Has anyone ever wondered why we don't learn about money in public schools?

@baspatolivas9442

8 жыл бұрын

I don't know about your country, but in Chile, every single teacher is a left-wing one and no one explains about economy, all they say is "equal share", "equal labour" etc.

@halo45600

7 жыл бұрын

baspatolivas Pinochet needs to come back.

@overtblowfish4439

7 жыл бұрын

Academia wouldn't churn out quite as many socialists if they did.

@RevolutionaryThinking

7 жыл бұрын

They should call it Acadumbia in that case.

@charjl96

6 жыл бұрын

Because the elite hate competition

I love watching smart people debate in the comments like civilized humans for once. I'm too used to clicking on a video and seeing a bunch of hooligans calling each other faggots and making fun of each other's mothers. I'm glad to see at least SOME people have grown up.

@CrimpyGummybear

7 жыл бұрын

+100 Thank you for proving my point.

@luckingk2537

7 жыл бұрын

Exceptio probat regulam in casibus non exceptis.

@Narayanan5

5 жыл бұрын

CrimpyGummybear 😄

@nyxhydrangea

5 жыл бұрын

Please don't use the word "faggot". It is offensive for me and the other homosexuals.

@donkeykongisbetterthanmari7495

4 жыл бұрын

@@nyxhydrangea it was an example...

We tried to "reform" capitalism in the 1930s in the US. It lasted for a little while before those quick fixes became undone.

@Zenas521

Жыл бұрын

You think "fixing" the economy is plunging the world into depression? crazy...

@AliceinWonderlund

Жыл бұрын

I believe they’re talking about the economic system that got us OUT of the depression. Keynesian economics. It works extremely well, and even produces very high profits. It also bolsters and empowers the lower and middle classes, so obvi not something that elites would want maintained for very long.

@045773

Жыл бұрын

@@Zenas521 He meant the "New Deal" that came after the great depression. It actually "saved" Capitalism for a couple of years. It didn't last though.

@georgemx4136

Жыл бұрын

@@Zenas521the depression was in the 20s king

Great video but there is a problem with your "economic growth rate" argument. As countries grow bigger, its objectively more difficult to maintain a previously high economic growth rate. For example, if the GDP / capita in Casterly Rock is 100 and it grows to 150, it only grew by 50%. On the other hand if the GDP/capita in the Iron Islands is 1 and it grew to 5, it grew by 400%. So clearly Iron Islands has a higher GDP growth rate even though Casterly Rock grew much more in absolute terms.

@puppiesyay

9 жыл бұрын

Of all the economic/factual inaccuracies in the video it is baffling to me that you choose this one to comment on lol. Either way, agreed.

@umayusu

9 жыл бұрын

I think life would be so much better if we all used GOT analogies. Gets the point across well

@TAEHSAEN

9 жыл бұрын

Umamah Yusufi Haha I'm SO happy someone recognized what I was talking about! ^_^

@jedrobertson3206

9 жыл бұрын

But on the flip side, money begets money. I mean, it's not unusual for a worker in a developed country to be offered, say, a 5% raise. If they were earning a smooth 100k then they've just improved their income by 5k/yr. Yet for someone earning 5k/yr such an improvement would be huge (in terms of how it would change their lives) and almost impossible to get.

@umayusu

9 жыл бұрын

TAEHSAEN I know it's been ages since you posted your comment but I need a stranger with whom to share my excitement over the fact that Season 5 is here!! Just before exams...guess I'm not going to uni this year :'o

To begin to address the problem, you need to understand the difference between capitalism, or free-market economy, and corporatism.

@ts9749

7 жыл бұрын

All bad.

@somemaycallthisjunkmeicall133

3 жыл бұрын

Is corporatism not a stage of capitalism? Inherently, the very core of the way Capitalism is set up is that in which leads to Corporatism itself

@zyanego3170

3 жыл бұрын

@@somemaycallthisjunkmeicall133 Corporatism is the economic system that most Fascist states had.

@eugenelubbock5478

3 жыл бұрын

@@zyanego3170 decaying capitalism becomes facism.

@zyanego3170

3 жыл бұрын

@@eugenelubbock5478 Well, yes but actually no.

Holy crap, the comments section, I'm gonna be sick. . .

@1234kalmar

8 жыл бұрын

+mrmeatymeatball Welcome... To the internet *que Jurassic park theme*

@awsomeguy001

8 жыл бұрын

aren't you immature

@TAWithiam

8 жыл бұрын

who?

That guy's right, A LOT of butthurt American patriots in this comment section.

@-SUM1-

8 жыл бұрын

***** It's already happened, under capitalism. CEOs are so influencial and controlling in politics you may as well call them politicians.

@-SUM1-

8 жыл бұрын

***** I wouldn't. Because, possibly because you don't understand, communist society is where the state and people are not distinguishable. Where there is so much diffusion of power to the bottom level, that basically everyone could be said to be running the country, there is no elite. That's exactly what communism intends to overthrow. Capitalism upholds the rich elites, because in that system money = power. Power to control the grade of living of the thousands who work for you, and power to control millions through the advertising and marketing in order to direct profits straight to your leadership.

@Shamirul-iz8pt

8 жыл бұрын

SUM1 aA

@holdbitcoin1448

4 жыл бұрын

I prefere Austrian School

@pineapplepenumbra

4 жыл бұрын

This is a Commie Pinko, Ultra-Lefty video, stating left wing facts... rather than right wing sound bites that sound like facts.

How to improve capitalism? *R e v o l u t i o n*

its only am matter of time when capitalism will become an old ideology. with high automation, 3d printing, nanotechnology, the formation of strong AI and solar panels becoming ubiqitous, people would not need capitalism anymore when they can be self-sufficient. karl marx did have a point about communism, except the fact that communism is not applicable in the 20th century but in the next 200 years.

@theamazingbandgeek

9 жыл бұрын

capitalism is Independence and being self-sufficient.

@veoozo

9 жыл бұрын

theamazingbandgeek You're an idiot.

@mengelmoesNL

9 жыл бұрын

Capitalism has always been about mass production of goods and services for the masses. If all the things you mentioned come to fruition we will have reached the endstage of capitalism. Where one only has to work 1 day a week to sustain oneself.

@theoserr9331

9 жыл бұрын

yeah, that was what i was trying to say. capitalism will not be around forever at the point we will be reaching a certain level of technology.

@tcironbear21

9 жыл бұрын

Theo Serr I don't think those technologies will be enough usher in some anarchist, futuristic, "Juche" economy. XXXX 1) Not every parcel of land will have all the raw materials necessary to make your future tech work. Like for example a lot of modern technology requires raw earth materials only found in a few places on the earth. And even if you find some way to run off carbon, oxygen, hydrogen, and silicon, I doubt you will find a way escape the need for at least a few trace elements. Life requires rare particiles to thrive. For example most oceans are iron deficient, and while life needs just a very tiny amount, if it doesn't get that tiny amount you end up with equilivent of desert in the ocean. If life could not evolve a way to do with out these trace things, what makes you think humanity will? XXXX 2) Those technologies are still going to need servicing. The owners of the self-sufficient machines are not likely know how to service their own equipment. To do it all yourself you will need educations in a multitude of fields. XXXX 3) Something that Adam Smith noticed is that specialization results in improvements in productivity. The entirity of history has been a steady march to every increasing specialization. ( Shoot, you can see that in life and cells of multi-celluar organisms also. Specialization outcompetes generalization) By focusing on doing one thing, you steadily become better at it and realize every greater amounts of productivity. So a society of specialists that cooperate will likely be more productive than a society of generalists who try to do everything by themselves. XXXX 4) In addition to raw materials not being evenly distributed, energy is not evenly distributed. If your parcel of land happens to be next to a coast, in a desert, next to a geyser, or have a river flow through it, you will be able to tap into abundant wind, sun, geothermal, and hydro power. But the next guy over might be out of luck. XXXX These four things alone are enough ensure the need for trade will continue into the future. And where there is trade capitalism will be the most efficient way to manage it.

I discovered this channel a few hours ago and it has already become my favourite part of KZread, thank you very much, keep it up.

