Does Capitalism work?
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- Опубликовано: 15 сен 2024
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New Capitalism Series! - In this first episode, Patrick Bet-David covers the voices and key points of Socialism, Communism and Capitalism, the forms of economy pendulum and the historic events and leaders that have ended up killing people. All of this leads us to the question, does Capitalism work?
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Capitalism Series by Patrick Bet-David
About Valuetainment:
Founded in 2012 by Patrick Bet-David, our goal is to impact entrepreneurs around the world through value and entertainment. We are the #1 channel for entrepreneurs because of the best interviews, best how to videos, best case studies and because we defend capitalism and educate entrepreneurs.
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Tweet me @Patrickbetdavid once you finish watching the video. I want to hear your takeaway from the video.
Valuetainment Sure! Thanks for the Video. Was waiting for this video particularly!
I agree, there is an intriguing aspects of competition that draws many. It is a wonderful thing.
Young people's minds can be molded easily. There is very little diversity of thought in universities. Thank you for this video, we need to look at facts, my generation is not thinking critically and is letting the media, and their professors do it for them.
I have shared a lot of content on capitalism, I hope this one does have some effect, but beliefs aren't easy to change once we form them, are they?
You know, I live in Denmark in a more socialist society (I think Americans think of us as socialist, more than we do ourselves - but it is a socialist society nonetheless) and I have to say the entire notion of paying higher taxes than 35-40% really does make you complacent... I mean everything here is expensive: Cars cost at least twice as much as in neighbouring countries because the car taxes cover road repairs and certain infrastructure, houses/apartments are expensive; good luck finding a decent house for your family near Copenhagen for less than 500.000-600.000 USD, all though our salaries are high and we have a high minimum income. Off course, with higher taxes we get free healthcare (all though waiting lists can be long) free education (we even get paid to go to high school and college - not enough, we still need jobs) and maternity leave for 9 months and other perks - BUT!
But if you just have a job and doesn't really aim higher in life - in my opinion (as I have had low paying jobs) - well, then life sucks! You can hardly afford to go on vacation and have a normal social life because everything is expensive, and it isn't a given that economic mobility is an option - unless you have the ressources to pull yourself upwards - and as the internet grows, knowledge becomes increasingly more available and we get to learn from Entrepreneurs from all over the world, such as Pat Bet-David - and that is a wonderful, wonderful thing!
Back to the complacency part; People have a tendency to maybe have "pipe" dreams - meaning dreams that will never happen because they don't actually know how to breathe life into them. These dreams can more easily be put off when you are somewhat content - never fully content - but not hungry enough to actually do something about those dreams.
In a socialist society, once you have kids and expenses, it can be rather rough for people to actually go and start a business (due to risk) - and when the basics are covered there are less incentives to do so.
I need freedom of mobility to pursue Entrepreneurship in my life - as I believe it is a human right.
I am however a bit torn about the mechanics of a society like mine vs. a society like yours - as I also know that poverty and violence is a byproduct of extreme capitalism... I think tax rate at around 32-40% might be the best answer... what do you think - and why? - Sorry for the novel...
the degree of control that requires in certain places, largely due to the factor of population, which affects the allocation of resources. it requires luck and hope that the person who has the power understands what he or she's doing without killing people.
Oh hell yes Pat, get these people straight on capitalism! Everyone wants to be rich but no one wants to work 90+ hours a week on a business! Thank you for the inspiration, time to sell
You don't need 90+ hours on a business.
Not everyone want's to be rich.
You can earn more money in 5 hours than in a job 8-9hours + commute.
Depends what.
Aurelian Spodarec what job is this?
Anything you wish! Wanna sell hotdogs? You can do that for 5 hours... Wanna sell hotdogs but be at home and lay on your cough? You can do that...
If you're putting in 90hours, then you're building an empire...
So if you're working 25hours... a week... or 15hours... with time it can of course degcrease, but of course ud have to go there from time to time and check it.
Some people take jobs and outsource. All they do is take jobs, outsorce and boom.
Thats the issue bro. People want nice things but not have to work for it. That is why i call socialists/fascist/communists lazy people. I like nice things so I work hard for it. But others that don't do that, wonder why I have nice things. But when I stay late at work and ask for over time at work, my buddies rather get off work early and declined over time hours at work.. Peoples priority are different and that is the origin of inequality, it isn't capitalism..
egocentric bias, you don't need to work 90+ hrs, most rich people are lucky.
