What is Capitalism? Capitalism Explained | Pros and Cons of Capitalism? Who is Adam Smith?
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- Опубліковано 25 кві 2023
- Have you ever wondered what Capitalism is? In this video, we’re going to look at a simple explanation of Capitalism as well as the pros and cons.
Capitalism is an economic system in which private individuals or businesses own and control the means of production, distribution, and exchange of goods and services. Under capitalism, the pursuit of profit and individual self-interest are the driving forces of the economy.
In a capitalist system, individuals are free to own property, start businesses, and compete with one another in the market. Prices are determined by supply and demand, and profits are reinvested into the economy for further growth. The government's role in a capitalist system is to ensure a level playing field for all market participants, enforce contracts, and protect property rights.
Sources:
Heritage Foundation's Index of Economic Freedom: www.heritage.org/index/ranking
Investopedia's definition of capitalism: www.investopedia.com/terms/c/...
Encyclopedia Britannica's article on capitalism: www.britannica.com/topic/capi...
Stanford Encyclopedia of Philosophy's entry on capitalism: plato.stanford.edu/entries/ca...
"The Capitalist Solution" by Andrew Bernstein
"Capitalism and Freedom" by Milton Friedman
"The Wealth of Nations" by Adam Smith
Cons of Capitalism:
"The Case Against Capitalism" by Jerry Mander and Edward Goldsmith
"Capitalism: A Ghost Story" by Arundhati Roy
"The Communist Manifesto" by Karl Marx and Friedrich Engels
#Capitalism #politics #economics
Any economic model is subject to flaws and corruption. Corruption, that is people, is the main problem with any economic model. However, it is clear that some are more inherently resistant to corruption than others. So many things depend on the people behaving in a fair and just manner.
Well to bad only the really despicable people win in a capitalist country’s
I think you have just put an end to this argument.
The only social system that eliminates corruption is democratic totalitarianism because it removes privacy. No privacy - no corruption.
Other options involve non-human governance, such as by open automated systems or AI. While humans don't like absence of privacy, machines don't mind being fully transparent in their job.
I assume I left a comment here which was deleted. Why would I get a notification about these comments?
@Trainrhys the big brother watches.
thank you! -other's YT videos on this subject were just all over the place & not usable. THIS video is helpful. 🙏
Glad it was helpful! That's my goal with my channel. Straight to the point and simple!
Really loving your videos and I am getting myself more into them. While watching this video about Capitalism I was also writing some details that have been stated from this video and it has gave me some well informative stuff about this economic ideology. Thank you and I will be looking forward for more excellent content from you in the future.
Glad you like them! Thanks for being a fan of the channel! 😊
Excited to see you still making content, keep up the good work!
Thanks! Good to hear from you! Hope all is well at the Google! :)
@@IllustratetoEducateHow is stocks capitalism?
A currency is used to trade goods and services, not is a goods and services.
Capitalism is only normal supply and demand math chart.
Where does capitalism say anything about passive income.
This word would be "slavery". To use a currency to make slavery.
Communist is about a credit system like food stamps. A UBI of food stamps one can't buy
Socialism is about a credit system one buys. Like postage stamps.
Marxism is a credit system one buys. A stock. To funnel resources to the top
Capitalism. Market trading in normal supply and demand math chart. Nothing about passive income.
Great content. Thanks for the video!
The best social format ever. Attention, I didn't write the perfect one but the best one between those social formats that exist until 2024.
Fantastic!
Never stop putting out cool videos like this!
Thank you! I really appreciate the support and knowing people are enjoying the videos and the channel. 👍🏼
Loved it❤ you’re so hardworking
Thank you so much!! 😊
I feel like every single concept, notion, practice, ideal, program, and really everything, has busts and booms.
this taught me better than my school
The communist manifesto is free on youtube and it's like two chapters long, read up
Id like to see a video about WHY each part of kapitalism is - the reasoning for each topic of it
very good video, clear explanation
Glad you think so!
Well illustrated
Thanks for explanation
Grade 9 in Saskatoon says we like the drawings! It was very quick, but it stuck. The drawings made the information easier to understand. Bravo!😍🤩🤪😶🌫
Good to know! Thank you for watching!
Outstanding 🔥🔥🔥
Nice ! 👍
Wow , amezing presentation 😊....
Thanks a lot 😊
Great video!
Glad you enjoyed it
excelent video!!
Nice work man
Appreciate it
I read somewhere that Adam Smith said the capitalism would fail if there isn’t discipline which I fear that is happening in the U.S. I haven’t read his book so I’m not sure if it’s really written anywhere.
something that I find interesting is that the Boom and Bust Cycle is usually caused by more and more government interference in the market. Every time the government interferes in the market, it creates a bubble like the recent housing markets and the ones in the 2010s that eventually burst causing instability. The same can be said for the great depression where the government kept subsidizing the banking industry and promoting the early stock exchange.
Or that Capitalism only works in theory and not in practice and is complete pseudoscience.
Boom and bust is caused by the greed of the bosses and overproduction for markets that can not absorb all that can be produced. Capital is a social force that is controlled primarily for the benefit of private owners and to increase the value of the ruling capitalist class who controls the government as their executive committee. Of course the bosses seek to make themselves richer by any means possible. Bush was creating the ownership society and fighting an axis of evil to create a "New World Order" only to have the whole neoliberal project blow up in their faces.
Um. You need to continue reading. Boom and bust has been with capitalism since it was coined. The kind of boom and busts have changed.
@@ricardomurillo5205 They've had to enter as the executive committee of the ruling capitalist class to save the system. They can't use the ordinary and long drawn out methods of the bankruptcy courts. When they can't use profits to expand production because markets are full of unsold overproduction they drive up the value of fictitious capital until it collapses causing an economic crisis. That's been a feature of capitalism since the Dutch Tulip bulb crisis. You create paper values that you sell and trade in You can't help doing the things you do because you are driven by profits.
@@kimobrien. true. Now that you mention it the Dutch 🌷 is so similar to the kryptocurrency phenomenon.
Good stuff
Thank you!
I wish you were my school teacher. I would have paid attention more. 👍
The most important aspect is not violating people's rights.
trans atlantic slavery says other wise
@@soranoaz_8407 How can you justify slavery and still maintain universal principles?
capitalism caused the trans atlantic slavery, its market and its continuation many famines and genocides were artificially created by capitalism in history that is violating peoples rights not only but taking them@@quatele
@@quatele At the end of the day the human right capitalism defends is the right to trade and privately own the capital which is a social force. A social force that must be set in motion if production is to take place.
