I dont mean to be offtopic but does anybody know a method to get back into an Instagram account? I stupidly forgot my account password. I would love any tips you can offer me.
However it is up to the government to create the conditions where one can compete and invent and allow that invisible hand to shape the market. When monopolies and crony capitalism and government corruption tilt the market the invisible hand is killed.
An example I know of is De Haviland (SP) dinner ware. They had a system where on worker did all the steps to make dinner ware. Not all workers were as skilled in every aspect of it. Some of the workers help each other with their skills, and shared in the profit, according to an agreed upon schedule of payment. Not long after that they were the premier makers of fine table ware in France. by dividing up the labor among those with individual skills, the finished product was of such quality it was in demand all over the world. Now, in 2024, i dare you to find me a factory that does not divide up the labor according to skillsets. If you do, are there more than 2 or 4 workers there?
Right, that's the part quite some of his epigones fell for, sadly. But, as @War Tome above pointed out, this video opens up avenues to including other stakeholder groups too, and alternatives to a one-factor explanation. Supply and demands across all inputs and outputs, that is, and entrepreneurship to seek out ever better combinations. Me likes.
Not sure I can explain as grandly as Adam Smith did, but the opening section of the video points out that wealth isn't money, but the goods and services of the economy. Money is merely the tool or medium of exchange for wealth, i.e. goods and services. He also pointed out how division of labor increases productivity, by allowing the workers to make more pins than they could by themselves. The ideas the boy had to make things better are simply the entrepreneurial ideas anybody could have to improve the production and productivity of the business, if acted upon. The second part of the video points out how self-interest encourages people to help other people. Businesses seek to provide good and services that people want at prices they are willing to pay. Competition helps ensure that businesses stay in line by forcing them to pay higher wages and find ways to decrease costs (and thus offer lower prices) and find ways to increase production and productivity so they keep paying higher wages and offer lower prices. The only thing that really bothered me was the ending, because, sure, anybody can raise the capital they need by simply asking people for it, that's what sites like Kickstarter do, but banks have historically had a pretty big role an allowing people to store their savings so the banks can lend that out to businesses as capital for their enterprises. So we don't need to scoff at banks and gold (money), we simply need to understand their proper place in the economy. Adam Smith didn't get everything right, but he did place capitalist economics and economics in general on a solid foundation for future development. What we've done with it since isn't Smith's fault!
Apparently the smiling is accurate : he'd talk to himself and smile with huge tombstone teeth. Also, he was kidnapped by Tinkers as a child. Good drama , well scripted and acted.
I’ve just finished reading THE WEALTH OF NATIONS for the second time(cover to cover),the first time was last year October but I didn’t really understand that much(coz largely,I was still very much arrogant about everything),and ultimately I lost everything,after re-reading it now it has completely changed my life and how I view the workings of the world. I’ve made a vow to myself that I have to,seriously have to read this book twice a year the minimum coz it is riddled with Information/Knowledge...its Lessons were equally important back 1776 as they are in this COVID19 riddled 2020. I’d urge everyone to read this book,it’s very very important on so many many levels.✌🏿🇿🇦
I don't think I've ever seen a youtube commenter admitting to arrogance (though is prvades youtube) and the subsequent fall that inevitably comes from it. You further propound the change that came from becoming more humble. It seems that this has been lost on the others who commented here, but I wanted you to know at least one person sees, appreciates, and marvels at the difficult nature of your accomplishment. Pride and arrogance are two of the most pernicious pitfalls besetting Western culture today - impelling us down this path to ruin. Dealing with them can be a very difficult but essential battle.
These days I'm digging into Adam Smith philosophy of trade and morals Sociaty... It seems we had a lot of common and I will learn more of his VALUES... I believe Universal value and morals won't die .. they are out there and it's up to us to carry these VALUES and principles and pass it on to the next generations.
If only the bosses weren't driven by greed than maybe capitalism could work but since the are it can't help but result in monopolization, government intervention and central bank monetary manipulation.