"Where there is freedom, there is Capitalism" - Milton Friedman Thanks Pat for this fantastic breakdown, cant wait for the following videos.
There is one big mistake in the video. Inheritance is NOT a capitalist, and NOT a liberal idea, but the very opposite. Inheritance DESTROYS competition, and personal freedom. With inheritance you get things you never worked for, you never deserved, for free, just like in a “selective” communism. Capitalism and liberalism means that you get what you work for. Everyone starts on a level playfield, and their own work and success determines how much they get. A rich spoiled kid with inheritance is not better than a person living off of government money, but even worse.
No wonder that many successful rich person decided to donate their wealth after they die, instead of giving the whole to their kids. They have to work for their own success, that’s what makes the economy better.
Liberals aren't socialists and conservatives aren't capitalists. They are both parties of a capitalist country. Liberals are more left-wing, but not as far as socialism. Don' think of liberal teachers as socialists and conservative teachers as capitalists.
I'm Cuban, never clicked on a notification so fast!! Let me grab the popcorn 🍿. Thank you for the video!
Bill Martin Curious to know your opinion! I've never lived in a communism country...it would be interesting to hear from someone that has first hand experience
Bill Martin i assume fidel educated you?
I haven't experienced it yet, though the way Serffricca's politics are going, it may not be too long before it hits us. Julius Malema already wants all land to belong to the state, all mines to belong to the state... I saw quite a number of identifiers for communism, in the proposed politics from our EFF/ANC parties.
Last year, we had some Cubans visit us at work, for a few months. Here's a few things we learned from them - I ask Mr Martin to correct me if I understood them wrong:
1. No 8-4/ 9-5 jobs. You clock in at 08:00 and you are finished when the boss says you can go. If it is 00:00, you go home 00:00. And 08:00 you clock in again.
2. Only the elite can afford fridges and big screen television. The general population goes without refrigerators. All of the visitors, bought themselves big screens while here, because it is prohibitively expensive in Cuba. Here we are talking guys who are, in Serffriccan terms, rather high-ranking officials.
3. Every day, Monday through Saturday, is a working day. Sunday, you WILL be at the local political gathering. Because you are a good member of society and care about the community.
4. It is a crime to visit someone else without government permission.
5. What you consider poor in the West, is a luxurious living in Communist nations.
i'm brazilian capitalism is life fuck communist
Cuba? The country that was economically starved out by the US for decades but still managed to produce a cancer vaccines and regularly sends doctors to help other countries.....that Cuba?
Fastest clicking ability alive 🔥🔥🔥🔥
The video i was waiting for!!
The fact that you explained such important topics so easily and wonderfully despite not being a “professor” is truly great indeed .Keep up the good work❤️
This is what I love about Valuetainment. I come for a complex video, leave with 10 pages of notes, 6 books to read, and another 4-5 videos to watch that build on the concepts discussed here.
It is very hard to find other business owners that are willing to share in a free RUclips video their insights, experiences, and principles & values.
Thank you, Pat.
What an intelligent way to make an agreement. Does not let anger or bias get in the way. I wish this was shown in my university courses.
will study this video.. won't just see it coz the effort Pat puts in urges us to study it, devour it not just treat it as another RUclips vid
Thank you for this video! I was thinking about this just yesterday.
I'm so in love with this channel, I even like the videos before I even watch them ♥ Thank you Valuetainment, for helping me think outside the box ♥
You spoke nothing but the truth Patrick #CapitalismWorks
Looking forward to the series of these videos!
Never clicked on your video this fast. Lol
Hi boy
I'm here calling you to see my first text in English language and it's about business, it's the first and if I get 100 views in this one, I will write a little more in English
That's the texting blog.
joseredsonsenavital.blogspot.com.br/2018/03/why-bricklayer-cant-get-rich.html
Believe it or not.. i m in the middle of multiple doubts whether to continue work in public or private sector.... this vdo really broaden my understanding. God bless your kids for your good deeds Pat !
Hi David, I am a Vietnamese refugee boat girl alone, left Vietnam as 17 years old to Thailand refugee because of Communist. My father was a Lieutenant Commander in the American military. I understand and know so much about these political powers. Vietnam is now transformed to Capitalism, I came back to Vietnam last February 2108. I would like to be on your show and empower as a young girl victim on these Communist and Capitalism politics.