@lumpy0100

9 жыл бұрын

yeah, thanks School

@vaibhavgupta20

9 жыл бұрын

Me too. Why isn't this channel more popular. You should make more collaborative videos with more popular chanel

@hasteau4917

9 жыл бұрын

***** Love the info - it seems well balanced and unbiased what is your motivation?

@comrademartinofrappuccino

5 жыл бұрын

@@hasteau4917 it is biased bescause it says socialism is not a option (anymore).

@ElitesMovies

3 жыл бұрын

Try PragerU

I respect the time and effort you put into these videos, they really are intriguing, but I think you're forgetting to recognize the elephant in the room which is the main catalyst by which inequality is perpetuated: cronyism. Since large companies are "too big too fail" in the government's eyes, and many policies are directed by lobbyists, the US and other giants are basically at the whims of larger corporations. I mean, back in the day JP Morgan was literally bailing out the government; I doubt it's much different today though not so obvious. In that sense, I think a better solution would be laws against corruption rather than higher taxation or wealth redistribution which can have widely varying effects. Also, I don't think it's quite fair to just compare countries GDP/economic equality rates directly with levels of regulation since there are a million different factors that play into growth and recession. For example war, disease, trade deficits, population growth/decline, droughts, political turmoil, shortages, etc. It's not simply a matter of finding the right balance between socialism and capitalism, it's plugging the exploits in our political system and bringing the corrupt to justice.

@halo45600

7 жыл бұрын

fusobotic well said.

@sonnylegreat

7 жыл бұрын

This is probably one of the most well-formed comments I've ever read on YT.

@ragtunes123

7 жыл бұрын

I agree with your supposition that corruption is a problem. In the same breath, the corrupt aren't going to hear your, or my voice. Acceleration and crony capitalism = Impotence & apathy. Face it, we're ...as Mongo said in 'Blazing Saddles' ; " Only pawn in life's game" The question really at this point in time is,.... *How* do we bring the corrupt to justice?...I am Mongo! Mostly I think....Fuck 2016.

@thevisi0naryy

7 жыл бұрын

A giant problem nobody observes or talks about.

@MinosML

7 жыл бұрын

Best comment in this vídeo. Cheers

Point #4 is my favorite. Companies are abandoning their goals, employees and dreams for a "one night stand" with shareholders, who at the end, will take their money to the next sexier company and do it all again.

But the US hasn't been Capitalist for ages. Bailing out the banks to the tune of 100's of billions of dollars is not capitalism.

@anarchocommunist9154

8 жыл бұрын

+David Harford In the US, the means of production are privately owned and controlled by the owners. That's capitalism. It may not be your utopian free market, but it's still capitalism.

@davidharford3873

8 жыл бұрын

Anarcho Communist You are correct, that IS capitalism, and I am correct also. Bailing out the banks certainly wasn't. Under capitalism the government should have let them fail.

@everflores9484

8 жыл бұрын

+Anarcho Communist Capitalism's about profit AND loss, you bail out the losers and there's no end to the cost.

@saeedbaig4249

8 жыл бұрын

+Ever Flores I see wat u did there...

@everflores9484

8 жыл бұрын

Sideeq Mohammad I was hoping someone would get it.

State intervention in the economy is a highly, highly double edged sword. In terms of gross economic output, the USSR for example in the early 20th century far outpaced that of the US. Hardly anyone would say that the people as a whole were better off for it. Today it's highly commonplace for American companies to lobby for regulations in the "public interest" specifically in the hopes of erecting barriers to entry conducive to the formation of monopolies. And if you disregard public spending on welfare, Denmark is significantly more laissez-faire capitalist than the United States. But as people seem to be pointing out below, this video seems to be reeking of an agenda.

@edwardotaters2063

9 жыл бұрын

I agree with the point on Denmark. Social welfare doesn't impact the economy as much when the money comes out of responsible spending cuts in other departments.

@mcfbbqroast

9 жыл бұрын

wiimooden On the flip side, have a look at Africa vs Asia. The Asian tigers maintained strong government intervention, not in the form of regulation (like in the states) but in the form of investment and directing private interests (eg land lease rules). At the same time African states maintain a much freer economy, while initially this seems great it quickly collapses without strong institutions to maintain stability, strong institutions can't exist (at least in a capitalist world) without strong cash flows which thus requires intervention in the economy (to get those cash flows).

@Poopoo4u2doo

9 жыл бұрын

edwardo taters Well, if you did your research, you would also know that they have a near 50% income tax and a very high consumption tax, which is how pay for such social programs.

My problem with capitalism is that it takes one of our worst vices, greed, and turns it into a virtue. As with all things, economics must be as a slave to ethics.

@xenophon5354

8 жыл бұрын

+Anthony Harvey What are the vw issues? Would you be so kind as to explain these issues? And then explain what you mean?

@xenophon5354

8 жыл бұрын

Anthony Harvey And so our problem is largely not a matter of government, but one of culture. The point you make is extremely important and telling. If people actually cared about what they put into their bodies and what we did to our soil, they'd seek organic sources of food. Since government is for the people, and by the people, the people need to be the "right" people for the system to be just, prosperous, etc. We've certainly got the prosperous down, but should growth be our only concern? And this is why there are no more important subjects to study than philosophy and history.

@xenophon5354

8 жыл бұрын

Anthony Harvey I mainly meant as compared to fast food. I fully understand that a yellow squash grown organically isn't actually better for you than one grown non-oraganic. But it's better than McDonalds fries. As for your criticism of "for..." I agree, but then any system is going to exclude some group, isn't it? Don't get me wrong, I have no inherent love of democracy, but the government's fundamental job is for the people. By the people does also not necessarily mean a democracy where the majority rule. It simply means the gov't was put into power by the people, whatever system that might be.

@xenophon5354

8 жыл бұрын

Anthony Harvey Well yes, obviously. The government is for the people. Do you have an exemplary system in mind?

@xenophon5354

8 жыл бұрын

Anthony Harvey My apologies for not specifying. I simply meant people as in all people. I look to China's imperial age a source of wisdom. I think it's an empire built upon culture, and maintained an unbelievable cultural cohesion.

I love your psychology videos. But as I am an individual with a background in economics it is painfully obvious that you do not. It seems you are trying to boil down complex multivariate problems to vastly overly simplified univariate issues. As if the only thing that effects a countries growth is the amount of government oversight. And not its relative access to natural resources or the "relatively simpler" and well understood challenges of economic growth faced by poorer nations versus already developed nations.

2:10 "Japan, Korea, and Taiwan had governments hellbent on dictating business activities and it worked rather well for them." What!? This isn't true at all in the case for Japan. The government helped to boost business which caused high periods of growth in the 80s but their economy went to hell in the beginning of the 90s and there was stagnant economic growth for more than a decade. This economic boom and than stagnation with help from the state was also seen with the Soviet Union in the 60s, and many economists predict that the same will happen with China's economy. Also this video makes it seem that South Korea's system is superior to the United States while ignoring one of his largest flaws. Korea's economy is dominated by a handful of very large corporations called chaebols. The top ten chaebols produces around 80% of the ROK's GDP. These companies are too large to fail and have a tremendous amount of power in the politics of the ROK.

@UNTBC

9 жыл бұрын

This is directed entirely at you, but everybody that is calling bull shit on video. I can't believe how many good arguments I have read, and proud that there are so many people have made logical realistic comparisons to show that almost nothing in this video is correct.

@lumpy0100

9 жыл бұрын

does japan have the 3rd largest GDP in the world? yes. does an economy need to keep making rich people richer? No. the growth japan enjoyed is enough to keep the country going strong for 10 times 10 years

When I scrolled down to the comments, I knew I was going to find that the crazies had come out of their caves, and sure enough...

next video: how to destroy it

Get rid of it and teach it in history books. Huge improvement.

@kamanashiskar9203

3 жыл бұрын

Shut the f up, effing socialist.

@pete2389

3 жыл бұрын

@@kamanashiskar9203 Yes, I am a socialist. No, I will not shut the f up. Tough luck.

Please go back to Philosophy. Claiming Finlands economy grew faster than the US economy solely because of a "less free" capitalistic model is just painful. There are countless, countless factors that can cause such a development. Also the historic world growth rates .... after 2 World Wars, especially Europe could easily create mass wealth because so much was destroyed. Later on dimishing returns set in for the first world. Japan had a huge economic bubble and a "lost generation" due to governments toying around with currencies. China started growing once the market became free.

