth unlimited and denying to pay their fair share of taxes. All this destabilized capitalism. The corrupting influence of capitalists obstructs the functions of capitalism. Is the capital itself that kills capitalism. Not the government.
@@karmar4808 allow me a question?? Do you think this economy dominant in the world market is capitalism and what do you think of the military budget and it's effect in the nature of the present world market system??
Awful explanation of what capitalism is, Mr. Sinn. Did you just graduate grade 12 economics? This barely explains a definition of capitalism and very vaguely how it operates with 'winners and losers'. But even there, you were too vague. "Some people win and some lose." No MOST PEOPLE lose and some win the vast majority of wealth. If you really want to know what capitalism is go to the well-researched source of World Beyond Capitalism channel. You might say it sounds biased but that's your assumption if you haven't watched Arjang's videos on that channel yet. I took time to watch this video and can now say it isn't very helpful. But if you go to WBC and check out some videos, you can make your conclusions there.
“Capitalism is when the government allows the citizens to control the economy” That’s literally socialism lmao, this is just another way of saying “workers owning the means of production”
Something to remember. When people talk about "the market" that really means YOU. You, the consumer, governs the market in capitalism. You have control with your money. As you move away from capitalism, you have less and less control because instead of YOU deciding the market, somebody or some group is now in charge. This is an insane amount of power for a person or group and it almost always ends badly.
Facts 💯 💯 I tell people this ALL the time... you're VOTING for what you want and what you support with your dollars 💸 💵
"the market" means you, along with billions of other people and millions of corporations. YOU are not in control of the market. if you hate the idea of child slavery and decide to stop buying iphones, tough shit, because millions of people won't and apple won't give up cheap labor. YOU are not in control in capitalism.
You just pointed to the nature of capitalism evolution and gradually becoming obsolete due to the obsession of the capitalist class with hoarding wealth in few hands. Believing the control of the market and therefore monopolizing in order to hoard profits is a sign of "success " when in fact sets the conditions to cause the failure of this system of organizing production and distribution. This capitalist system sets the conditions for its obsolescence. In trying to perpetuate it they cause wars and unfair concentration of wealth and immense social problems.
@@shanenolan085Yes and no
You can affect the market
But the people with money and are more beneficial to the government get priority in anything, why do you think so many billionares avoid taxes?
@@shanenolan085under that logic, the people with more money get more votes. And the people with no money get no vote at all. Antithesis to America.
Great job explaining! Just looked at a few videos to understand capitalism and this short video was the best explanation:)
This is very clear and informative, thank you so much!
This video is great i wish it was number one so I hadn't wasted my time on the other videos !
SAME IKR
Thank you, Mr. Sins.
One big critique I have for this is that the individual isnt truly in control of their own future and whether they succed or fail. Laissez faré capitalism naturally breeds monopolies and to be born with little resources and to "win" against a monopolistic corporation is a David and Goliath fight that will only end one way
It’s a 3 minute video. You didn’t really expect every pro and con to be covered, did you? The best defense against monopolies is competition. 20 years ago everyone was freaking out about Walmart being the evil monopoly that needs to be taken over. 😂
@@jasonmitchell7550 Yeah no looking back this video is actually 10x worse than I remember, markets exist in both capitalist and socialist organisations of the economy, and so he doesn't even start to describe capitalism accurately at all within the 3 minutes he has to describe it
In a laissez-faire system monopolies can only persist if they provide their product or service at a fair market value, otherwise competition will arise. One example of this is Alcoa, which the fed gov tried to go after with the Sherman Act back in 1947, but had to relent because Alcoa was doing good business/not cheating anyone.
Government subsidies and protectionism caused monopolies in the late 1800 not the free market
Thank for this description. Simple but informative:))
Too simple, not very informative. Like barely covering the definition and some of the outcomes. You can do a lot better than this video to understand capitalism.
The deep, dark truth is that capitalism is unsustainable in practice. Doesn't matter what the ideal definition of it is, it is not sustainable so it cannot continue without a massive decline and decay of society.
See "Why Capitalism is Killing Us (And The Planet)" by Our Changing Climate for more on that.
I'm trying to learn some knowledge about politics and this is very useful, as well your videos about socialism and communism, thank you!
His videos are just precise and on point 😊
Hi! see also my video about capitalism
Bro gave a really good explaination.... in under 3 mins
How does the free market handle
1. Fracking
2. Companies using cheap and harmful ingredients without the fda
3. How does the market handle advertising cigarettes to children
4. How does the free market stop drug companies from high drug cost
5. Education
6. Air water
7. Road travel
8. Crime
You left of Slavery. Both African and Wage, it is kind of one of the biggest parts of it historically.
@@Tormod29
Wage slavery isn't actually a thing.
@@MrNote-lz7lh Say that to the people who built the Hoover Dam who were paid in company script and not in any form of real money.
1 - Its the free market, if the market decides its a bad thing, businesses indulging in fracking will fail and go under. If the market decides its a good thing, then fracking will continue.