Capitalism has always needed a enemy to scapegoat and blame for it's own failings, the current system where there must be 'losers' so there can be 'winners' is flawed and unsustainable and accelerating the pollution and destruction of the planet.
Capitalism always crashes eventually by design, due to greed and corruption of the 3% and fascism is an inevitable feature when it does.
good job bro
Thank you! 🙏🏼
New sub❤
Are you able to do one about Distributism? I like the way you explain things
Definitely! Thanks for the suggestion.
@@IllustratetoEducate God and All scientists do not know that the concentration of Wealth in the hands of an Owner happens in two ways:
1) The free market, no matter how much it is regulated, leads inevitably to extreme levels of Wealth concentration.
2) The exploitation of the Employee by the Owner, also, leads inevitably to extreme levels of Wealth concentration.
The only sustainable solution is perpetual redistribution of Wealth from places of Extreme concentration (regardless if private or public) to every citizen evenly. A Repeated Redistribution is the only way towards a more equal society because nobody can stop the exploitation at the work place and nobody can stop the concentration of Wealth by free trade.
Marx's philosophy is a little bit misrepresented here. He didn't argue that workers would revolt against the system, he argued that its demise was inevitable due to its very design.
He did talk about revolt
And yet communism died first.
James Lindsay talking on woke and Marx;
"And Max Horkheimer who designed the critical theory explained the critical theory. He said well, what we came to realize was that Marx was WRONG about one thing, CAPITALISM does NOT
IMMISERATE the worker. It allows him to build a better life.
So I developed the critical theory because it is not possible to articulate the vision of a good Society on the terms of the existing Society
So critical Marxism criticizes the entirety of the existing Society everything as somehow needing to be subjected to Marxist conflict analysis but how is that to be done?
They sought an answer through the middle part of the 20th century and World War ll breaks out the Frankfurt School comes to America"
Source: YT search; James Lindsay shatters woke ideology
Timestamp: 22:58
And then he went on to design a much worse system that ended up killing millions of people.
@@Time_to_Believe_in_Yourself the only reason capitalism improved workers lives is because during Marx's life nations started taking the capitalists into hand and disallowing their worst abuses. this by no means solved all the problems but by the time Marx had finished Das Kapital many of the policy changes he actually pushes had been done out of necessity. people keep ignoring what was going on in the bigger picture when Marx was alive and working on his book or they read the pamphlet and go no further. for a preview if you were a plant worker you were just this side of a slave. the boss controled the clocks that told you when you started and could leave (and a not insignificant number slowed the clocks to extend the work day with out paying for the extra time), your wages were poor, you could be beaten or fired for any reason, damage to equipment was docked from pay based solely on the foremans say so. if you were caught in a machine your family was often charged for the time needed to shut it off and extract you. these are just some of the working conditions of the time. my advise to people before judging Marx actually look up what he was arguing against and answer for your self "would you not stand against these practices?"
Poetic journey: the essence of refund details and expected actions
Thank youu
You see before capitalism, most laborers owned and controlled their own labor or were part of a guild that each laborer owned and controlled. Now all the ownership and control is in the hands of the investors, leaving each laborer pracically slaves to Investors.
Slavery requires force.
True, its incredibly depressing that there are actual laws in the US that force companies to place shareholders about their employees
No, capitalism is based on the rights to peoples own property and labor, before capitalism commoners had no property and only borrowed it from whichever lord or king owned the land. Capitalism gives each worker the rights to their own labor which they use to negotiate a fair trade of value with the capitalist.
@@shnitzilhazel9957 The Right to own private Property and to own other peoples Labor is not freedom its a prison to those who dont have the power. Additionally investors are prioritized over workers.
@@forlorndream Its based on the individual right of a person to own property. In a true capitalist system, only the individual has the right to their own property-no one else, and that right is extended to everyone. That is true freedom.
idk what you mean by prioritized though.
Can't forget about things like the reserve army of labor - which actively prevents job creation; outdated ip laws - which incentive gatekeeping research and innovation forcing redundant labor; things like discrimination being reinforced and reinforcing the system - which strangles innovation; the fact that nothing profitable ever gets done unless done by government or small communities/organizations - for example the government made the smart phone and the internet; the fact that not everything good is profitable and not everything profitable is good - such as discrimination, workers rights violations, ignoring externalities such as food waste, union busting, climate denial - to be non-profitable is to be non-competitive, and to be non-competitive makes you an at-risk company, so when most companies make extra profit by paying their non-white workers less, the company that isn't is no longer competitive and has to pick up the slack, potentially needed to compromise their morals or risk going out of business. You see capitalism doesn't give anybody great freedoms, rather it binds all of us to obey the intricate system of Capital, business owners act in their best interests to keep their businesses running, and workers act in their best interest to pay rent, and all of this means the majority of people are going to suffer to give a minority extreme economic and political power. Also although Capitalism is supposed to work based off the successful reinvesting their wealth into the economy, those people don't have to, and can even choose not to - which is called a capital strike - and is useful for when the government does stuff those rich people don't like - displaying how even without paying money to government officials, the rich can still effectively control legislation and other political decisions.
The system of Capital is an outdated method to organize society, the support of it is nothing more than the repetition of the ideas of the ruling class, which become the ruling ideas via the power and wealth the class can afford on spreading those ideas.
The funding for the ruling class ideas > the funding for other anti-ruling class ideas, therefore you will hear those ideas more, even if they're worse; just another funny quirk of capitalism.
There is a large misunderstanding about capitalism where it is confused with corporatism.
Capitalism is in fact an absence of system/control.
The individuals have a natural right to have ownership/sovereignity/authority/power over their own life, works/trade/business, and property.
Any violation of this right is the very definition of what a crime actually is and also what slavery means.
Under capitalism the individuals has the right to decide for themselves who they will associate with, interact with, do business with, and decide on what terms and conditions that should happen on.
And its the natural Law that will be enforced by a free market of competent professionals with a high level of integrity who will enforce the Law by protecting the individuals Natural Right.
What we are under today is corporatism which is a collective form of thinking.
You are absolutely correct William. Unfortunately, the definition of capitalism is no longer taught in school and very few people know what the word means.... much less understand the concept. Keep trying. Thanks!