@noob3765

9 жыл бұрын

Alain de Botton Sorry, but you are smart enough to know that correlation does not equate causation. You presented it as a "fact" that from 1955-80 the controlled capitalism economies grew faster and offered no other explanation or even mentioned that other factors could have influenced that. Its like saying computers and the internet ruined the economy, since pretty much no one had either between 55 and 80. To me it just looks like cherrypicking of historical figures to support your ideology. This just causes resentment towards your better arguments. (Long vs short term profits etc)

@instamdgram

9 жыл бұрын

Alain de Botton Wow- That's profound! As you say - if it gives me compassion and generosity towards ignorance, I'd prefer to be the dumbest. :)

@PetroleumPelle

9 жыл бұрын

Alain de Botton How you deal with (harsh) critique is refreshing keep up the good work! And most of all keep the discussion going everyone. The videos of you and your team have been truly inspiring, thank you very much:)

@Seaneiboy

9 жыл бұрын

You should go back to philosophy.. Actually, in the 1940's, the American government had these same debates of big vs. small government. In 1947, the republicans won, and cut government spending, tanking the economy into a recession. So in 1948, they pursued the most aggressive policies, raising the minimum wage to the highest it's ever been, increasing taxes on the wealthy and paying for domestic programs, and creating employee/employer contract environments... and all of this created the middle class, all within a decade, the 1950's... it's known as the greatest economic advancement in the history of the world... and no, the middle class creation didn't come from rebuilding after WW2, but through government intervention into higher real wages.

@greadion4

9 жыл бұрын

Alain de Botton I appreciate how you are trying to get an abusive internet troll to change their ways, but I am afraid you are likely wasting your time. Trying to convince people who disagree with you on the internet is not so different as trying to convince a statue to change its pose.

People need to get over this notion that some video or idea out there is going to be perfectly applicable to the world and that everyone is going to agree with it. I don't necessarily agree with everything said in this video, but the conceptual value is there in that it makes you think, what's the difference between The School Of Life or this individual presenting their view and learning about someone like Karl Marx? That was an individual as well. Take away what's useful and throw away what isn't-Bruce Lee

@coryburns1905

5 жыл бұрын

Are you one who falls in with Karl Marx

@nowaymangoshtomuchna

4 жыл бұрын

ok bruce lee *throws away the communist manifesto and other karl marx crap*

@Gisiebob

Жыл бұрын

I think thats the issue I have with this video, actually. it feels like a wholesale dismissal of any idea that doesn't contain capitalism. if we can solve the issues we are facing with capitalism reform, sure. but if we can achieve a functioning society without capitalism, would that be wrong?

Isn't it a bit... odd, to compare the growth of a continent in ruins, due to the 2nd world war, to a nation (the US) that didn't have to build from the ground up?

@Twiggy163

9 жыл бұрын

***** well the US greatly aided the European nations to re-build. Some of the money was a gift. Something even I still very much appreciate. Paying it back wasnt that much of a problem for the EU nations. But indeed, it was a bit of a strain when it was all used up.

1:08 You bring up the top tax rate of 90%. Nobody paid that amount, there were so many loopholes. kzread.info/dash/bejne/eKmfk7GimJvAfag.html This video explains it perfectly from one of my favorite KZread economists.

@daraquesto2277

3 жыл бұрын

I predict its gonna be Stossel

@quenvanwijk

3 жыл бұрын

its a private video

@AnonymousWeegee

3 жыл бұрын

@@quenvanwijk It wasn't private 5 years ago and I forgot what the video was, sorry

@quenvanwijk

3 жыл бұрын

@@AnonymousWeegee oh well🤷

That's all nice and all, but i want to know if I can work part-time for my entire life, meaning making a decent leaving from working part-time. I feel like the schedule of full-time work is slowly killing me.

@glm4054

3 жыл бұрын

I feel your pain! It is killing us & capitalism doesn't care. I hope you're okay & part time now!!!!!💞💞💞💞💞

@NedTesco

3 жыл бұрын

Back in the 30s-60s, in the heyday of keynesianism and strong trade unions, people were talking about a 15 hour workweek as very likely and even inevitable. Neoliberalism changed that.

@thomashidalgo6975

3 жыл бұрын

@@NedTesco in my country they teach keynesianism in the universities and now we are one of the poorest and most inflationary countries in latin america so don't give me that bullshit, in the sixties you didn't change your cell phone every year you didn't pay for netflix, disney+, amazon prime or internet. if it bothers you so much that you lack money get a better job or stop spending on stupid things.

@NerdyFeminist

3 жыл бұрын

I know a solution: move to a developing country and teach English there. You will get paid a much higher rate than local teachers. You can also be a freelance journalist or an illustrator and take orders from American or European companies. You will receive the payment in their currency while living in a country with much lower living expenses.

@peterpeterpeterpeterpeterp1431

3 жыл бұрын

@@thomashidalgo6975 I don’t think your university classes change the economic system of your country…

“[Inequality] isn‘t some natural phenomenon”. Seriously? Are you joking? When I see equality I see artificiality (not necessarily a bad thing) and growing bureaucracy (100% bad thing).

This video conflates crony capitalism and capitalism. The periods of growth you reference relative to regulation are misleading. There are two kinds of economic growth: real and artificial. Real economic growth happens when capitalism is most unhindered, this type of growth sticks and exists because there is a demand for it. Artificial growth is the product of Keynesian economics. Low interest rates, money printing, gov't works projects etc. All these things contribute to yearly GDP but in the long run they end up hurting the economy because they promote malinvestment, inflation, and are only temporary. Your specific example of 1950's-1980 proves my point. Keynesian economics was championed, there was huge artificial growth and as a result our country faced hyper inflation leading into the 1980's. The inflation problem had to be fixed and then real economic growth took place.

@iMaDeMoN2012

7 жыл бұрын

There is no difference. If capitalism worked we would not have crony capitalism. Yet since the capitalists have all the power they will use it to control the government. The only other option is to have more democracy which would destroy capitalism as we know it. I can't wait.

@97stel

7 жыл бұрын

Dizzlx the inflation leading into the 80s was a result of oil shocks in 1973 and 1979, although I do agree with your point that unnecessary government intervention leads to malinvestment and a misallocation of resources. As Milton Friedman said; nobody will spend someone else's money as carefully as they would spend their own!

@PetroBeherha

7 жыл бұрын

Dizzlx Nobody's perfect, not even Alain Dr Botton, but if this really Is the case then thank you for pointing it out.

@QuillOfEarth

7 жыл бұрын

iMaDeMoN2012 Or just place limits on special interest power and influence. More democracy sounds so good on paper, but pure democracy can be so much worse than representative democracy if there is no EDUCATION. Education is really the key to all of this. But see, the thing that will redeem the current state of affairs and inequality isn't some revolution by the people to seize the power from the wealthy, far from it. With proper education, we can teach people to be brighter and therefore more capable of creating a wide variety of sizes and shapes of business, all capable of competing with the big guys.

@iMaDeMoN2012

7 жыл бұрын

+Lump Lumpson More democracy already exists to some degree in many places all around the world and it's great. If you got to approve the of leadership of the organization where you work would you allow them to take part of your would be pay to buy life insurance on you so they an reap a profit from your death while you family suffers. This happens all the time in really existing capitalism. No, more democracy doesn't just sound great on paper, it is great. If you really believe what you said, then you should be arguing that democratic governments sound great on paper, but shouldn't only the really smart and strong leaders be in charge of making decisions that affects everybody. An education requires power. It's always been about power. Those with power use it to control those without it. Democracy redistributes power.

I can reluctantly accept the necessity of a safety net. But the rest of these ideas are unfounded. The fact that something isn't working as well as we think it should is no reason to think regulations will make it better. It might or might not. But whereas businesses that are free to make their own decisions can self-correct (or go bankrupt) if they make a mistake, governments never do. We should have learned this lesson by now.

@Chronically_ChiII

8 жыл бұрын

+Ron Warrick Well, 'the people' should correct it by voting based on historical failures. But since that is obviously not a reality, a a strict agency which criticizes political ideas should already been implemented (kinda like the police has Internal affairs). Remember, if businesses see money in corruption they will never "self-correct".