2 - Private quality certification/ 3rd party reviewers and licensing/certification: Basically have a free market of businesses doing what the FDA do, and this is better than the FDA because such businesses would be competing against each other to give consumers the most transparency.
3 - That's the responsibility of parents.
4 - Ironically high drug costs are due to extensive government regulation, patenting, exclusivity, import restrictions, etc. The drug industry would be a lot cheaper in a free market.
5 - Decentralized education where you learn what you want to learn is a far better system and perfect for a rapidly growing economy.
6 - Air and water are free - you pay for the service of getting you clean and packaged air and water.
7 - The government doesn't build roads - it pays private contractors that build those roads. Simply pay for your own roads under a laissez fairre free market.
8 - Free market open courts, decentralized competing defense and security companies, we already have this in cyber space - if you've ever installed an anti-virus or phone security software you are already participating in a free market of security services.
this is what the government is for
Very cool, thanks Kanye
Thanks very informative.
“There is winners and losers.”
But the winners keep wining and the losers keep losing. This will never balance out, the gab will grow and grow untill the winners “own” you!
What do you do for work?
@@jasonmitchell7550 i sell drugs, what do you do for living
Accounting. You’re not able develop as skill to help stop you from losing?
French teacher here: laissez-faire is pronounced like "lay-say-fair" love your videos !!
This sounds more like a description of free markets than it does Capitalism. You can have markets under both Capitalism and Socialism. I think a better description is how property and ownership are organised. Under Capitalism, you have private ownership as the basis of the economy.
Yeah, a good chunk of this video is pretty quickly invalidated by bringing up market socialism.
arigatou! very helpful infos!
What is arigatou
@@Roger-hu4tk Japanese thank you
@@Champi4Real you're welcome, what does arigato mean?
@@Roger-hu4tk it means thank you in Japan
Am i missing something about the notes? Where are they?
This is what i should be learning about in school
u da best
Great and precise
Thanks so much my tacher
Thank you so much
Thanks
A class based society that allows those who have money to influence the government through political donations.
If you think its harsh
You have not done your homework...
i would say the industrial revolution was pretty harsh
Love ya
Basically the rich will always be in power and rich and ppl must find there own way or else they will be tip toeing and working for one man for ever
Thank u!
Capitalism is internally contradictory because different groups & classes in capitalist societies have conflicting selfish goals & interests.
Who else here from school
There are multiple errors in this video blatant to anyone who has even picked up a econ book. What are your credentials? Does this even meet public education standards?
Noice
ok bruh pop off ig LOL
Government and the state are indispensable for capitalism perpetuating as a state. Your premise is wrong. Without the state and government the rules of capitalism would not exist. Capitalism needs a police , a military and a state of constitutional law to protect the capitalist class from threats against the ruling class and therefore the survival of their ruling position. Because the law is made to protect the established economic system and is made by the influence of that class.
you right
i say this in my video
@@karmar4808 the problem with the first statements in your video is that capital ism from its inception used government in its economic functioning. The wealthy class had always used the regulatory instrument of government to influence one way or another the economic activity in order to avoid conflict among themselves and against the rest of the people as well as to promote a healthier social relationship in the economic exchange. Laws against monopolies are that kind of influence since those promote entrepreneurship to thrive instead if being crushed by unfair competition. Taxation is a government influence since it helps the development of a state and infrastructure capitalism needs. If it were for the rich they wouldn't pay any taxes and infrastructure would not develop properly. Today is the greatest limitation to modernizing capitalism since the wealthy influence in government corrupts and limits the taxation rate to the will of a few unregulated capital owners determined to hoard wealth unlimited and denying to pay their fair share of taxes. All this destabilized capitalism. The corrupting influence of capitalists obstructs the functions of capitalism. Is the capital itself that kills capitalism. Not the government.
@@karmar4808 allow me a question?? Do you think this economy dominant in the world market is capitalism and what do you think of the military budget and it's effect in the nature of the present world market system??
@@georgefurman4371 thank you for the explanation
so capitalism and communism are equally bad great
0:31
Awful explanation of what capitalism is, Mr. Sinn. Did you just graduate grade 12 economics? This barely explains a definition of capitalism and very vaguely how it operates with 'winners and losers'. But even there, you were too vague. "Some people win and some lose." No MOST PEOPLE lose and some win the vast majority of wealth.
If you really want to know what capitalism is go to the well-researched source of World Beyond Capitalism channel. You might say it sounds biased but that's your assumption if you haven't watched Arjang's videos on that channel yet. I took time to watch this video and can now say it isn't very helpful. But if you go to WBC and check out some videos, you can make your conclusions there.
Didn't understand anything. Bad storyteller. We hate capitalisms tho so u chill
“Capitalism is when the government allows the citizens to control the economy”
That’s literally socialism lmao, this is just another way of saying “workers owning the means of production”
Is that why all socialist states end up as totalitarian?
Yes peaple condroling the economy is bad