Capitalism is an economic system based upon private ownership of the means of production and their operation for profit. Characteristics central to capitalism include private property, capital accumulation, wage labor, voluntary exchange, a price system and competitive markets.
In political and social sciences, communism (from Latin communis, "common, universal")[1][2] is the philosophical, social, political, and economic ideology and movement whose ultimate goal is the establishment of the communist society, which is a socioeconomic order structured upon the common ownership of the means of production and the absence of social classes, money[3][4] and the state
You're giving an enormous amount of value with this video series. Thanks!
Such an incredible speech, simple and clean, can’t wait for the other videos. Im from Argentina, and as you do, i love capitalism.
this video is a masterpiece, i am fan of this guy :)
A capitalist system with aspects of socialism is by far the most efficient and effective economic system. It provides the best quality of life for its citizens...this has been proven time and time again throughout the world.
We’ve been waiting for this video for some time! Nice content Pat keep em comin!!
I've literally been waiting for this for months! Thank you!
Thank you Patrick,
I have so many Friends that want to debate politics but don't understand what they are debating.
Thank to your video I can show them what capitalism/communism really is.
With that said let's see what happens next.
You sure taht you know what you talking about tho?
That's so simple
Capitalism= wealth
Socialism = Poverty
And come to see it
I'm here calling you to see my first text in English language and it's about business, it's the first and if I get 100 views in this one, I will write a little more in English
That's the texting blog.
joseredsonsenavital.blogspot.com.br/2018/03/why-bricklayer-cant-get-rich.html
You really think comparing capitalism to socialism is just that simple? Wow.
This is the worst explanation I've possibly ever heard.
I don't like capitalism, I like regulated capitalism. However, I would rather live in an anarchist society based on socialism.
Hey Pat i want your blessing for my tomorrow's Maths exam.
I know it sounds weird but still i want.
Thanks @Pat.
I think we should have a long and deep debate on capitalism with optimist peoples.
The video starts with an interesting statement. We are talking about which one is more EFFECTIVE, and NOT about which one is BETTER. Effective is not always better, especially in case a complex system like society. Effectiveness is measured by GDP, which we know is biased. If we level a city, and rebuild it, it is a huge GDP increase, but also lots of suffering, and we are in the very same position in terms of wealth as before. Also if we replace the dishwasher every year, we are not better of than having a durable one for many years, but the GDP is way more.
Capitalism is more effective in terms of creating more and better stuff. But it creates inequality, and requires continuous competition. And competing is exhausting for the individuals, and there are always losers. (Even if in long term, the losers of capitalism are wealthier than the people in capitalism.
But what if there are people with different preferences? What if there is a whole group of people, a society with different preferences? They don’t want to compete. They don’t want to fight over each other for having more stuff. They just want a steady, low paying job, a house to live, food, and some basic entertainment, like spending quality time with friends; but all these for granted. They don’t have to worry about tomorrow. They want the basics for granted, but they don’t want anything more than that, and they are willing to sacrifice growth in exchange.
Communism absolutely makes sense for people like the above. But only for them, and it is a foolish idea to think, they will be wealthier any time in the future. It is not their goal.
The problem is, that it requires a relatively high level of economy to start with, because you have to ensure, that even after the decline in effectiveness, you can still have enough production for the above basic goods and services. It is also stated in Karl Marx’s original paper. The Russians made a huge mistake rushing it, they simply didn’t have enough wealth to sustain this system. They also eliminated a whole class of society who were experts in producing food, which of course resulted in starvation.
But maybe in the future, with good enough economic basis, reinforced by robot driven production, someone might try it again with success. They won’t be more advanced than others, they won’t be more rich, but they might have a steadier, calmer life, without the fear of loosing the competition.
Disclaimer: I wanted to write this down BEFORE watching the whole video. I will reply to this if there is any change, or I have anything to add after. Also my dream of future has space travel, better cars, better healthcare, more knowledge etc..., so I still vote for capitalism. But even if you are the same, it is important to understand the i intentions and goals of people who don’t, and rather vote for a more socialist system, or even plain communism.
Okay, after watching the video I’m a bit sad because it became a bit of an ideological propaganda. You could have very strong arguments for capitalism, based on clear objective facts, without pushing your own ideology.