This is why I love this channel so much, even though the writer of this may have a bias one way or another instead of idealistic ideas you use facts and concrete examples to not only show the popular ideas but openly disprove them too. Much love guys, keep this shit up

Yeah... That GDP growth here in Finland... I would love to have even 1%!

@StinkySkunk100

8 жыл бұрын

+Markus FIN just give your government more money, that will fix your problem, friend :)

@TheMarkusFIN

8 жыл бұрын

+StinkySkunk100 Lol

@thorinbane

6 жыл бұрын

Let me show you detroit for how capitalism works. They wish for positive growth. It took government incentives and intervention/regulations to start rebuilding the city's core in the last few years.

@JoshSideris

6 жыл бұрын

Dude. Check your facts. Detroit wasn't destroyed by capitalism. It was destroyed by labor unions. Unions are fine if they're voluntary, but in Detroit they were enforced by government. This created a labor bubble that made hiring people extremely expensive. Companies hiring in Mexico and South America started out-competing Detroit-made cars. Companies had 2 options - move or go go bankrupt. Either way was bad for Detroit, but I'm sure a handful of labor union executives got rich off of it.

@Renato84Br

6 жыл бұрын

GDP is a farce. It's a tool that simply doesn't give you the answer you asked for.

That's a load of crap, free markets are the best way to promote growth

@xenoblad

9 жыл бұрын

Andrew Morrill completely free markets?even the courts and military? I always wanted to be a mercenary!

@TheReverantChoir

9 жыл бұрын

xenoblad lol free market is the government not intervening in the market, not the market intervening in the government.

@xenoblad

9 жыл бұрын

TheReverantChoir well it's a gradient, so at one end it's anarchy which would have courts, legal systems, and military in the market... or so I'm told. Still, I want to be a mercenary!

@jankapuscinski8456

9 жыл бұрын

***** Hong Kong fucks your theory up m8

@laurencesherrington

9 жыл бұрын

Jan Kapuściński really? famously high income inequality and low quality of life.

The basic premise that a thriving middle class increases growth is correct. Which is why globalism (not capitalism) has failed nations. How can you have strong labor unions when they're competing with overseas slave wages?

@NATIVEMANHATTANITE

4 жыл бұрын

@@ikaantynytlapsi9474 partially true. The "we" have the education and interest to do so.

So suddenly Social Democratism is Capitalism? While in most books about economy it's seen as a form of Socialism!? Interesting - reversing the view! But I think I'll stay with the original definitions - where it's a form of socialism that allows for a great deal of free, but not completely unregulated market and where there's a high degree of wealth redistribution through means such as free education, free healthcare, social security and rules and regulations to ensure a high level of equality!

@cristian-si1gb

9 жыл бұрын

GorillaGuerilla ''Social democracy is a political ideology that supports economic and social interventions to promote social justice within the framework of a capitalist economy'' - Wikipedia

@gorillaguerillaDK

9 жыл бұрын

***** higher rates of death??? So the Nordic/Scandinavian countries, which are the best examples of social democratic inspired societies has a higher death rate from diseases than the US...? I know the US has the most expensive healthcare system in the world, but I haven't really seen much evidence of it being better than a lot of other countries... Yes, it's paid for over taxes - that's the whole idea - it's free to use, you don't have to pay extra if you're sick! In fact, if you do get sick the state makes sure you're provided for until you can start working again...

@downwithjedward

9 жыл бұрын

+GorillaGuerilla yeah its not socialism, its capitalism with a friendly face

@gorillaguerillaDK

9 жыл бұрын

downwithjedward I still stay with the definition of it being a form of socialism with some tenants of capitalism... And it's deeply rooted in Scandinavia culture - all the way back to the Viking era....

@gorillaguerillaDK

8 жыл бұрын

***** No food stamps... LOL But take a look at how they distribute the food at Foroya Islands when they've been killing pilot whales - it's a great example of how people work together and all get parts of the share, even those who are not able to take part in the hunt - and if they get enough meat, they will share it with more distant communities... And now that you mention military, I think it's been proven that they where able to sustain military efforts as well... Sure, times have changed and it's no longer okay to take slaves and plunder monasteries during military operations - so we have to sustain our military differently today... But diminishing our military as you just did is a great wrong. The Danish military have been contributing to operations in Iraq, Afghanistan, Libya, pirate hunting on the Eastcoast of Africa, UN/NATO operations in Balcan, while at the same time patrolling the airspace over balticum with countries such as Estonia - and patrolling Foroya Islands and Greenland... And that's just Denmark! We don't use as much money on military as the US does, but then again - no one does!

Its called getting rid of everything The government should not control the economy, which is people "To control the economy, is to control the people" - Thomas Jefferson

@mickel836

5 жыл бұрын

maximizing production, does not mean anything and never should.

@mezzaninex

4 жыл бұрын

Considering the source of that quote is Thomas Jefferson, a man who literally owned people as property, the context in which he was talking meant the Government shouldn't get in the way of the private sector being able to exploit humans in horrific ways in the name of profit.

@lilestojkovicii6618

2 жыл бұрын

As if he was economist or something Oh I forgot he was not so he didnt knew jackshiet about what he said

Improving capitalism? LOL no amount of polishing will make that turd shine.

@MagpieEpicdude

9 жыл бұрын

What do you suggest then?

@giovannifoulmouth7205

9 жыл бұрын

♫Epicsauce4000♫ One idea is worker's self-directed enterprises (WSDE) www.democracyatwork.info/learn/?topic=history

@MagpieEpicdude

9 жыл бұрын

Giovanni Foulmouth Mfw simple explanation it looks like socialism to me.

@giovannifoulmouth7205

9 жыл бұрын

♫Epicsauce4000♫ Emm, socialism looks like socialism to you?

@MagpieEpicdude

9 жыл бұрын

Giovanni Foulmouth It is socialism? I only got that from 'Karl Marx' So what type of socialism. Extreme? (Communism) or capitalism + socialism (basically every country does this even China) I can't really understand what it's saying. All i see is worker controlled capitalism. Or a mix of socialism and capitalism? Regardless there was only one successful example and that was Yugoslavia. I'd like to see many examples of something before claiming it works.

The problem with the views expressed in this vid is that, even though they can be backed up by numbers, most people look at the current system as though things have always been that way and say "so far, so good" and "don't fix it 'til it's bust". Even the financial crisis hasn't made a significant difference to, for example, banking regulations. We're a pretty ignorant race aren't we...

@TTC1979

9 жыл бұрын

Don't lose hope. Societies change 1 youtube video at a time...

@SSladfingers

9 жыл бұрын

To be honest capitalism would still have a shit ton of problems, but these solutions make reasonable concessions that aren't radical enough to threaten the current position of the political right. Basically the system would still be unfair and broken, but that doesn't mean it has to destroy the whole entire world(ie climate change)

@SSladfingers

9 жыл бұрын

Alain de Botton I guess it's kinda like being realistic, is it more realistic that people will suddenly start revolting against capitalism or that we'll need small changes at first? I see many anarchists/communists who think the only way for a revolution to occur is when climate change turns the world to shit. I've seen them ARGUE that a communist revolution would prosper in the destruction of the world/capitalism. I personally think millions of people don't have to die for mostly stupid reasons but that's how it always has to be.

How to improve capitalism: 1- get rid of it

@comrademartinofrappuccino

5 жыл бұрын

Want to join my anti capitalist party? contact my via one of my accounts refered on my channel.

So the answer is more Centralized Control, more Socialism, thanks comrade School of Life.

@shadowmaydawn

6 жыл бұрын

Socialism is about giving the control of the means of production over to the workers. It's not about state control.