Capitalists are exploiters, it makes no difference if they are nice, bad, greedy, or generous. Capitalism's internal contradictions and processes is what leads to its collapse, not greed. Adam Smith was from the progressive period of capitalism, capitalism has long since moved on from its progressive period and has entered its decline, capitalism, just as aging, cannot reverse its decline. Capitalism has now entered the period where, if it is not removed by the working class, it will destroy humanity. It should be noted that Smith's positions , are about improving productivity, increasing the profits of a tiny minority of the worlds population, if he genuinely cared for the working class, he would have said, "workers seize control and use the wealth to improve the worlds living standards", but he doesn't, he was and is the mouth piece of the capitalist class. Try reading the WSWS site for a clear political analysis and program for the working class.
@@ppazpppaz8618 Actually that is not Lenin position which is instead that no situation is too hopeless for the capitalists. The wsws is group of sectarians who oppose any real struggles by the workers in the trade unions because they have their own doctrine and setup like the bureaucrats they claim to oppose. They demand the workers adopt their program and organization before doing anything.
Agree. The couse of poverty in former Soviet Union is the absence of free market and socialistic ideology. My parents have never heard about Smith. This literature was forbidden by comunist party. Fortunately now we are able to self-educate via the internet and dont have censor. And our country on its way to success. Of course if russia doesnt destroy the human kind by nuclear weapon earlier.
He was a good man. Smith's ideology was good taken as/for evil by corporate manipulators; communism, an evil ideology disguised as good which has the operandum towards moral economic nihilism.
@@jakeytedesco3003If this is Smith's idea well he is wrong accumulation of capital is represented not by just gold in a bank but the machinery used in production, the land and natural resources. The owners of capital seek to maximize their return on investment. .
James The transfer of sovereignty over Hong Kong,[1][2][3] commonly known as the handover of Hong Kong (or simply the Handover, also the Return in mainland China), occurred at midnight at the start of 1 July 1997, when the United Kingdom ended administration for the colony of Hong Kong and returned control of the territory to China. Hong Kong became a special administrative region and continues to maintain governing and economic systems separate from those of mainland China. Nowadays there’s political stress and protests in Hong Kong as China’s government is gaining total control over their economic and political system. People from Hong Kong want to keep their liberty but it seems almost impossible.
Excellent play! I wish this had been used in my college Economics course, haha. Very well scripted, shot, and acted, a top notch and enjoyable distilled and presented basic summery of Smith's most famous points from the work. (Also, confession: I kept getting distracted by how stunningly beautiful that wench is.)
Capital and business always moves in the natural direction of economies of scale and the monopolization of industry and capital into fewer and fewer hands.
At what point does capitalism cross the line over to ‘corporatism’? So for example, say there are 5 of the biggest car part manufacturers that have, in the past, created products that simply outmatched their competitors in a fair manner. This was a net-positive due to capitalism. Those who came up the bright ideas of making more efficient, durable, cheaper products were rewarded with a greater share of the public’s business, and the customer in turn received better car parts. And over time, these select few manufacturers started growing larger, and they took greater and greater percentages of the car part customer-base. As they should, right? They were being rewarded with having and putting into effect their smart ideas. However, we must remember, the biggest reason as to what motivated those to come up with these ideas was the dream of getting the rewards. The wealth, respect, power, stability, etc. Of course there were those who came up with ideas out of the desire to bring a positive change to society out of sheer benevolence, but there are definitely a lot who thought more of the former motivation. So these 5 car part manufacturers scaled up in size. They grew wealthier, and with this wealth, they spent more money researching and developing better car parts, running their businesses more efficiently, marketing their products better, etc. This in turn made them more money, and you can see how the snowball grew. The years went by, and these top 5 companies ended up becoming 90% of the car part market. They did capitalism to a tee. Everyone benefitted. The owners who came up with the smart ideas grew wealthier, more powerful, more respected, etc. The people had faster, more fuel efficient, more aerodynamic cars. And lots of people now had jobs working for these companies. However, along comes a newly started company who has done their own research. They have come up with better products, ways to more efficiently run their business while increasing their workers salaries, and an innovative new style of marketing. In capitalistic theory, this new company would start taking a larger piece of the market pie as they outcompeted the big 5. But this doesn’t happen in reality. What actually happens is the owners of the top 5 car part manufacturing companies meet up together in secret. They have all realized that this new company is a threat to their businesses. They simply outcompete. So the owners decide to work together. The big companies, all in cahoots with each other, drop the prices of their products way, way down past the prices of their new competition. They are fine with operating at a loss because they are so big that they can afford to. In the long run, they know this move will net them more money than to begin with. As time goes on, customers leave the new, talented company for the big 5, because it’s simply far cheaper. The new company, who doesn’t have all that much resource, is forced to close down. The owners of the companies that work as an oligopoly raise their prices back up, and keep their 90% share of the car part market. Is what they did still considered capitalism? They acted as sovereign individuals, and came up with ideas to benefit their business, which is allowed in theory with capitalism. A big part of capitalism is that it works with the knowledge that the majority of people want to benefit themselves before society, and it harnesses this self interest to benefit society. However, we can see that there are some exploits that are technically still considered capitalism. Should there be an updated version of capitalism that addresses these holes in the system?