The biggest mistake is to confuse genocides with economic systems. These genocides and wars didn’t happen because of communism, they happened because of dictatorships. But communism is not the same as dictatorship. You can have (in theory) a democratic communism, and we actually have democratic socialisms. The later countries tend to be much more peaceful than average, with pretty good living standards.
It is a good approach to see how much we agree to give to the society as tax, but a bit misleading, because everyone wants to get more from the government, and pay less to the government. But there is a balance, which is different from society to society.
It is false that Bernie Sanders is a socialist, just because he is left from the American average. He is still a capitalist for any other measure, just that much. He is more of an European style capitalist.
There is a big mistake about inheritance, but I have a separate comment about it.
It is good that this guy realizes, neither political party stands for their original values. Both side are just populists, and favor their corrupt income instead of standing out for their values and ideas,
But the far the biggest mistake, is a straight ignorant lie about Bernie Sanders. His picture of the R8 has long been debunked as not true. You should know about it. This really makes me think that this video is just a propaganda of an ideology. I would give credit to this video, if this claim would not be here.
Wow . Its just like what you said . Never done like this before . We here in Tanzania pay 30% and i thought that was bad but after this video i know am starting to appreciate it . Thanks pat . Keep up the Great work .
I'm from Bulgaria ex Comunist country, and here we still have a lot of people who are not agree with Capitalistic system. Their opinions are all based on what their parents tell them, in my point of view, because all the time when i ask them why does they think that comunism is better option for our nation they simply have no answer more than everybody is equal, low unemployment. The biggest issue of this despotism is the lack of information that the nation has about it's own political,economy and social system.
It’s usually the case. Share this video with them
Living in Communist Romania, my parents have learned this saying about how communism works: everyone is equal, but some are more equal than others. You cannot have balance in a society where those who make the laws are above them, because they control everything and can do anything. FORCE vs. CHOICE this is what it's about. Thanks Pat for this great video, looking forward for the Marx one!
Really interesting video and debate Pat, thanks for making me think and giving us all food for thought.
Actually Bernie Sanders would be in the 35-50% area. He is a social democrat, very much like what we have here in scandinavia. Our economies are very capitalistic and my home country Sweden was ranked as the #1 country to do business in. Yes, we pay more in taxes but we reep the reward through our great public education system and our universal healthcare.
If you have to question whether or not capitalism work, you will never survive. Let nature sort out the weak. The real world is not easy and there should be no handout unless your truly disable. If you have to compete for mates, compete for food, compete in school, capitalism is the same. Good job pat. Like your explanation for capitalism.
6:56 patrick i'm from somalia and anarchy has taken my country from having the most advanced military in africa and the arab world to being a complete shithole, but we are recovering now, we have huge economic potential.
the world has always been about the survival of fittest and nothing compliments that better than capitalism. i'm also a big advocate of dictatorship i believe capitalism and dictatorship go hand in hand. capitalist dictatorship is the solution to my country's mess.
THATRANDOMGUY who is noble enough you trust to do that
Why Dictatorship? That fundamentally gives someone enough power to make all the decisions in the world.
He may not trust his country to be able run a functioning democracy. And in that case a dictatorship might be better than a lawless wasteland.
How can we measure how many people killed by capitalism? Not only wars for goods but also health care and other critical issues... I think capitalism is a good way to manage limited resources but it kills too.
Unbelievably good video Patrick. Love the simplicity! Keeping people informed on topics people love to pointlessly argue about.
Winston Churchill quote: The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries
This is such high quality! Econ graduate here and I want to say that it's rare to see something that is balanced and informative on this subject; it brings out high emotions
Why isn't it explained like this in school? And why do they force our opinion without letting students come to an accurate conclusion on their own? Great video as always Pat.
Hey Pat, I would love to see you do a video on disciplining employees for things like tardiness.
You should use a RED Marker for Socialism rather than blue
Ah the old Propaganda colour trick.
I like that he switched it around and i think he did it knowingly.
Because ever since the cold war started many countries ran a really harsh propaganda colouring in everything from children stories to movies and adverts.
Sir, its nice to hear from you everytime you speak, but there is something I really want to know, how cost price be fixed for services, and what type of expenses do we need to include in the Cost Prices, so that we can be competitive in market in respect of rates. It will be very grateful if you can do a video. It will help me out a lot.
I can honestly say I got more out of this 20 minute video then the majority of courses I took to get my degree. This is the kind of content that should be taught in school starting yesterday.