"You need a safety net to help those in society who can't help themselves, but we need to start making the argument for Capitalism. Not global corporatism or a world run by many multinational billionaires, but a world in which you go out, set up your own businesses, make your own way in life and yes, make money. If you're making money, you're paying taxes, and if you're paying taxes, we can afford all the good things a country needs (Public Services, Schools, Hospitals)" Nigel Farage

Funny how people who complain about capitalism are the ones who live in rich countries built by capitalism

Where's Karl and Adam when we need them

no matter the reforms of capitalism the distribution of wealth will remain uneven rather than create a welfare state id propose either libertarian socialism or democratic socialism

I generally agree with pretty much everything the School of life says but not this video. all that a 91% top income tax rate would achieve is tax evasion & black money. No one would be motivated to take risks if 91% of it would be taken away. and then asking for the govt. to intervene and make more regulations - oh God no! we've tried that for over 60 years in India and that's only bred massive corruption & the abuse of power. India's welfare state means that no one who can afford any better would ever use state schools or hospitals. I'm by no means advocating the capitalism of the United States but this video fails to mention that when govt. intervention is mal-intentioned (as it often is here), then more regulations and a so-called welfare state are not the answer.

@CaptoBucko

9 жыл бұрын

Counterpoint - Germany. A 'welfare state' that's kicking ass and taking names.

@murr395

9 жыл бұрын

Nobody was arguing for specifically 91% income tax. It was mentioned that it was in effect for 12 years in the U.S. and it still wasn't enough to cause substantial harm to the economy. Although it may not be the optimal number, it is evidence that it is very much possible to increase the income tax.

@Seaneiboy

9 жыл бұрын

Actually, in the 1940's, the American government had these same debates of big vs. small government. In 1947, the republicans won, and cut government spending, tanking the economy into a recession. So in 1948, they pursued the most aggressive policies, raising the minimum wage to the highest it's ever been, increasing taxes on the wealthy and paying for domestic programs, and creating employee/employer contract environments... and all of this created the middle class, all within a decade, the 1950's... it's known as the greatest economic advancement in the history of the world... and no, the middle class creation didn't come from rebuilding after WW2, but through government intervention into higher real wages.

@robbert-janmerk6783

9 жыл бұрын

A 91% tax rate on the highest tax bracket doesn't mean that someone earning a lot of money would only keep 9% of his income. Only the money earned in that bracket would be taxed 91%, the rest of earned income would fall in lower-taxed brackets.

@poojashah9329

9 жыл бұрын

Robbert-Jan merk i realised what I'd written when you pointed it out! apologies. but my view re such high tax brackets still stands. India's highest income tax rate was 97.75% during Indira Gandhi's time, that pseudo leftists of leftists and that's when the question where do I park my cash money confounded most traders, businesspeople & industrialists. The money found its way into gold, diamonds, land, accounts abroad, you name it.

i see a lot of flaws in this video about comparing time periods and countries. It is impossible to compare the growth rates vs laws in any country due to a couple reason., economic growth is not independent from the rest of the worlds decision, countries not having an equal distribution of natural resources and not have the same technology to unearth these natural resources. we should be talking about the role of government in its citizens life. The freer person, the more opportunities await an individual and the less likely that the government is able to oppress said individual. Socialism has led to dictatorships because it centralizes so much power to the government, not because the theory is inherently flawed and retroactivity brings us back to the days of monarchies etc etc. Socialism combined with democracy, is even worse because it literally gives the majority the ability to suppress minority groups which is why democracy is such a flawed system (pointed out in your video about socrates and socialism), and the government will get a free pass on all its actions regardless of if its citizens agree with the use of propaganda.

@josiahjohnson1833

7 жыл бұрын

saberur66 This is what happens when people who have never studied economics make videos about economics. All the comments are about how we need deep thought into what works. Apparently they aren't aware of all the writings in history. Some people just need to read The Road to Serfdom before they open their mouths

It would be nice if this video addressed the issue of over-consumption and the environmental problems resulting from an economic system that keeps creating too much waste.

@soraninja

2 жыл бұрын

I agree

@dinuxplay8003

2 жыл бұрын

Well any system would create too much waste. Not specifically this economic system. But yes, it needs to be solved.

"It's clear capitalism doesn't work very well at the moment.' Is it? Which version of 'capitalism' and compared to what?

Um... why are we comparing Finland to the United States? There are only about 5.5mm people in Finland compared to 330mm people in the US. The difference in scale makes any comparison problematic at best, and deceptive at worst.

@moali125

8 жыл бұрын

Because it is proportionate to percentage? Why does the size matter so much?

The unmentioned conclusion: economic prosperity has little to do with economic system, but climate and religious values. Simply put, the developed nations are largely in temperate regions (most Singaporeans are descendants of migrants from China, as are the middle and upper classes in SEA), and have a Protestant, Confucian, Jewish or Zen ethic or have been influenced by that.

I don't want to "make capitalism better", that only prolongs its turgid existence.

@ufodeath

8 жыл бұрын

+Rockoman100 yea this channel is ran by naive liberals who think capitalism can actually "be improved", and are completely ingnorant of socialist theory, such as workers control of the means of production and decentralized planning. and then they misrepresent socialism all together. fuck them.

@nh-a6713

8 жыл бұрын

+Sokami Mashibe the liberal view would be pro socialism, also capitalism isnt going away any time soon, and whilst its perfect, it can clearly be improved and has been pretty much proven to be the most effective social system

@rockoman100

8 жыл бұрын

Noah Hirst-Ashuach Liberalism is a capitalist position. You are not a socialist if you do not want to see the end of capitalism - which liberals do not. Liberals just want cushioned capitalism by softening the edges of its inherent injustices and moral contradictions.

@nh-a6713

8 жыл бұрын

i agree with socialism and thinks its a better solution than capitalism, but i think the idea that improving capitalism is a waste of time is stupid

@AlaskaFinal

8 жыл бұрын

+Rockoman100 Capitalism can only end when human nature itself changes.And Human history gives no reason to expect it to change.Capitalism, unlike Socialism, unlike Communism, unlike any other "ism", was not designed by humans. There is no manifesto, lost to the ages, that people read and thought "yes, we'll do that". It simply exists as a consequence of our inherent nature.

I'm currently working my way through every video on this channel, and found this a very helpful, hopeful and constructive video. Makes me feel a little less despair about what's wrong with the modern world when we have a closer idea of how things currently work in certain parts of the world, and how we can learn from that to improve how things are now. Thank you for another excellent lesson!

@TheKaYu92

8 жыл бұрын

+Ben Paddock This channel is amazing!

@ArtyCraftZ

8 жыл бұрын

That's because you are economically Illiterate.

@ibyvrcrdd9903

8 жыл бұрын

+Captain Capitalism (Anarchist) you like calling people 'economicaly illiterate' don't you? Sure you're not just scared you'll have to discuss economics/finance in-depth, which will reveal that you're another classic youtube anarchist moron obsessed with the Fed

You cannot understand capitalism as state-specific... the premise from which this video begins is completely flawed: that there are many forms of capitalism, and this is obvious by looking at different countries. Capitalism works on a global market! Companies are transnational, and the fact that you see these different forms of manifestation of capitalism is because some countries are production countries (countries where labor force is cheap), while others are consumer countries (where the gdp is highest). Obviously my argument is overly simplified, but I am short on time right now ^_^

I think it's fair to say that government ruins everything it touches. From schooling and healthcare to land use to electricity & water, to space exploration and fire departments. I can't think of a single thing the government does that hasn't become a dysfunctional and hyper expensive bureaucracy.

It's appalling how some think that stealing money from people is OK, as long as these people are rich.

@malbolt

8 жыл бұрын

?

@maxwell10206

8 жыл бұрын

+vasya111 It's appalling how some think that stealing money/land from a King is OK. I mean he worked hard for that!

@maxwell10206

8 жыл бұрын

I was giving the analogy that just because they made money and power through capitalism doesn't mean it's fair for them to keep it all.

@anarchocommunist9154

8 жыл бұрын

+vasya111 Those people got rich by stealing in the first place. That's how capitalism works: the people who own the means of production take a portion of the product of the workers' labor. How is that not theft?

@ilyagoldman6432

8 жыл бұрын

+Anarcho Communist How did capitalists steal? Did Bill Gates steal the computers for his programmers to create windows? He used situation better then others and benefited from it. Just because he made a lot of money doesn't mean he should be forced to give it to others through taxes.

"Germany was far more unequal than the United States. It had a GINI coefficient of .51, while the US had one of .5." Wait what?

Remember, there's no such thing as a self made millionaire or billionaire, and no one works 20 times harder than average, no one is 20 times more intelligent than average (although some people might be more than 20 times talented than average, but that's hard to quantify), so no one really deserves more than 30 times the average, which is what many CEOs in the 80s were earning.