Misleading at best... Adam Smith was employed by England to write "The Wealth of Nations". A book made to destroy the independence of North American colonies. Smith's student was Carl Marx! Anti-British economic policies (The American System) are in Hamilton's paper "On The Subject Of Manufactures With Issue".
Sounds like stakeholder theory or might lead to it. I like the idea of being selfish in the market over this. Everyone should be looking out for their best interest. This might be that but it could be more. In a 2 day Adam Smith dive and I’m not sure I like it. He adds some weird shit into it.
Lets just make short work of Adam Smith. His view of Capitalism is such that kingdoms that embrace his brand of Capitalism will rise to prominent positions of power. But I will say this: once they do other kingdoms will vie for power and war will emerge ruining their seat of power. Such happened to the British Empire. Kingdoms that do not have policies to help their neighbors and work together to share and distribute goods will ultimately fail.
Adam Smith wrote about capitalism before the industrial revolution. Therefore he saw a positive future. Karl Marks was born in that future after the industrial revolution. He saw that along with the positives, many negatives also came with the industrial revolution. So he wrote about a way out of the negative impacts of capitalism. In fact Adam Smith wrote about the ways out of Mercantilism. Before the industrial revolution, merchants believed in hoarding money. They didn’t care about the life of the workers or the conditions of the factory. This he labelled as Mercantilism. Adam Smith theorised that morality or the invisible hand could help in this. If a merchant allowed his morality to help make the conditions of the worker better then the efficiency of the worker would increase as a result the factory would produce more and better quality products making the merchant win the competition. Both in my opinion were against the domination of a merchant over the lives of the workers. Both wanted to improve the life of the worker. The worker was the protagonist in both of their theories
I like Adam Smith and his idea that if the government will stay out of practicing favoritism and stick with stable, equal laws, that people will create wealth. Unfortunately, this little play was rather silly.
Those who say this should be used as university material prolly never went to a proper uni. It's like using triumph of the will as a historically accurate depiction of Germany.
Except capitalism leads to monopolization and the power of the finance capital which is the accumulation of capital. Higher paid skilled labor is always replaced first with lower paid unskilled labor snd machines. The value of the fixed labor in the capital rises and the living labor exploited falls such the rate of profit for giant industry declines because the sources of profits is in the unpaid labor of the production laborers. Capital can not but help but overproduce for markets that can not buy all that can be produced at the acceptable rate of profit which cause the capitalist to invest in driving up the value of fractious capitalist instead of expanding production causing an economic crisis when the value collapses then workers are fired to save profits and that just further reduces demand as workers are now thrown out of their homes because they can't pay the rent as capital goes into a crisis. The only solution is to wait for the destruction of capital or refinancing which then prepares the way for even an bigger crisis.
Dear Sirs and Ladies who made comments I think the majority here are interested in economics, so how about we form a group of economists online to benefit from experiences?
This is such a good demonstration of what capitalism was originally intended to be. Shame what it has come to. Nowadays everything is a marketing strategy. Even people are treated as products. Whatever you talk about, you get an ad of it on your social media which itself is run by a company that provides your data not just to other companies but even politicians.