@@johnnynick3621 not fully true, the reason I am on this very video is to do a homework on the definitions of Capitalism and Communism, so at least some schools cover it
Thanks finally
@@bencarpendale I'm anxious to see what you discover, Ben. Most of the people who THINK they know what the word capitalism means are hugely mistaken. It's a very simple concept that very few understand. Let's see how you do.
my comment are getting deleted
Please do a video on Distributism.
That’s a great idea! Thanks!
@@IllustratetoEducate 1) To sustain a free market You must tax the extreme concentration of Wealth and then give it evenly to everybody , again and again, so that the market can have customers (i.e. humans with money to spend).
2) Do not let foreign entities extract profit from our markets. We must extract profits from their markets.
Two things can be true at once. Capitalism causes economic growth. Capitalism also exploits the poor and causes inequality. It apprears that the Governments role if using the laissez-faire approach is to ensure low cost means of production. Eg, ensures that the working class societies remain destabilized.
Why are people poor?
They have no marketable skills.
They have children they can't afford.
They have no understanding of money
They have no career goals
So how is that capitalism's fault?
What about personal responsibility?
No matter what it’s just people exploiting other people
Everyday a new sucker is born
You are going to own nothing, and like it!
@@jimbo2834 Some people already do under capitalism so whats the diff? Other than ego driven and greedy can never be satisfied with what wealth and privilege they have.
An addition is that our economy has slowly become less capitalistic one law and policy at a time ever since the gold standard was removed.
If you don't like todays system then you have and issue with something like "techno feudalistic corporatism" that's slowly eating the capitalism base its sitting on.
Really though the fact that its takin this long (few lifetimes) for corruption to drive it down and the fact that politicians had to erode at it to do this is a real testament to good a system it was while we had it.
not much of a student of history I take it? some of the worst living conditions for the majority of people was when the plant owners and corporations had the least controls imposed by government and labour laws. while the current corporatism is less then ideal I will take the absolute worst of the modern ones over the industrial revolution in a heart beat, but then I like being able to afford an actual bed (labour laws gave us that option not capitalism)
@kertagin1
Wrong there weren't appropriate and adjusted laws during certain moments in time and as they were adjusted more to match the capitalism they were apart of it got better but starting at 1971 at least we've slowly drifted away from it again. Corporatism is not capitalism nor is it the next stage like some ignorantly say.
@@kertagin1 YOUR ignorance of history is profound, Kertagin. Prior to the Industrial Revolution the majority of people were agrarians living hand-to-mouth, season-to-season under the rule of a monarch or nobleman who leased him land and a dirt floor hut and allowed him and his family to work that land in return for a percentage of what he raised. Conditions were horrendous by today's standards. Disease was rampant. Infant mortality rates were astronomical, and life expectancy was abysmally short.
It was the Industrial Revolution that resulted in ALL the modern conveniences YOU take for granted. It was the industrialist/capitalist that dragged civilization, kicking and screaming like spoiled children, out of the Middle Ages.
@@johnnynick6179 your funny. Calling my ignorant while repeating long debunked myths of the middle ages while ignoring the recorded conditions of the industrial Revolution by its conteporary authors, photos, news reports etc. Capitalism had in the US a for hire army that shot protestors asking for living wages among other horrors but sure I'm the one who don't know the history.
@@johnnynick6179 cute. so what your saying is you swallowed the poison cookie of modern Capitalism propoganda.
in the middle ages yes agrarian was the norm, and kings were the norm. living hand to mouth... false. most families had a cow or two and/or couple pigs and chickens or geese. they would plant crops on the common lands to ensure their food supplies (the commons was not taxed). disease was rampant till vaccines were developed (and that knowledge was spread for free, one could almost call it communist)
taxes were far less and not consistent as the primary tax was on trade or owned land not income.
the mortality rate was high as it counted the many babies that died. but if you made it to adult you life span was similar to today
the industrial revolution brought us chimney sweeps, child miners, factory towns, the Pinkertons, cramped slums in the cities, starvation wages, in London the average factory work made 4 pennies a day and this allowed you to buy a meat pie and maybe afford to rent a coffin bed with a tarp blanket, or you could save money and rent a chair to sit but not sleep on, or a rope to lean over. as well as vagrancy laws that put you in a work house for not owning a home to sleep in. your grasp of what was going on is hilarious. life quality improved with the unions who fought to bring back some of middle ages standards (they worked less hours a day and had more days off).
you need go back to study history
Vive La Bourse !!!
Give me power and ill fix everything
You got my vote
Vote for Presidential3228 this 2024
The positive and negative about the capitalistic system we play in without thinking. I heard on the news about a female who just out of a Uber car because they was going the wrong way, that the driver refuse to answer her, when she told the person they not going the right way. If we look at the direction capitalistic lifestyles are going, that the majority setting around watching it, and not saying anything. Every wrong turn they can see, every pot hole they can feel, and every accident they are in, but still set around like nothing is going on. What is a capitalistic system? Some think it is the way we see it, in how it designed us to play, in the irresponsible way. Ignoring all the things that brings a negative reaction on the economy we watching every day. Where the greedy takes the lead to bring forth our day in how we all should play. Ignoring how it bring forth setback to the economy, we call inflations, recessions ways. See it so easy to see when a person moving in the opposite way from the negative economy way. Who trying to seek out for a better way, but it is also so easy to force them to change direction, and for them to go back in the negative way. That just the capitalistic way to buy them off from going the opposite way. See a good capitalistic system educate the people to move forward together towards the future. The bad capitalistic system shows the people how to be like crabs, working together to hold each other down. That we see all kinds of groups love working with the negative capitalistic system to fill their pockets up. Who mind only can see nothing but one kind, is why we never see a change into anything they put down, just a lot of sounds. No one really want to get out of the place they complain all the time about. Just think about the decades, and centuries they been passing on the same things to the next generation. Not a solution, but just a complaint. If every nation we see that have rose to greatness, we know it were not from complaints, or setting on our ass praying to our Creator for a better day. All the things we do that some think is right, add up to fall in line with the negative way, by seeing how it set the country back as we fall in the recession way every time, and still have nothing to say.
God and All scientists do not know that the concentration of Wealth in the hands of an Owner happens in two ways:
1) The free market, no matter how much it is regulated, leads inevitably to extreme levels of Wealth concentration.