Despite all the gloom and doom voiced by its critics, the free-enterprise system is-and has always been-the best way to unleash the creativity, inventiveness, and energy of people and mobilize them to meet the wants and needs of others. That’s because free-market transactions, far from being driven by greed, are about achieving the greatest possible mutual benefit, not only for the parties directly involved but eventually for the rest of society.

Re-watching the video, I was thinking of the Monty Python sketch from "Life of Brian" with the "What have the Romans ever done for us?!" line. The capitalism version of that one could work as well^^

@mengelmoesNL

9 жыл бұрын

Good one :) Everybody bitching about capitalism while enjoying (in the western world) the highest standard of living in the history of mankind.

@bingoberra18

9 жыл бұрын

mengelmoesNL In soviet russia you got a house for free ;) Give me a house capitalism.

@Viljarms

9 жыл бұрын

Haha x) Technologically and materialistically it has been great, in the global north anyway, however now it seems to hold back progress as old rich people want to keep their power. Socially, culturally and environmentally it's kind of destructive. Also we need a better system to deal with job automation. I picture capitalism as a worm eating away at a leaf not knowing it's time to transform. In other words, good at extracting resources, but not at making a civilization out if it.

@seamuslight2472

9 жыл бұрын

Viljar Svendsen If you want to end job automation, have you and your family move to a subsistence farm in the middle of nowhere with no electricity or modern conveniences.

@Viljarms

9 жыл бұрын

***** I didn't say that I don't want automation, only that if we don't change anything in our current system all the benefits will go to the owners and not society as a whole, which has been happening the past 20 years as productivity has gone up while the wages has been stable and the top has gotten the money.

Keep on making videos about economy and politics! I love them and I enjoy reading the discussions!

bruh, it's not smart to just take a line between the introduction of policy and the effects, there are so many exogenous variables here you are ignoring!

"...the US had a top income tax rate of 91% between 1950 and 1963, and it didn't do them much harm at all." It completely changed business culture. Businesses (particularly large ones) transitioned from trying to be profitable to trying to be expensive. With profits eliminated as an option, people would obviously rather have unconscionably expensive luxuries like executive trips for half the company to Bermuda, tables made of rare imported wood, marble statues and gold plated everything than cut the government a massive check and remain in comparatively shabby conditions. This period was also the start of businesses and the very rich learning how to evade taxation in the modern day, which remains a plague in the current year since the middle class (who lack the knowledge or ability to hide their money) must finance a greater share of ludicrously expensive welfare programs than demanded of them in theory. Also, it is not as if these problems vanished once taxes were lowered: between a high individual income tax for the rich and a very high corporate tax, businesses can hardly hope to operate profitably without using underhanded or illegal tactics and moving jobs to cheaper areas of the world (though the latter is as much the fault of minimum wage laws as high taxes). Between high taxes, high social expectations and an unstable world monetary system with currencies backed by nothing but air, it is a miracle that entrepreneurs and businesses even bother.

Just like to critique you from the other side to most of those comments below SoL! Thank you for this video, I think it is very well measured and interesting. Would you agree that the improvements you suggest mostly come from the welfare state in the mid 20th Century? These came at a time where: 1. We had just had several world wars. This changed people's approach to social cohesion but also meant that governments took more power to manage wartime economies and so it was easier to control corporate power. 2. There was the threat of "Communism" as an ideal, embodied in the USSR, which meant that Capitalist governments had to offer their working populations reasons not to revolt. 3. The nature of economies today is such that they draw from much wider terrain than nation-states. This has always been true of course, but speculative and electronic capital flies faster than you or I can think, from country to country, and products move around the world many times more today than they ever have before. Given all of this, how do you think that your reforms remain possible in a world where power is ever more concentrated whilst also being ever harder to pin down and economies are harder to define? I live in Europe, and I am fiercely proud of the European dream of the welfare state, but I am pessimistic that it can be maintained in the face of international Capital. This is the main reason that I believe in a socialist or communist vision. But, as reform is easier than revolution, I would dearly love to believe in the possibility of what you propose! All the best

"It's clear that Capitalism doesn't work very well at the moment" ...And just what country has this Capitalism that you speak of?

@sabotage11111

4 жыл бұрын

Josh __ hope your still alive to re read your comment in 2020 and see if it still makes sense

@josh__3702

4 жыл бұрын

@@sabotage11111 I am. Still makes sense. We have literally no examples of actual capitalism (private profits, private losses). We do have hybrid systems that are becoming more and more socialist as time goes on.

@josh__3702

4 жыл бұрын

@@sabotage11111 Have you considered that the Federal reserve pushing up asset prices helps the 1% gain more wealth? How regulated is the healthcare industry in comparison to, oh say, the fitness industry? Who runs our school system?

@sabotage11111

4 жыл бұрын

@@josh__3702 I am not talking about the federal reserve. I'm basically saying that wealth needs to me more evenly distributed and we shouldn't have the world's largest companies like mazon or Apple paying 0% taxes. We should consider the social, human and environmental costs of our actions and economy must serve the development of the whole population, providing equal opportunities for every one. I'm no communist but we need a different kind of capitalism, more balanced

@kippz1337

4 жыл бұрын

sabotage11111 Can you provide a good example where such policies increased the well being of the general population at a faster rate than a capitalistic society does? I as a german often times see comments of statements about the wealth of our country, yet high taxes (income as well as capital gains) created one of the highest inequalities in the world...

I think all companies should have profit sharing that would fix capitalism if profit sharing does not fix capitalism nothing will.

How to improve capitalism. 1-Stop Capitalism 2-Establish communism at a world level No wars,no poor people,no explotation... I don't want to start an argue. By the way,great video as always.

"How to improve capitalism" Step 1: Dismantle it.

@comrademartinofrappuccino

5 жыл бұрын

A Enlighted fellow that sees through the bullshit of this video. You are someone who would be very useful in my anti capitalist party , want to join?

what about environmental impacts of capitalism? the truth is that there is no solution for it, whether it is a welfare state or not, capitalism itself is the problem.

@Wanderlight17

3 жыл бұрын

Could you specify which enviormental impacts of capitalism?

There is so much wrong here I don't know where to begin.

GDP Is one of the worst measures of an economy’s health. You're right on the point of not throwing out capitalism, but you ARE wrong on the point of economic growth not being stifled by government intervention. Because GDP is the sum of consumption, investment net exports, and government spending. This ignores imports which are equally capable of improving lives, and factors in government spending, which can go to warfare that inherently harms everyone involved. Additionally, the very problems you bring up are enabled by regulations. Ive heard the notion that regulation is Needed to make things more fair, but wealth inequality is inversely proportional to regulation. When you compare the statistics of wealth inequality, youll find that the nations that score higher on the index of economic freedom have less inequality, not more.

How to Improve Capitalism=Remove.

@CritKhan

8 жыл бұрын

No politicians.

@CritKhan

8 жыл бұрын

***** Capitalism by its nature is corporatism.

@CritKhan

8 жыл бұрын

Give me arguments in favor of capitalism.

@jumhuriyyah7266

8 жыл бұрын

+TheGodOfErrors When has socialism ever worked? When has it lifted billions out of poverty and saved millions? When has it created truly world changing ideas and technologies?

@saeedbaig4249

8 жыл бұрын

+TheGodOfErrors How to improve capitalism? May I suggest your 1st comment. Remove government, leave capitalism. Anarcho-capitalism in a nutshell.

No economic principles were shared in this video. Let's do some econ shall we? GDP= Government spending + Consumption + Investment + Net Exports. The US in general believes in supply side economics. That is, that the investor class should have the most money because they, well. . . invest in stuff. This incredibly biased narrator pointed out that we have the lowest income tax in the US. He failed to point out that we have the highest corporate tax in the western world. That is, we tax profit directly higher than most other countries. Which gives more money to the government and less to the investor class. When the government spending increases, it trickles down to bureaucracy, over priced union labor, and micromanagement of business. Investors are far more efficient with their money when they're not being forced to give loans to non creditworthy people by big government.