This is a classic generalized inference. When was morality and compassion central elements over supply and demand. If you see advertisements from the 1940’s and 50’s you will see magazine campaigns that boldly state things like: “ and here is a handy little gadget to make sure you prepared a dinner your husband will reward you for with a night at the movies”...or “4 out of 5 doctors recommend Camel Cigarettes for an enjoyable treat”...I can go back as far as you want and there will be things in there that would appall us today. I can also guarantee you that what you just said was probably said every decade for the last 100 years or more. So, no, not much has actually changed. People still want to buy stuff and other people want to produce stuff people buy. Bottom line..
zeroceiling i think there’s is a point where scale and volume push things into a different place. Your argument could as easily imply that it was never ok, although I could still argue it’s gotten worse as it’s gotten bigger faster than could be accommodated for without making moral exceptions different to what mankind experienced the vast majority of his existence. Also to give a time frame of 100 years as evidence doesn’t work for me, it tracks well with the industrial revolution 🤷♀️
Nashira 409 ....100 years may not work for you...and thats fine...its simply that this is a reference-able timeframe for which we have some accessible data. If you want to go farther back..thats fine...but you do realize that just because records are flimsy and not as well kept or kept at all...does not somehow prove that things were different at that point...and hence proves you right. Here is an interesting fact: Each time Amazon notably improves its technology....it hires more people....and each person becomes more productive. (A recent study by The Economist). So it would appear that the model is holding...
“Liberate his gifts and the nation will be strong “
My favorite part
I dont mean to be offtopic but does anybody know a method to get back into an Instagram account?
I stupidly forgot my account password. I would love any tips you can offer me.
@Fox Chaim instablaster :)
The freedom of die by starving.
However it is up to the government to create the conditions where one can compete and invent and allow that invisible hand to shape the market. When monopolies and crony capitalism and government corruption tilt the market the invisible hand is killed.
@@duckman554 ☺
Excellent video. Thank you for posting this!
Walt Disney would've paid for this production out of
sheer good will towards his fellow human beings!
Yes and the current management of Disney would have it squelched
Wait, this is division of labour. Chapter 1 of book 1 of the wealth of nations
This is a very nice video, I learnt a lot from this, thank you for making this video
Excellent video.
He took a loan and then his business failed.
Liberate his gifts and he might out-do me. Can’t have that.
Brilliant video
I wonder how that American kid ended up in Edinburgh in the 1700s?
Awesome play
An example I know of is De Haviland (SP) dinner ware. They had a system where on worker did all the steps to make dinner ware. Not all workers were as skilled in every aspect of it. Some of the workers help each other with their skills, and shared in the profit, according to an agreed upon schedule of payment. Not long after that they were the premier makers of fine table ware in France. by dividing up the labor among those with individual skills, the finished product was of such quality it was in demand all over the world. Now, in 2024, i dare you to find me a factory that does not divide up the labor according to skillsets. If you do, are there more than 2 or 4 workers there?
Gave me chills....
kool
Brilliant observations for 1765. Too bad we live in the time of shareholder capitalism now.
Wtf are you saying?! Those people who gave him the money are his company shareholders
great
And by the labour theory of value he paved the road to Marx.
Right, that's the part quite some of his epigones fell for, sadly. But, as
@War Tome above pointed out, this video opens up avenues to including other stakeholder groups too, and alternatives to a one-factor explanation. Supply and demands across all inputs and outputs, that is, and entrepreneurship to seek out ever better combinations. Me likes.
A loan to start a pin shop.. hahaha. If access to capital were so easy
So true, and even once you get the loan 90% of all small businesses fail
"Adam Smith the founder of capitalism" err, really?
What’s been explained here, has nothing to do with capitalism.
Not sure I can explain as grandly as Adam Smith did, but the opening section of the video points out that wealth isn't money, but the goods and services of the economy. Money is merely the tool or medium of exchange for wealth, i.e. goods and services. He also pointed out how division of labor increases productivity, by allowing the workers to make more pins than they could by themselves.
The ideas the boy had to make things better are simply the entrepreneurial ideas anybody could have to improve the production and productivity of the business, if acted upon.
The second part of the video points out how self-interest encourages people to help other people. Businesses seek to provide good and services that people want at prices they are willing to pay. Competition helps ensure that businesses stay in line by forcing them to pay higher wages and find ways to decrease costs (and thus offer lower prices) and find ways to increase production and productivity so they keep paying higher wages and offer lower prices.
The only thing that really bothered me was the ending, because, sure, anybody can raise the capital they need by simply asking people for it, that's what sites like Kickstarter do, but banks have historically had a pretty big role an allowing people to store their savings so the banks can lend that out to businesses as capital for their enterprises. So we don't need to scoff at banks and gold (money), we simply need to understand their proper place in the economy.