2) The exploitation of the Employee by the Owner, also, leads inevitably to extreme levels of Wealth concentration.
The only sustainable solution is perpetual redistribution of Wealth from places of Extreme concentration (regardless if private or public) to every citizen evenly. A Repeated Redistribution is the only way towards a more equal society because nobody can stop the exploitation at the work place and nobody can stop the concentration of Wealth by free trade.
1) To sustain a free market You must tax the extreme concentration of Wealth and then give it evenly to everybody , again and again, so that the market can have customers (i.e. humans with money to spend).
2) Do not let foreign entities extract profit from our markets. We must extract profits from their markets.
Well, I've realized that whether the economic system is,there will always be poverty and inequality between people,even despite the fact how good socialism is.
Capitalism is internally contradictory because different groups & classes in capitalist societies have conflicting selfish goals & interests.
okay? its natural. Having a communist and socialist economy is just retarded
Wait till you hear about 4 square
There are no conflict between rational people.
No, we business owners all have the same goal... make as much money as possible.
@@youtubesucks1499Why do you think capitalist societies are identical to business owners?
Can you make a video about conservatism?
For sure! That’s a great idea! 💡
The new conservatives would be a better one what their agenda and belief is.
Binance's CEO opens up about future developments in an exclusive interview
Life is legit a video game
How come the people who work are poor, and those who own businesses are allowed to buy politicians?
The people who work can form unions and lobby that way. Cronyism isn't unique to the wealthy.
@@Jamesaepp Right, cronyism is unique to the poor as business block unions today.
People who work are poor… What is poor? Globally speaking almost every worker in the United States is significantly above average. By poor do you mean relative to the richest individual? If so that’s a bad comparison and a fallacy
@@valurimist9861 According to the U.S. Bureau of Labor Statistics, about 9.5 million of people who spent at least 27 weeks in the labor force were poor.
@@innerlocus That doesnt answer my question
1:50
Exactamente
Free to own property mean mean they don't have to follow government rules about business and don't have to pay tax?????
Please do aswer
Any example of company formed beacuse of capilitilsm...
The drawings / visuals in the beginning were useless. You basically read a text book definition of capitalism and drew some figures that took longer to understand than the speed of the video. Anyway good job, I don't think I could make a better video.
…thanks for the compliment…i think! 🤔 😅
"welfare capitalism" is just another term for mixed economy. Pure capitalism is at its core Laissez-faire. This is why it is incorrect to refer to the U.S. as a capitalist economy, as laissez-faire does not exist except for in some very small areas of society. It's important for people to understand that blaming "capitalism" for problems they see in current society is by definition false blame.
Welfare Capitalism doesn't mean mixed economy
@@Angel_559_ Yes it does. That's why it's called "welfare capitalism" and not just capitalism.
@@theelwoodful What if it's a social market economy?
@@theelwoodful Laissez-faire is just a form of Capitalism
@@Angel_559_ A social market economy is also a mixed economy. Also not called capitalism for a reason.
We are broken😮
3:10
Capitalism limits productivity because it requires certain levels of profitability (usually through productiveness) from every employee. This blocks inefficient proletarians from capital, leading to empty storefronts and uncultivated land.
She sells seashells on the seashore
What if private companies cut jobs using ai
That’s just Terminator but without the mass genocide and more McDonald’s
I think I like capitalism than socialism becoz it promote hard work if only there will be agencies that will properly regulate the activities of a capitalist from having an economic instability
Yes because the government companies are so corrupt the economy is basically building themselves a new company and we’re just going with it
Unfortunately working hard doesn't mean more money in capitalism. usually money comes from family power or luck :(
Also capitalism does have agencies, but they promote greed and cause the instability
it's leverage. Being a hard working construction worker doesn't make you rich. Your earnings are restricted by time & no matter how hard you work your returns are the same. Being the owner of the construction company is the one whos rich, the owner has all the leverage. He can employ more workers to get the job done faster, the owner can borrow money to expand his operations even further & make even more money.
Only way a worker can have leverage is through assets (investing to make money work for you) or getting a commission based salary.
Max was right now we have 1%
*Marx.pure Marxism has never been tried anywhere, only a few Scandinavian countries have democratic socialism, they were rated the happiest countries with the best standards of living for all citizens, before they allowed too many religion of peace immigrants in.
It is not selfish you have to think of and create something ppl want so it is not about just your own interests that is false
It is because you will use that idea to earn money for yourself
I love Capitalism ❤❤
The things people describe as cons of capitalism are actually the result of government intervention for the most part.
especially the economic cycles...
Very true…
When Govt chooses winners and losers, politicians win and people, capitalism and freedom loses.
@@serkratos1216 ur talking about bust and boom cycles?
Under said defintion, capitalism would be synonym of anarcho-capitalism :T
Capitalism in impossible in a system without government. Capitalism requires enforcement of private property rights.
So, in other words, it's a different word for entrepreneurship 😂
Karl Marx is set to become right with his prediction. 🇺🇸
“Karl Marx is set to become right with his prediction ” people when his prediction of Calculus being wrong comes true and not his other stuff about capitalism (they should’ve been more specific about which prediction)
so after watching some ideology vids it feels more like it's corruption that's the problem
Capitalism is psychological .... very few know that.
91 years after Adam Smith wrote his book about the wonders of capitalism, Karl Max wrote his book criticizing his thesis. Today, under United States (US) capitalism, 38 million Americans live in poverty and 60% live from paycheck to paycheck, while 9 of the 10 richest men in the world are US citizens. Where is the harmony that Smith spoke of for the 99% of US citizens? In stark contrast, the People’s Republic of China, the second largest economy in the world after the US, has already eradicated her poverty, despite having 4 times the US’ population. Today, China and BRICS are economically outperforming the US and the G-7 since 2020! The US hypocritically claims to support Taiwan’s inalienable right to self-determination and independence, while it has consistently refused, a win-lose attitude, to comply with 42 United Nations’ resolutions demanding that it immediately return Puerto Rico’s sovereignty to the Puerto Ricans. And, on Wednesday, July 24, 2024, the US will host, at the Capitol, the international pariah Netanyahu, so that the US could continue to unconditionally support his genocide against the indigenous people of Palestine. It is now very obvious why, in the US, the teachings of Karl Max has always been taboo. History has proven without a doubt that Max’s critique of capitalism is totally correct. It is indisputably impossible to be the champion of democracy under capitalism! Capitalism is the undisputed champion of plutocracy.