I would disagree with a lot of the comments I'm seeing here. Many people are saying that our society should be as equal as possible and we should strive to have everyone get the same and equal amount of resources (or as close to possible). However, this was the direct fallacy that led people to the idea of communism and goes directly against human nature. I think the point of capitalism and a lot of the reason it is so attractive to so many is because it is based on the idea of whoever works harder gets more profit / resources in the end. The main problem with capitalism, and the entire idea capitalism is based upon is the idea of equal opportunity and therefore whoever works harder truly gets more profit. If we are able to get as close to equal opportunity as possible (and there are many roads to get there that we are not taking today) then we will have a truly capitalist system, the way it was intended to work and allow all people an equal chance to get to the top, rather than have a perfectly equal society (which directly goes against human nature). Therefore we don't need to limit the amount CEO's make, redistribute wealth, or anything in the nature, we need to actively look for ways to make your class not based on your parents class but rather based on your motivation to work hard (e.g. equal education is one of the many paths to equal opportunity).

I will share a nice bit of wisdom with an otherwise unhappy comment section, equal is not always fair. if in college your class makes and average grade of 85 on a quiz, and your professor decides that to be equal everyone gets an 85. While the slackers of class are rejoicing in their new found success in a 20 point higher grade, you are mad at your professor because you would have made a 95 otherwise. This is how more socialist ideas work (in theory) this is not a true representation of your work, you made a 95 and others laziness caused you to get a 85. Major differences between the open "reap what you sow" grades to a "equal" system, is that the open grades reflect one's own intellect or preparedness for the quiz. An equal system only helps the weak but hurts the hard workers. one of the only way this doesn't translate to economy is that no one inherited good grades. If you have any ideas that this does not include leave your thoughts as a response.

@robbert-janmerk6783

9 жыл бұрын

That assumes that all wealth is earned completely by merit and in a just way. You assume that the lower earning people (low grade students) only earn little because they are lazy. I think that's a very condescening and naieve view of society. A lot of people are poor because they were born in povery, for example. The idea that everyone can become rich (or just not poor) by working hard is just not true. In the U.S. 43% of people born in the lowest quintile remain there all their lives, while only 4% of those will reach the top quintile (source: www.pewtrusts.org/~/media/legacy/uploadedfiles/wwwpewtrustsorg/reports/economic_mobility/PursuingAmericanDreampdf.pdf). Besides, reducing inequality is also good for the rich. It has been shown in several studies (f.e. www.jrf.org.uk/sites/files/jrf/inequality-income-social-problems-full.pdf) that in countries with high inequality, people were less healhy than those in low inequality countries. That holds true for even the richest people! The idea that "redistribution is theft, the rich are getting shanked" is just not true.

@davidliddelow5704

9 жыл бұрын

Fair is not always best, the slowest and sickest gazelle is the one that gets eaten by lions. By your logic its fair that a certain percentage of the population, without welfare, would die staving and homeless and that they would 'deserve' this. In school its possible for everyone to 'out run the lion' but in capitalism only a small minority can be the wealthy entrepreneurs.

@CaptoBucko

9 жыл бұрын

So when people inherent wealth is it like getting a free 100% in your weird schoolboy example?

@bcthomp12

9 жыл бұрын

David Liddelow Yeah I wasn't really thinking of welfare at the time it slipped my mind and I can't really think of a way to at welfare to a grades metafore.

@bcthomp12

9 жыл бұрын

Robbert-Jan merk yeah good point Social mobility is not what it always was and grading on a curve (Redistributing some money so as to reduce the gap between the rich and the poor is definitely beneficial to all no argument) and I was kind of playing devils advocate in this comment because i wanted to see others ideas about this. I personally support redistribution of money and I guest the story at the top just shows really how higher class people feel about equality but to me its a very "american" feeling of materialism to money and objects items that keep the rich becoming richer and the poor becoming poorer. Because the hardest working jobs are almost never done by the rich.

Capitalism will inevitably tear itself apart. It can't be "adjusted"

“Capitalism doesn’t work well at the moment”, it works pretty well actually considering both the poor and the rich are becoming more wealthy

@JamesK13

4 жыл бұрын

XYNXYCS unemployment is the lowest it’s been in decades, working conditions by law are improving drastically, and the average wages for workers have been steadily rising. Air conditioning is common place in the vast majority of businesses even over seas. If you cannot call that a significant improvement to the lives of the working class then your delusional

@foscorsohil8940

4 жыл бұрын

Capitalism causes neverending exploitation of limited natural resources and turns everything into waste. The world at this moment is suffering from recycle crisis as the waste is too much to recycle. Not to mention production of so much products caused extreme emissions of co2 and now we are facing climate change.

@JamesK13

4 жыл бұрын

foscor sohil the idea that capitalism results in climate change and environmental destruction is deeply flawed from a historical perspective. For example, communist china far surpasses the capitalist United states. Environmental effects have nothing to do with economic systems and everything to do with governmental control.

@nonetaken7873

4 жыл бұрын

@@foscorsohil8940 Actually, a freemarket protects limited natural resources while government just wastes those resources because it has no incentive not to.

@foscorsohil8940

4 жыл бұрын

@@JamesK13 china is capitalist masqueraded as a communist.

Capitalism reform in the U.S. is a fantasy. It was tried in the 1930s, and it only took the capitalists five decades to turn that reform back into the Robber Barron hellscape it is today. Americans are too "individualistic" and competitive.

If we could improve capitalism, what about starting over with socialism?

@olivedotcom

3 жыл бұрын

With ancom

Switch to Marxism. There you go. ( ͡° ͜ʖ ͡°)

@Ren-nf4pz

8 жыл бұрын

COMMUNISM

@TGFlashera

8 жыл бұрын

Tempus Fugit Rapidus What?

@TGFlashera

8 жыл бұрын

***** Why did you put it in quotes?

Back in the 40s and 50s barely anyone paid those high taxes.

GDP grew between those times in Asian countries because of the population boom and now their populations have slowed right down slowing growth

That's like saying "people don't have to give up on fastfood if they take medicine". Statist control of Capitalism is a necessary response to an unnecessary mode of production. If, instead, all enterprises were cooperatively run by the local workers & consumers themselves, democratically deciding what to produce, how to work, and what to do with the surpluses, for their class-less mutual well-being rather than for a profit appropriated by the top of some hierarchy, there would be no anti-social anti-ecological production and no unfair income inequality to fix through government regulation & taxation. (True Socialism obviates the need for a top-down state apparatus. There are reasons why most educated Anarchists are Socialists and why Libertarianism is originally a Socialist movement.) Also, I wish this video had defined what it means by "economic growth". Wars & environmental hazards can increase the countries' GDPs by creating demands by destroying things. An economy can also "grow" with indebting credits from private banks.

as an economist watching this video hurts me..

@haval9297

7 жыл бұрын

and why is that?

@halo45600

7 жыл бұрын

Håvard Alstadheim Becuase it's blatantly wrong

@d-marco98

7 жыл бұрын

ergun aman do you think capitalism could be changed to work better? I feel like that's the thesis of this video. So I don't know why you would be hurt by that fuck boy.

Yay! The US had a top tax rate of 91%! Wait, the rich never paid that due to loopholes? The actual top tax taken has never actually exceeded 30%? I love the part when you compared the global economic growth of two time periods to "prove" that neoliberalism is harmful to growth. Did every country embrace neoliberalist economic policies? What about the monetary policies of governments at that time? Were they sound, or are they doing like the US is doing with QE564billion and letting China prop their dollar up? (Yes, I realize that QE4 has yet to even start, and when it does it will be the only thing keeping the US from collapsing from its bad monetary policy and uncontrolled spending. That, and foreign leaders who get tired of lending money and decide they have enough gold in their coffers to support their own currency. And that's another thing I noticed. You didn't mention monetary policy at all throughout the entire video.) Actual research published by economists almost consistently finds that trade liberalization improved economic performance, and to a lesser degree, the same is found of economic liberalization. Studies and research constantly show that the countries that are the most economically free tend to have the best growth. This is observable in places such as Singapore, Switzerland, Denmark. When you compare those places to the US, you'll find that they have greater economic freedom, and generally outperform the US in growth as well. I could go on, but I think I've made my case (plus an entirely unrelated tangent, but I digress). Hope you have a good rebuttal. Maybe another video somewhere on here? I did enjoy your Adam Smith video, at least the end, where you placed blame for some of the issues of capitalism on the consumer, where some of it belongs. Much of it is nothing the producers or consumers can touch. If you couldn't tell, I have a rightfully obtained disdain for poor monetary policy, and neither producers nor consumers have any control over bad policy. Would love to see a video on that, perhaps. I'm really enjoying your channel, despite my specific issues with your socioeconomic beliefs and hope you keep making videos and allow for polite dissent. Very well made and a lot of passion involved.