Adam Smith didn't get everything right, but he did place capitalist economics and economics in general on a solid foundation for future development. What we've done with it since isn't Smith's fault!
Well said
camera qualities were so good back in the days
And it was so clean!
Apparently the smiling is accurate : he'd talk to himself and smile
with huge tombstone teeth.
Also, he was kidnapped by Tinkers as a child.
Good drama , well scripted and acted.
I’ve just finished reading THE WEALTH OF NATIONS for the second time(cover to cover),the first time was last year October but I didn’t really understand that much(coz largely,I was still very much arrogant about everything),and ultimately I lost everything,after re-reading it now it has completely changed my life and how I view the workings of the world.
I’ve made a vow to myself that I have to,seriously have to read this book twice a year the minimum coz it is riddled with Information/Knowledge...its Lessons were equally important back 1776 as they are in this COVID19 riddled 2020.
I’d urge everyone to read this book,it’s very very important on so many many levels.✌🏿🇿🇦
Which book was it there were 5 I remember?
Read Marx’ Capital, it’s much more insightful.
I don't think I've ever seen a youtube commenter admitting to arrogance (though is prvades youtube) and the subsequent fall that inevitably comes from it. You further propound the change that came from becoming more humble. It seems that this has been lost on the others who commented here, but I wanted you to know at least one person sees, appreciates, and marvels at the difficult nature of your accomplishment. Pride and arrogance are two of the most pernicious pitfalls besetting Western culture today - impelling us down this path to ruin. Dealing with them can be a very difficult but essential battle.
@@chasengrieshopbased
Read Milton Frieman and some textbooks on accounting and finance.
Great video big martin! I really learn't a lot! Stay super duper awesome!
so true brother
What a conversation to be had at an underground bar.
Best lesson I have learned.
Even a psychopath can learn from his book, but the sad thing is...a psychopath will do better than a normal person, today.
These days I'm digging into Adam Smith philosophy of trade and morals Sociaty... It seems we had a lot of common and I will learn more of his VALUES... I believe Universal value and morals won't die .. they are out there and it's up to us to carry these VALUES and principles and pass it on to the next generations.
If only the bosses weren't driven by greed than maybe capitalism could work but since the are it can't help but result in monopolization, government intervention and central bank monetary manipulation.
Capitalists are exploiters, it makes no difference if they are nice, bad, greedy, or generous. Capitalism's internal contradictions and processes is what leads to its collapse, not greed.
Adam Smith was from the progressive period of capitalism, capitalism has long since moved on from its progressive period and has entered its decline, capitalism, just as aging, cannot reverse its decline.
Capitalism has now entered the period where, if it is not removed by the working class, it will destroy humanity.
It should be noted that Smith's positions , are about improving productivity, increasing the profits of a tiny minority of the worlds population, if he genuinely cared for the working class, he would have said, "workers seize control and use the wealth to improve the worlds living standards", but he doesn't, he was and is the mouth piece of the capitalist class.
Try reading the WSWS site for a clear political analysis and program for the working class.
@@ppazpppaz8618 Actually that is not Lenin position which is instead that no situation is too hopeless for the capitalists. The wsws is group of sectarians who oppose any real struggles by the workers in the trade unions because they have their own doctrine and setup like the bureaucrats they claim to oppose. They demand the workers adopt their program and organization before doing anything.
Wow if oleny we lived like this Adam Smith was smart. Lets all Dream. N bring God back into our homes. AWAKE 🌐 the World
They should teach this in collage instead of Marx.
Wrong. They should teach Marx and Smith both in colleges.
@@davintedja6705 Yes let the students decide for themselves
They teach both in business management. Professors are also extremely balanced contradicting to what conservatives bang on about online
I learn from ECO class and I really love Adam Smith ideas.
Agree. The couse of poverty in former Soviet Union is the absence of free market and socialistic ideology. My parents have never heard about Smith. This literature was forbidden by comunist party. Fortunately now we are able to self-educate via the internet and dont have censor. And our country on its way to success. Of course if russia doesnt destroy the human kind by nuclear weapon earlier.
Hillsdale College uses Adam Smith’s teachings because they are true and work.
There are not many people in this world who watched this Video or know him but I'm the one who still thinks that Adam Smith is My true Hero....
He was a good man. Smith's ideology was good taken as/for evil by corporate manipulators; communism, an evil ideology disguised as good which has the operandum towards moral economic nihilism.