Jose, the breadth and width of your ignorance knows no boundaries.
Prior to 1978, China was a closed and totally controlled economy and was one of the most impoverished nations in the world, on the brink of economic and societal collapse. The Chinese Communist Party were forced by threat of revolution to open their economy to freer markets. They permitted citizens and foreigners to own and operate for-profit businesses and since then, their population has thrived.
While no nation on Earth has ever actually attained the status of true Capitalism, it is a FACT that the closer any nation comes to total economic freedom, the more their citizens thrive - and the more restrictive their economy, the more their citizens suffer poverty and lack of resources.
Capitalism is nothing more than the freedom to conduct business without government intervention - so long as you do not deprive others of that same freedom.
Capitalism is good on paper but it depends on the leader to much
Since capitalism precludes ANY government interference in economic activities, leadership of the government has very little impact on the economy. So long as the government performs its one and only function - protection of individual rights - they can have NO meaningful impact on economic activities.
Both Adam Smith and Karl Marx are correct about capitalism, it can be either. Capitalism left to it's own devices eventually falls into monopolies and tyranny, the full restriction of capitalism stops growth, freedom, quality of life, and de-incentivizes progress. Like a nuclear reactor, capitalism is incredibly powerful and efficient, but naturally unstable without proper guidance and infrastructure. We're currently heading towards a melt down because of poor guidance.
You are severely mistaken. Capitalism makes monopolies nearly impossible. The only possibility of someone capturing an entire market in a free society is to provide such an incredible value to the consumer that nobody would be capable of improving on that offering.
Capitalism does NOT lead to tyranny.... a tyrannical government leads to tyranny. In a true capitalist society government is restricted to ONLY protection of individual rights.
Capitalism is NOT unstable. The instability we as a society experience is ALWAYS caused by government interference in the marketplace. When government interferes in the economy businesspeople tend to withdraw assets to a safe place which causes a recession and unemployment.
We are currently heading toward a meltdown because we do NOT have a capitalist society. Instead, we have a Welfare State that regulates EVERY aspect of our economy in accord with the wishes of a small group of influential people who seek control and power.... and YOU are helping them by blaming the one system they despise.... a free and unfettered marketplace.
Most comment sections have right wing people saying that there has been a lot of deaths under socialism, but this comment section has figured out about the uno reverse card.
Not really I think many here are biased and illustrate to educate quite naive on some subjects, Abbey Martin's/empire files - America's unofficial religion, the war on ideas, puts it all in perspective of why many will happily fight and die for their capitalist masters.
The best economic system, it's even better when the goveement doesn't have their hand in the game.
In fact, government having their hand in the game seems to be one of the ONLY ways capitalism can “fail” and it’s outcomes turned badly.
Socialism isn't when the government does stuff.
This is stupid the govt is here to control your exploitation
the best? THIS is the best? So your telling me that it doesent get any better? Jeez kill me now.
@@murlocmaster6192 THIS (as in our economic system today) isn’t the best, because government currently has its hand in the system to create special privileges for private interests. These privileges (subsidies, trade acts, regulations, etc.) crush the ability to compete against those with untold capital and allow only those remaining few players to maintain a stronghold on their respective industries and charge what they want. But if government didn’t have its hand in the pot, the market would naturally correct itself.
For instance, if someone at a farmers market was charging $2 for a bundle of produce, but others only charged $1 for the same bundle, people would naturally vote with their dollar to support the farmer who sells at the lower price point. The farmer charging $2 would lose its customer base and go broke. But if regulations in agriculture increase the operating costs of running a business in said industry, only a few can remain and compete. Suddenly all we have left are prices for products or services that few people find worth the asking price.
Income inequality exists everywhere. Kim Jong Un is 1,000,000x richer than the 2nd richest person in NK. The issue with saying youre exploited is, youre agreeing to work there. You can get paid 50 an hour and say youre exploited.
Mixedism❤❤❤❤❤❤
In Australia we a capitalist system with some good socialist ideals like affordable healthcare, but successive corrupt politicians have tried to make it dysfunctional and replace it with profit making, so the only people can afford to see a doctor if they have enough money in the bank.
People who defend capitalism needs to be put in the streets like in downtown LA with all the homeless people.
People who defend socialism need to go anywhere in china (like seriously that place is crazy)
People who defend communism should…. Go somewhere. There’s never been a true communist government so I don’t know where to send them 😭
People who defend Anarcho-capitalism need to visit the east India trade company (closest example I could find 💀)
People who defend anarchism in general need to quit watching V for vendetta and watch SpongeBob instead. Seriously SpongeBob is goated
People who defend @shigshug8581 need to go to his channel (his videos are interesting)
Capitalism leaves people behind in favor of profit
People who are left behind have nobody but themselves to blame. Successful people study and learn how to produce goods and/or services that other people want and need. They EARN their success.
Unsuccessful people never bother to learn anything worthwhile. They spend their lives doing meaningless things and wonder why they were left behind.
@@johnnynick3621That's a generalized claim.
@@theintrovertedaspie9095 No.... it is NOT a generalized claim. Successful people ALL follow the same basic pattern... they figure out early in life what they are good at that could put them at an advantage in the marketplace... then they pursue that advantage by acquiring skills, knowledge and experience. When they see the marketplace shifting, they make adjustments.... but they keep going.
Unsuccessful people usually just get jobs... they wait for someone to "give them a break" or a "hand up" instead of making their own opportunities. They grumble with envy when someone else gets ahead... but they never wonder WHY that person got ahead... or HOW they got ahead.
Is it any wonder why MOST people are NOT successful. It's hard work. It requires effort.
Most of you are too lazy for that.... so, you deserve what you get... or don't get.
If that is too blunt... if it hurts your feelings.... too bad.
That doesn't make sense. In order for the person to profit they must provide a good/service people want. So their drive for profit means they need to have a drive to do good by us.