@TheArchive

9 жыл бұрын

***** Well then discuss the mans point! Saying something needs to be discussed is avoiding the dicussion.

@jedrobertson3206

9 жыл бұрын

Trade liberalization isn't a complete free market, it's mainly referring to ripping down barriers between countries, which is obviously good for growth (bigger economy). His point was that "free market" policies like those in the US aren't as good as said. Singapore, Switzland and Demark are all often considered "socialist", but as you said you could easily measure them as being more economically "free". Although this is subjective (for example I might measure economic freedom using social mobility). If you don't like his time period comparison, what about location? Countries in Asia (Singapore, Japan, Hong Kong, South Korea) got governments right in the middle of the economy, and have grown from complete poverty to industrial power houses (see SK). Compare that to neoliberalist economies in say, Africa.

@andrewperrin3638

9 жыл бұрын

Jed Robertson ripping barriers to production period is good for growth. I'm a rarer breed of free marketers that advocates for the socialist policies like tax funded health insurance and the lot because I believe it will be less costly than having to deal with similar lobbyists who would rather see free trade and the like blocked because it hurts the power they hold. Singapore and Hong Kong are an excellent example of this, and to a lesser extent so are a few of the Scandinavian countries. They have heavy welfare and entitlement programs, but very few barriers for production. (Also, my complaints were not about the time periods but about the countries examined. Not every country embraced neoliberalism in that time period.) As to the subjectivity of free markets, I can agree. However, social mobility could be a very poor measure of it. The poor in one country are unlikely to have the same standard of living as the poor in another country, and that applies to both middle and upper class as well.

You can't have capitalism without racism. - Malcom X

Norway, Denmark and Switzerland all have lower corporate tax rates but all have healthy economies, amazing development and the world's best HDI. Also Switzerland itself is very free market.

Hello. I like the pragmatic approach by The School of Life, as i believe intellectual people to be responsible for changing society for the better. For the content, I do think we can increase the fairness in a capitalistic society. The video eloquently explores possible ways towards that aim. However, I doubt we can change the idea of "unlimited growth" as the ultimate goal of Capitalism. I propose the factor of wealth distribution or equality to be analysed independantly from the factor of growth. The discussion about what system grows faster is fertile: Since the ressources on this planet are limited, unlimited growth is not possible and thus capitalistic societies aiming for it, will become impossible too. The important question is: How to form a society that uses as much ressources as there are available? While maintaining Equality, of course. I believe this to be possible even with current technology. Please keep the discussion rational and objective, guys. And dont forget to live and love in real life. Bye.

@leastbloodthirstyneocon2776

3 жыл бұрын

The planet may be limited, but take a look at the universe. The universe is possibly infinite (we dont know yet) but just looking at its enormous size, theres room for infinite growth. Which is great since we need a reason to expand from this one rock, and capitalism's infinite growth is one of the reason for that.

@wakeuparvi

3 жыл бұрын

I completely agree to you point. But there are handful leaders who are visionary. Most of them are looking to pocket the profits as long as the resource exhaust, they don’t think about how the future generations are going to benefit, if we use it in a sustainable way.

@anyways4438

2 жыл бұрын

Equality is just an evil idea

How 'bout we start from principles? Premise I: Taxation is theft. Premise II: Theft is wrong. Conclusion: I'll trust you to draw that'n on your own.

@climatesatyagrahathepowero6911

4 жыл бұрын

why is taxation theft?

@Mechadroid-ki7jr

4 жыл бұрын

Climate Satyagraha : The Power of Truth You get stuff taken from you without consent

Even if you just reform capitalism you will never get over the contradictions that are inherant in the system

How to fix Capitalism: Get the government out of it and get rid of regulations and taxes. Fin. Capitalism doesn't need to be fixed, it needs to be freed to work on its own without regulations and government involment holding it back. This video is BS.

@cristian-si1gb

9 жыл бұрын

Lupis Corvus Your libertarian ideology is just a fairy tail.

@caseysghost8161

9 жыл бұрын

+Lupis Corvus Have you heard of Rapture? Awesome city, you should go there.

@lupuscorvus841

9 жыл бұрын

So your best example is a fictional city in a fictional universe? Yeah, and I'm the one living in a fairy tale...lol.

@caseysghost8161

9 жыл бұрын

I never said you were living in a fairy tale, that was the other guy. I just think that a world with unregulated corporations sounds like fucking hell on earth.

@lupuscorvus841

9 жыл бұрын

Yep. Because giving too much control over to governments have never gone wrong...

to compare a continental country like U.S with finland ....

@emo_girlbymgk8181

4 жыл бұрын

Vinicius Um, what’s wrong with that how do you think Saudi Arabia tests laws, Bahrain.

Not more regulation just simpler clearer regulation. The society’s mentioned are more structured and cohesive and there economic policies encourage that. Amen to that !

@kamanashiskar9203

3 жыл бұрын

Regulated capitalism will always fail...

I just love how everybody calls the other side's opinions 'propaganda'.

You are not seeing that capitalism doesn't works at full potencial if any economic agent interveins in its mechanism. Just what's happening in every country around the world. The only time you have had the nearly to an absolute capitalism was in XIX and early XX century. People don't like capitalism because it requires hard work and innovation, we are a world of lazy persons, that's all. Greetings from Argentina!

Large welfare states are much less stable, they can have a tendency to collapse under their own weight of massive spending that doesn't generate new economic growth. Expensive education in the US is the Governments fault for making student loans too easy to get. Inequality encourages innovation, I innovate, create, and build because I want more for me. I agree the system needs some work, the engine isn't running on all cylinders so to speak but edging towards socialism is never the answer.

@leebrondum2643

8 жыл бұрын

True but too much inequality can be bad

@nonetaken7873

3 жыл бұрын

@@mehdihatami3391 They're stable but they are also stagnant. Their economies are bogged down by having to carry the dead weight of their social programs. No innovation, lousy healthcare and no real wealth generation.

This is a great video and I'm a little disappointed by the comments this time. I would approach this exactly as many of the philosophy, psychology and political theory videos that The School ofLife has offered us so far. It is impossible to agree with the views of all the philosophers or psychologists that the School of Life has features because many have opposing views. The point of these videos is not to make us all experts at living philosophically and understanding ourselves, rather to get the conversation or the journey started. Just because economics is a more well defined discipline doesn't mean that it doesn't have it's share of unknowns, and this video theorises about the unknowns in an educated manner just as one could also come up with different educated solutions. Let me make it clear that I am not advocating everything that has been suggested in this video, rather pushing for a less vitriol in the comments. It'll be great if we can maintain a certain bar of behaviour here instead of regressing to the level that is seen in the rest of KZread :)

"you'd rather the poor stay poorer as long as the rich are less rich" this is the economics of spite, not benevolence.

the issue with these ideas is that they are not very fiscally responsible and are good short term options but can't be maintained

How to improve the mafia?

@aklszkopek3470

3 жыл бұрын

Sory to raise the dead but thank you.

If the aim were to be to persuade the financial sector to behave more responsibly . then removing the privilege of Limited Liability would be a good start

@coryburns1905

5 жыл бұрын

Some people have really good point and goes right over everyone else's head I like what you said

What this video fails to address is that to thrive these countries impoverish others. The total percentage of rich vs poor stays pretty much the same, but is relocated to other countries.

@57worldwide

9 жыл бұрын

a global poverty has been decreasing, poverty has been rising in the developed world

So many of these comments, I'm guessing primarily from USians, are just, "Capitalism Good! Socialism Bad!" It makes me want to apologize for the ideological blindness of my fellow USians. Please don't judge them too harshly, they don't get out much.

@jumhuriyyah7266

8 жыл бұрын

It's the other way around. These edgy teenagers are everywhere commenting "capitalism bad, u hafta werk hard, socializm good, free moniees!"