Just an outlook
For me it's Smith and Fugger ( the german banker who founded the Fuggerei )
cringe, Ricardo is better and way more rigorous .
@@jakeytedesco3003If this is Smith's idea well he is wrong accumulation of capital is represented not by just gold in a bank but the machinery used in production, the land and natural resources. The owners of capital seek to maximize their return on investment. .
They should name Hong Kong, Smith Kong in his honor.
Why?
@@ras573 Is the Country that has better applied free market policies for economic growth. Greetings! 😊
@@BorreLira a region in communist country is the best example of capitalism?
James The transfer of sovereignty over Hong Kong,[1][2][3] commonly known as the handover of Hong Kong (or simply the Handover, also the Return in mainland China), occurred at midnight at the start of 1 July 1997, when the United Kingdom ended administration for the colony of Hong Kong and returned control of the territory to China. Hong Kong became a special administrative region and continues to maintain governing and economic systems separate from those of mainland China.
Nowadays there’s political stress and protests in Hong Kong as China’s government is gaining total control over their economic and political system. People from Hong Kong want to keep their liberty but it seems almost impossible.
@@BorreLiraSmith would fundamentally be appalled at how Hong Kong Society functions.
Where can I get more of the videos like this? Is this a part of movie? Where can I get the rest and what is the name of movie please
the video was titled Compassionate Capitalism ... it had a VHS release, I do not know where it is available as a whole product
In reality:
The guy hears the idea for a better pin shop, patents it, and sells it off.
Government IP strikes again.
Voluntarist Jeff lol
Quite possibly the 2nd most important man to ever have lived. His ideas literally changed the world.
Who’s the most important
@@PoetClown The lord Jesus Christ.
@@oskaveli662 Of course...
@@PoetClown Marx is the 1st.
what about tesla, einstein, turing, and others?
Excellent play! I wish this had been used in my college Economics course, haha. Very well scripted, shot, and acted, a top notch and enjoyable distilled and presented basic summery of Smith's most famous points from the work. (Also, confession: I kept getting distracted by how stunningly beautiful that wench is.)
Capital and business always moves in the natural direction of economies of scale and the monopolization of industry and capital into fewer and fewer hands.
5:05? Who owns the pin shop? The f _ t a_s in the wig
At what point does capitalism cross the line over to ‘corporatism’?
So for example, say there are 5 of the biggest car part manufacturers that have, in the past, created products that simply outmatched their competitors in a fair manner. This was a net-positive due to capitalism. Those who came up the bright ideas of making more efficient, durable, cheaper products were rewarded with a greater share of the public’s business, and the customer in turn received better car parts.
And over time, these select few manufacturers started growing larger, and they took greater and greater percentages of the car part customer-base. As they should, right? They were being rewarded with having and putting into effect their smart ideas.
However, we must remember, the biggest reason as to what motivated those to come up with these ideas was the dream of getting the rewards. The wealth, respect, power, stability, etc. Of course there were those who came up with ideas out of the desire to bring a positive change to society out of sheer benevolence, but there are definitely a lot who thought more of the former motivation.
So these 5 car part manufacturers scaled up in size. They grew wealthier, and with this wealth, they spent more money researching and developing better car parts, running their businesses more efficiently, marketing their products better, etc. This in turn made them more money, and you can see how the snowball grew.
The years went by, and these top 5 companies ended up becoming 90% of the car part market. They did capitalism to a tee. Everyone benefitted. The owners who came up with the smart ideas grew wealthier, more powerful, more respected, etc. The people had faster, more fuel efficient, more aerodynamic cars. And lots of people now had jobs working for these companies.
However, along comes a newly started company who has done their own research. They have come up with better products, ways to more efficiently run their business while increasing their workers salaries, and an innovative new style of marketing. In capitalistic theory, this new company would start taking a larger piece of the market pie as they outcompeted the big 5. But this doesn’t happen in reality.
What actually happens is the owners of the top 5 car part manufacturing companies meet up together in secret. They have all realized that this new company is a threat to their businesses. They simply outcompete. So the owners decide to work together.
The big companies, all in cahoots with each other, drop the prices of their products way, way down past the prices of their new competition. They are fine with operating at a loss because they are so big that they can afford to. In the long run, they know this move will net them more money than to begin with.