@@johnnynick3621 Wrong there are many reasons, not everyone gets the same start in life, the same opportunities, good advice support and guidance, some have learning difficulties, public school systems do not teach students how to think like a boss just a good obedient drones.
capitalism and inequality. capitalism in its truest form, grants the individual the greatest number of opportunities - simply by way of expanding enterprises. a non-capitalist society has no expanding enterprise(s), because everything/everyone is owned by the state - like serfs. you see the latter in Russia, in particular, and now China, under Xi.
capitalism and monopoly. when monopolies form in a capitalist society, inefficiency tends to creep in, high-bureaucratic-staff costs, (such as those found in federal government, which is public, but same concept applies here - entitlements aplenty) and prices rise - which encourages outside competition to take a slice of the profit margin by entering the market.
capitalism and environmental impact. this is true of a material-wealth driven society. and human-kind's ignorance and selfishness. capitalism might find a way to convert that pollution into meaningful product. an example might be synthetic hydro-carbons, recycled plastics, recycled cardboard...
capitalism and financial crisis. boom & bust. this is a product of government getting greedy with taxation and spending, more than the economy can carry; high interest rates and high government spending occur simultaneously. lower government spending, lower interest rates, lower taxes is the solution.
social safety net. in a capitalist society, which prizes the skill of its labor-force, private enterprise may offer pensions and health insurance...as a means to keep its most talented/skilled laborers. as opposed to public safety net that pay for everyone, and tax only those in the private sector (since the private sector is really where the nation's wealth originates)...raising the costs for everyone, via taxes/inflation.
capitalism and commodification. when healthcare is for profit, the unscrupulous will price-gouge the individual...same can be true where there is a limited talent pool in any private occupation. demand overwhelms supply. reduce barriers to entry for supply. allow for an open grading system - it can be private. but here, i believe the individual should be allowed to sue for price-gouging. we live in a pacifist nation...that's got to change.
I believe that free markets can be great and capitalism is not. Those are not contradictory statements, for the record.
Yeah you could be a market socialist arguably
Capitalism == Free Markets. Look up the term, as the French say "laissez-faire" if that helps.
@@quatele That’s only one aspect of capitalism. I know what laissez-faire means. I’m going to assume that you were not intentionally being patronizing. For the record, most capitalist economies aren’t laissez-faire. You could easily look at Japan, Germany, South Korea, even the US as examples. All undeniably capitalist, and definitely not laissez-faire.
@@bradencolaner4811 I am using capitalism as a synonym of laissez-faire. By "capitalism" I see you mean our current mixed economies, which I would call half socialism and half capitalism, or some such ratio. Mixed economies exist world wide, so by my definition there are no pure capitalist nations, just some are more capitalist than others. It also varies by industry, so it's not an apples to apples comparison.
@@quatele You would be wrong to use that as a synonym. The first use of the word “capitalism” did not mean laissez-faire economics specifically.
3:00-4:00 was the most factual & relatable part . All the rest is already availaible on the internet or agenda driven organizations.
Barring the obsession on the environmental part (talking about the economic instability, inequality & exploitative practices aspect).
Crony Capitalism is when politicians get involved.
There is NO SUCH THING as crony-capitalism. There is "cronyism" and there is "capitalism". They are two totally different things.
@@johnnynick3621
Maybe you should Google it.
*Politicians and corporations
Excess capitalism should be dismanteled
There is not a single nation on this Earth that is practicing ANY form of capitalism today... let alone "excess" capitalism.... whatever that means.
Capitalism is invented by the Dutch Calvinists in the 17th century. They said that your place in heaven in granted by God and you can not earn it, it is given. So you don't have to take care of your fellow humans, but praise and thank God. The others have to take of themselves. That is the base of American capitalism, take care of yourself.
Is it really capitalism when some of the biggest and most profitable businesses require tax subsidies and giant tax breaks to make those profits?
No.... that is NOT capitalism.... that is corporatism. The US has not been a capitalist society for at least 100 years.
Everything is capitalism....
Lets not overlook Conservunism...
AMERICA’S REAL SOCIALISM is REPUBLICAN CONSERVUNIST CORPORATE WELFARE SOCIALISM for (mostly) PRIVATE CORPORATIONS!
(Copy and paste to your friends)
Here’s a short list... Remember this next time someone complains about “High Taxes”.
Conservunism defined: Primarily Republican Party taxpayer funded corporate welfare Socialism. If you practice political Conservunism, you are a Conservunist politician.
“Socialism for the wealthy, ‘Rugged Individualism’ for the poor.”
“Debt is Republican Double Taxation.” (Principle Plus Interest to the Bankers)
“Taking from the wallets of the many into the pockets of the few.”
“The taxpayer bailout of failure.”
“Wait! This is how the Soviets did it!” (Before their empire died of massive debt).
Note: As applicable, the following bailouts are in dollars of their time. (Not inflation adjusted to today).
1970’s: Nixon’s printing Billions of fiat money to pay for Vietnam, 21% a year inflation results.
1971: Lockheed Aircraft Corporation taxpayer bailout, $250 Million.
1971: Amtrak, Taxpayers bailing out 23 passenger rail companies.
1974: Penn Central Rail Road taxpayer bailout, $676 Million.
1976: Formation of Government Conrail to bail out failed freight railroads ($?)
1980: Chrysler Corporation taxpayer loan guarantees, $1.5 Billion (paid back in full).
1980: Continental Illinois Bank taxpayer bailout, $1.8 Billion.
1989: Reagan/Bush R.T.C. Savings and Loan taxpayer bailout, $178.5 Billion.
1994: Orange County California Republican investment boondoggle $1.5 Billion taxpayer bailout.
1998: Long Term Capital Management (LTCM) taxpayer bailout, $100 Billion.
July 2008: Housing Bailout Package. Nationalized Fannie Mae and Freddie Mac, $200 Billion, adding $5.5 Trillion in debt to the US government accounting books.
August 2007: Bear Stearns and JP Morgan taxpayer bailout, $29 Billion.
Sept. 2008: American Insurance Group (AIG) taxpayer bailout, $173 Billion.
Sept. 2008: bush’s Troubled Asset Relief Program (TARP) taxpayer bailout, $700 Billion.
Sept. 2008: GM and Chrysler taxpayer bailouts, $30 Billion (part of TARP).
Nov. 2008: Citi Group, $45 Billion and $250 Billion for its toxic assets. Bank of America, $45 Billion and $306 Billion for its toxic assets.
2009 Homeowner Bailouts, $75 Billion. And the Economic Stimulus Plan as a result of the near economic collapse of the US Economy, $770 Billion.
More Details:
Reagan's and daddy Bush's taxpayer funded $250 billion 1988-1989 Resolution Trust Corporation (R.T.C.) Socialist taxpayer funded bailouts for the financial failures of Savings and Loan Bankers. This was done after Reagan deregulated the Savings & Loan industry in the summer of 1982. And the absolute horrendous financial decisions by Reagan’s Fed Chairman Alan Greenspan.
How about co-presidents bush and Cheney's Socialist taxpayer funded $750 billion September 2008 Troubled Asset Relief Program (T.A.R.P.), the socialist taxpayer funded bailouts for their failed Republican "Investment Bankers", Goldman Sachs, Merrill Lynch, Bear Sterns, and Insurance company AIG, and Real Estate moguls like Freddy Mac and Sally Mae.
Or how about bush's lying us into the March 2003-2011, $2.2 Trillion Iraq War For Profit complete with Socialist taxpayer funded "No Bid Contracts", “Cost Plus Contracts”, and "$igning $tatement$" to Halliburton, Bechtel, Blackwater’s Mercenaries, and Kellogg Brown and Root just to name a few. Note: 52% of all Iraq contracts went to Cheney’s Halliburton. Wheres the WMD’s George??
Then there’s Trump's March 27, 2020, $3.8 Trillion socialist taxpayer funded, inflation creating, fiat money, Corona Virus Aide Relief and Economic Security (C.A.R.E.S.) Act/s (divided into four Bills). Initiated after Trump dismantled the US Pandemic Task Force in early 2019, which would have mitigated the effects of the virus with scientific responses. The immensely reckless spending corporate welfare C.A.R.E.S. Act is a major cause of our current INFLATION.
2020-03-18, “Family First Covid Response Act: $192 Billion.
2020-03-27, Corona Virus Aide Relief and Economic Security Act: $2.2 Trillion.
2020-03-27, Payment Protection Program (PPP): 484 Billion.
2020-12-27, Consolidated Appropriations Act: $900 Billion.
Lets not forget about Credit Card Companies “Cash Back” wealth transfer programs for the already wealthy. Paid for by some poor smuck paying 29% on his credit card bill.
How about all that socialist taxpayer money to "private" billionaire sports team owners for their "free" taxpayer funded sports stadiums? Ask yourself this; should you tax money be paying for someone else (a millionaires) entertainment?
In Arizona as an example; for the socialist Arizona Cardinals Football stadium, approx $350 Million, the socialist Phoenix Suns Basketball arena, approx $200 Million; the socialist Arizona Diamondback Baseball stadium, approx $300 million; and soon AGAIN, the socialist Arizona Coyotes Hockey stadium. This time the City Counsel suckers (or collaborators) are in Tempe instead of Glendale where the Coyotes skipped out of $100 Million still owed to the Glendale taxpayers.
And lets not forget Dubya’s law breaking eminent domain socialist theft from the City of Arlington Texas to build his new taxpayer finances Texas Ranger baseball stadium in 1990. Bush received $21 Million from the crooked deal.
How about the taxpayer funded socialist Republican “vouchers” to PRIVATE SCHOOLS AND NOW PRIVATE RELIGIOUS SCHOOLS? Private being the key word for this taxpayer finances Conservunist fraud.
The Republican socialist (America's REAL Socialists), got their Redistribution of Wealth...Trickling UP!
I am not now nor have I ever been a member of the Conservunist Party.
REMEMBER: ANTI REPUBLICAN SOCIALIST CORPORATE WELFARE IS PRO BUSINESS!
Remember: Copy and paste to your friends.
I would rather have a welfare capitalism if i could choose. I think South Africa, my country, has that in working. But the welfare amount that pays out is a joke.
"Allah condemns exploitation, and He blesses charities. Allah does not love any disbelieving sinner."
Quran 2:276
With Islam no inflation and no poverty
There is no such thing as the "perfect economic system" but at least Capitalism has been shown to lift more people out of poverty than any other, whereas all forms of Collectivism result in subjugation of the masses to an all powerful government.
I almost agree with you - except for your assertion that there is no perfect economic system. Capitalism IS the perfect system. It is morally right and pragmatically efficient. It allows for human flourishing without the need for government coercion. Capitalism rewards the productive and punishes the lazy. It allows for sustainable profitability which enables those so inclined to help the needy who they deem worthy of their support.
Life is imperfect. There will never be a utopia where none suffer. Mankind's slow march toward Capitalism has, however, resulted in alleviating and reducing the suffering of millions of people around the world.
Everyone cannot own businesses and therefore, poverty will increase
Why can't everyone own a business? Why can't you go work for someone who will pay you to learn a trade.... become good at that trade and in the meantime save up your money.... then go out and start your own business.
Didn't your parents teach you ANYTHING?
@@johnnynick3621 hey dumbo ... if everybody owned a business who would be doing the work?
@@johnnynick3621 So who is going to pay anyone to learn a trade, talking rot, this is not the 1960's anymore.
@@sophiepooks2174Your defeatist attitude is what has held you back. I was trained in multiple skills working for others, and I later trained others those skills while they worked for me. My daughter has a thriving business. She teaches a specific skill set to employees willing to learn. You need to stop blaming others and take responsibility for yourself.
@@tinkletink1403 _"hey dumbo ... if everybody owned a business who would be doing the work?"_
Lazy, stupid people who are not motivated toward success likely would NOT want the responsibility of owning and running a business themselves - but even they COULD do so... if they were motivated to do so.
The fact that anyone CAN own a business is quite different from the fact that most people are too lazy to own a business. It is much easier to let someone else take the gamble and do the brainwork while you play video games. The fact remains - anyone can start a business today. In the history of mankind, it has never been easier.
too much capital comes with its own problems
should i speak to you without capital letters, i dont know what “to much capital” means
@@The_scrongler1978 pedestrian
@@dotsdot5608 what is a pedestrian, is it like those things you push when you ride a bike?
The biggest problem of Capitalism is wealth and power is falling into the hands of a small number of people who generally have little concern for the welfare of the mass of the people on the planet. Capitalism will solve world poverty does sound ridiculous. The Economist magazine ranks American democracy always in the late twenties of efficient world democratic governments. Consumerism, a vital aspect of Capitalism, has ruined the eco system of the planet. Making things that dont last and constantly want replacing. By advertising and marketing creating a need for a product that is not really needed, eg fashion; making unhealthy products attractive like smoking, sugar filled drinks etc; creating false and untrue and unfair criticisms of societies, say China, with a modified form of Capitalism which has been so successful for them. American style Capitalism has created an unhealthy obese violent poorly educated society which specialises in overthrowing governments not in favour of their style of Capitalism and similarly fighting wars on an enormous scale to try and totally inappropriately install their version of Capitalism on them. Could some aspects of Capitalism and Communism be combined and a superior system of government be established.