As time goes on, customers leave the new, talented company for the big 5, because it’s simply far cheaper. The new company, who doesn’t have all that much resource, is forced to close down. The owners of the companies that work as an oligopoly raise their prices back up, and keep their 90% share of the car part market.
Is what they did still considered capitalism? They acted as sovereign individuals, and came up with ideas to benefit their business, which is allowed in theory with capitalism. A big part of capitalism is that it works with the knowledge that the majority of people want to benefit themselves before society, and it harnesses this self interest to benefit society. However, we can see that there are some exploits that are technically still considered capitalism.
Should there be an updated version of capitalism that addresses these holes in the system?
Thanks
Watching it from India
Dude, mercantilism would work if it was done right and the right people were in charge. REAL mercantilism has never been tried before.
Misleading at best...
Adam Smith was employed by England to write "The Wealth of Nations". A book made to destroy the independence of North American colonies.
Smith's student was Carl Marx!
Anti-British economic policies (The American System) are in Hamilton's paper "On The Subject Of Manufactures With Issue".
The pin shop owner is Klaus Schwab, Bill Gates, Tim Cook, etc….
Adam Smith 🙏🏼👑
This is insanely amazing! keep it up Martin!
Sounds like stakeholder theory or might lead to it.
I like the idea of being selfish in the market over this. Everyone should be looking out for their best interest. This might be that but it could be more. In a 2 day Adam Smith dive and I’m not sure I like it. He adds some weird shit into it.
It was an archetype, so it's obviously gonna be a little less formulated and more idealistic.
today someone would have said 'shut up adam, your drunk again'
adam smith santa claus edition
That was amazing!
📌2023, the best explanation, ever on youtube , about , the invisible hand, the market.
Ends on child labor... oddly accurate lol
FYI, child labor doesn't need capitalism. My country isn't capitalistic, yet child labor is going strong.
FYI that's not what I said, all it takes is to open a book on the industrial revolution and you are set@@narindraramanankasaina2545
(facepalm)
Wish more people would watch this, and hopefully learn something, rather than just throwing around slogans and abuse, if only.
Wench invested in the new business. Now, I call it a win-win.
Yes Adam Smith is a hero indeed.
What are those accents
he started of kind of attempting a posh Scottish accent then it devolved I to a faux British trans Atlantic type thing
*P R O F E S S A*
8:45 “I know what he pay his workers and I know I could PAY THEM LESS”. Fixed.
Well then nobody would work at his new factory 😂
I like this man 👨 professor Admas Smith
4 seconds in "PROOOFESUR!!!"
Lets just make short work of Adam Smith. His view of Capitalism is such that kingdoms that embrace his brand of Capitalism will rise to prominent positions of power. But I will say this: once they do other kingdoms will vie for power and war will emerge ruining their seat of power. Such happened to the British Empire. Kingdoms that do not have policies to help their neighbors and work together to share and distribute goods will ultimately fail.
He was SO close to not being wrong...
Adam Smith wrote about capitalism before the industrial revolution. Therefore he saw a positive future. Karl Marks was born in that future after the industrial revolution. He saw that along with the positives, many negatives also came with the industrial revolution. So he wrote about a way out of the negative impacts of capitalism. In fact Adam Smith wrote about the ways out of Mercantilism. Before the industrial revolution, merchants believed in hoarding money. They didn’t care about the life of the workers or the conditions of the factory. This he labelled as Mercantilism. Adam Smith theorised that morality or the invisible hand could help in this. If a merchant allowed his morality to help make the conditions of the worker better then the efficiency of the worker would increase as a result the factory would produce more and better quality products making the merchant win the competition. Both in my opinion were against the domination of a merchant over the lives of the workers. Both wanted to improve the life of the worker. The worker was the protagonist in both of their theories
I like Adam Smith and his idea that if the government will stay out of practicing favoritism and stick with stable, equal laws, that people will create wealth. Unfortunately, this little play was rather silly.
Those who say this should be used as university material prolly never went to a proper uni. It's like using triumph of the will as a historically accurate depiction of Germany.
Beards in the 18th century English speaking world...?