There are MORE wealthy people today than at any other time in history. MORE.... not less.
You cannot combine ANY aspects of capitalism and communism. To suggest such silliness merely points out the glaring fact that you do not know what either of those words mean.
@@johnnynick3621ok met consumer. Don't cry when your country goes broke by 2030 and a 18-year-old young will have to be required 4 years of experience to get an entry level job and a used napkin will have more value than his degree. And that's not even the worst part.
@@user-je2dr4zm3b I have no idea what your comment is trying to say... it's mostly incoherent gibberish... but I agree that the US could easily go broke by 2030... and I agree that for most college graduates a degree is utterly useless.
What does any of that have to do with what I said?
I claimed that there are MORE wealthy people today than at any other time in history. MORE.... not less.
Do you dispute that claim?
I claimed that you cannot combine ANY aspects of capitalism with communism.
Do you dispute that claim?
Be specific.... and coherent.
@@user-je2dr4zm3b Your silence is deafening.
So, our tax bill is socialistic but being a shareholder is capitalism. American's should be "shareholders" in our govt. On 4-15 we should be earning profit, having to pay or buying the privilege of being a so-called Capitalism is just wrong to me. There are plenty of ways govt services can be paid for by those it services. If we shareholders build a road it's up to those who aren't shareholders to pay for it, but NOT through taxes but rather user fees. Just my humble opinion and observation. Taxing is something the King used to do as well as socialistic nations do. Share's in the USA should be able to be earned. Serve in the military, get some share's. Participating in our govt either by voting or serving citizens earns some share's and so on....
Not everyone has enough money to invest in share markets in their youth, the share markets are confusing to many poor/ working class people of my generation who went to public schools most didn't teach about them, or if they did was not in a way that made any sense.
@@sophiepooks2174 I think you misunderstood me. My fault as it isn't as clear as I like to be.
Americans are taxpayers. We should be "shareholders" with profit sharing occuring on 4-15 each year. There is no difference between taxpayer and shareholder except the notion or the idea behind the name. Taxpayer often feel used but shareholders get paid for their investment. Capitalism as it was intended. Our ideals about freedom are perverted. Nothing is free in life. Americans seem to think that 'freedom' is something it is not. But investing in our country and fellow citizens should pay dividends each year just as investing in a company on Wall St does. Earning 'shares' in America can happen in other ways other than paying taxes and can act as incentives for many at times.
Italy Communism be like: Capitalism's wet dream of rich wealth
Capitalism is the best system we have.
Capitalism causes inequality which detracts the idea of a meritocracy socialism logically makes more sense
Some Americans love military benefits, and the military is socialist.
@@somethingwelovet2188 Capitalism does not cause inequality... nature causes inequality. We are NOT born equal.... and there is NOTHING you can do to make everyone equal. You can try making everyone equal.... but that is evil and will NEVER work.
Well the best system we have is polluting the air we breath, emitting tons of carbon which would cause climate change, causing fast food consumption and obesity rates to rise because of health food prices going up and food deserts, and probobly the lack of health education. This causing people to spend most of their waking hours working themselves to death just to make ends meet which leads to burnout. This is all to keep people busy so they'll keep consuning stuff they dont need just to fill a void in themselves. Not only that, but we also keeps building highways and infrastructure thats car-centric in many cities which causes tons of sound pollution and air pollution. And because of all these car-centric roads and zoning laws, everything is all spread out, making it hard to get anywhere safe withoute having to use a car. And the losing of third places. Combine those with the rise of the internet and social media, everyone is feeling more connected than ever before. But we are still very isolated from each other. Because of this, zoning laws, and car centric infrastructure kids don't go outside as much and dont get the exercise they need. Average lifestyles seem to be coming seditarty as a result. Which is another reason for rising obesity rates. All this combined with burnout and working long hours its bringing fourth a pandemic of alienation and loneliness. Not only from our friends and family but also from ourselves.
@@theintrovertedaspie9095 Actually, life has always sucked. As the buddha says, "life is suffering". Maybe we shouldn't exist at all. Life is suffering, pain and misery for all animals on this planet, but I agree with your comment.
"My object in life is to dethrone God and destroy Capitalism!" -Karl Marx
Both worthy goals, both cause misery and special rights and privileges for the few, who live fairy tale lives while the rest live in Mordor.
Capitalism aka the best all around economic system for all!
tell that to people who are working min wage jobs
Capitalism is the best economical system. If your skill is in demand, you’ll be wealthy. Get what you’re worth. On the other hand, I wouldn’t want to share the weight of my hard earned capital to someone who slow jerks in his mom’s basement
What about the skills that are always in demand, yet aren't deemed worthy of commensurate remuneration ?
You have a simplistic and erroneous view (imo).
Many in the current system take advantage of and exploit their staff for profit.
This may not be as a direct consequence of any specific ideological construct, but regardless, capitalism accommodates this behaviour.
@@JB.zero.zero.1 First of all.... anyone who has mastered skills that are in short sully and high demand will ALWAYS be in a position to earn substantial remuneration, and they do NOT need to work for others to do so.
Secondly....the idea that people who are working for someone else and being paid to do so are somehow being "exploited" is silly. It can equally be said that those who are demanding to be paid to work for a business owner are "exploiting" that business owner... which is equally laughable.
YOU have a simplistic and childish view.
So great video as usual. Political opinion below.
In my opinion, Capitalism is bad. Capitalism only attracts progressivism. Also pure capitalism abuses workers. This is my opinion based off of my personal experience.
Yes, but pure capitalism isn't the only type of capitalism.
@@a-pv7sv i read that as “capitalism isn’t the only form of capitalism”. Im not lying. Ik, pure capitalism isn’t it’s only form. But I dont like to consider myself capitalist or socialist. Both are flawed systems that when merged (correctly, not like we have now), can work brilliantly.
I am more drawn to socialism than capitalism.
“Capitalism is bad” people after playing New Vegas once (the house won and they’re now a capitalist)
@@The_scrongler1978 i made this nearly a year ago, my political opinions have changed a lot. Also gambling is bad.
Ignorance abounds.
Oh ! so I’m an anti capitalist 😅