Except capitalism leads to monopolization and the power of the finance capital which is the accumulation of capital. Higher paid skilled labor is always replaced first with lower paid unskilled labor snd machines. The value of the fixed labor in the capital rises and the living labor exploited falls such the rate of profit for giant industry declines because the sources of profits is in the unpaid labor of the production laborers. Capital can not but help but overproduce for markets that can not buy all that can be produced at the acceptable rate of profit which cause the capitalist to invest in driving up the value of fractious capitalist instead of expanding production causing an economic crisis when the value collapses then workers are fired to save profits and that just further reduces demand as workers are now thrown out of their homes because they can't pay the rent as capital goes into a crisis. The only solution is to wait for the destruction of capital or refinancing which then prepares the way for even an bigger crisis.
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Dear Sirs and Ladies who made comments
I think the majority here are interested in economics, so how about we form a group of economists online to benefit from experiences?
hhmmss: self seeking compassionate liberating individual gifts free enterprise capitalism
This is such a good demonstration of what capitalism was originally intended to be. Shame what it has come to. Nowadays everything is a marketing strategy. Even people are treated as products. Whatever you talk about, you get an ad of it on your social media which itself is run by a company that provides your data not just to other companies but even politicians.
Marketing is a good thing
U r again taking things in wrong way
Capitalism is ruined by scientific theories actually.
It is ruined by greed
This isn't really capitalism though. This is corporatism and it arose out of government incorporation laws.
Look at Darwin and Spencer.
The kid keft out the bit about importing cheap Muslim labour to undercut the locals.
Sounds a bit left wing .... Doesn't mention Amazon here...
I'm a lifelong capitalist, and this is STUPID.
Adam smith and Karl Marx Ideas are both valuable , if greedy and despots do not distort and twist their ideas in the name of ideology
He didn't mention the violence inherent in the system oppressing the proletariat under the yoke of the petit bourgeoisie.
Compassionate capitalism!!!! That's funny.
mmss self seeking compassionate liberating individual gifts free enterprise capitalism
this video converted me from a marxist to a capitalist
Viewing people as a resource is one of the most horrific attributes of the capitalist mentality
It is scandalous that his moral uprightness is not taught. He is much maligned.
"A dramatic of ..." Did you complete school?
Awesome
He took that money and bought beers fuck the pin shop
Did Adam Smith ever say "Communities in which they live"? Nope, that's a cant of our time.
Yes, Smith was genious but Marx was better.
هل يوجد فلم كامل عن هذا ؟؟؟
Oh well just another Scottish genius .
Actually, pretty well done...
The freedom of die by starving.
Can't American actors manage a Scottish accent?
what is the film tittle ?
Compassion and morality is missing in today's capitalism, so what went wrong?
People control their actions so who do you think is the problem.
@@mrbust999 We do control our actions but how many of us actually have control over ourselves?
This is a classic generalized inference. When was morality and compassion central elements over supply and demand.
If you see advertisements from the 1940’s and 50’s you will see magazine campaigns that boldly state things like: “ and here is a handy little gadget to make sure you prepared a dinner your husband will reward you for with a night at the movies”...or “4 out of 5 doctors recommend Camel Cigarettes for an enjoyable treat”...I can go back as far as you want and there will be things in there that would appall us today. I can also guarantee you that what you just said was probably said every decade for the last 100 years or more. So, no, not much has actually changed. People still want to buy stuff and other people want to produce stuff people buy. Bottom line..
zeroceiling i think there’s is a point where scale and volume push things into a different place. Your argument could as easily imply that it was never ok, although I could still argue it’s gotten worse as it’s gotten bigger faster than could be accommodated for without making moral exceptions different to what mankind experienced the vast majority of his existence. Also to give a time frame of 100 years as evidence doesn’t work for me, it tracks well with the industrial revolution 🤷♀️
Nashira 409 ....100 years may not work for you...and thats fine...its simply that this is a reference-able timeframe for which we have some accessible data. If you want to go farther back..thats fine...but you do realize that just because records are flimsy and not as well kept or kept at all...does not somehow prove that things were different at that point...and hence proves you right.
Here is an interesting fact: Each time Amazon notably improves its technology....it hires more people....and each person becomes more productive. (A recent study by The Economist). So it would appear that the model is holding...
Slavery and Self Interest
Ah child labor how inspiring
what movie is this from?!
Thank you for making this
you're welcome
Share & Care 😊 Beautiful 😍
These accents are fantastic.
orginal movie name pls