Great video Pat this was a smart and simple way to give a clear picture. Thank you. I will share this with my sales floor.
There is one thing that Pat got wrong. The definition of Anarchy, which is no rulers. This is very different from "no rules" . What he is calling Anarchy is actually chaos. This is a very important distinction. Otherwise - GREAT VIDEO!
Since we all love competition, capitalism needs a rival to compete with.
Pls continue
I love that initiative sir
Great job highlighting the spectrum of force (involuntary) vs choice (voluntary). People often have a hard time grounding their idealistic visions down to a concrete reality, so it helps to raise examples tapered with an intuitive perspective.
Thousands of people needed to see this video here in Brazil
thank you Patrick
1:34 liberal does not mean against capitalism...
The constant desire to increase taxes is going against capitalism.
Really? Then that is it?
Valuetainment. this argument taken it's logical conclusion would suggest anyone that is for taxes is against capitalism.
i got some hate for commenting on another video saying you should talk to guys like jordan peterson. people don't seem to realize how much economics, politics, and business are intertwined. keep up the awesome content brother!
also history. And I'd love to see JP and Pat have a conversation.
Market-Economical-Capital-Policies is compatible system when we want to keep our freedom to decision about our own values and still have enough safe-secure balance with most independent platforms and having stable claiming opportunities in different situations.
This channel deserves 10x even more ATTENTION!! Pat, really thank you for all your videos.
18:15 Pat got carried away and Mario had to cut him :)
Thanks for explaining it Pat. I'll be honest I never really understood what socialism is
HI Patrick, I watched all your videos, I rarely comment but I decided to post a comment this time.
First, it is hard to make a video comparing the 2 with fair criticism when you have a t-shirt saying " Enjoy Capitalism", if the video was named "A capitalist point of view on Socialism" it will have been more accurate. For the record, I believe any extreme form of anything is never good, so we can agree on that.
My second point is, Capitalism in terms of numbers as you said can't be more effective than Socialism because you compare America with single communist countries. If you compared the production and GDP of all capitalist countries today and all communist countries, communist countries will win every time. Then if you talk about what country sits at the top, at some point it was England, then Russia, then America, and soon China etc. Before America, no world leading country had a pure capitalist regime. So it terms of numbers again, America is more like an exception/outlier because it is the only example of its kind. If capitalism was so effective, why no other capitalistic country is reaching those heights?
My final point is, can you name a country on the western side the world that became wealthy without a benefiting from slavery? The number of people killed during slavery you pointed out is vastly understated (You really believe that only 5 millions African slaves have been killed during 400+ years? Let's be real for second please). Which brings me back to me previous point, the major reason why America became what it is today under capitalism is because of the slave trade, not the efficiency of capitalism. Capitalism is actually born out of slave trade, not philosophers. Give any country 400 years of unlimited top-class world premium free labor, it will surpass any other country.
So I like you Pet-David, but on this topic there is more than just 'numbers' to consider. Great video, it was really instructive.
You have such a large following now Pat and a big responsibilty with it. Your quality of videos are just improving day by day with the followers. So impressed. How the heck do you know so much? Jeez. Seems a lot as a young guy learning all this... but I guess you have 20 years on me and you’ve chosen to improve. Much love man. More power to you.
Patrick is like the #OracleOfEntrepreneurship. Greetings from Argentina.
If the USSR still existed today, its economy in 2018 when adjusted for inflation, would have a GDP PPP of $14.67 trillion (versus $2.69 trillion in 1991's dollars), a population of 347 million people (versus 293 million in 1991), and a GDP PPP per capita of $42,276 (versus $9,211 in 1991's dollars).
These macroeconomic figures are assuming the economy tripled in size since 1991, which assumes the annual, year-over-year, compounded GDP growth was at least 4.15% since 1991, and that the population grew by at least 2 million per year since 1991, adding at least 54 million people to the population since 1991.
This is a big topic here in South Africa, there's some scary Socialist sentiments being passed around and no one knows how to talk about it or even wants to talk about it. Its seriously concerning for someone who's big into capitalism.
I think I'm in the category of capitalism and sociallism where we HV to pay 35% to 50% as tax and there will be rules and regulations to protect small and medium scale businesses from these big and gaint global mnc's who are having billion dollars
This is phenomenal. Every college kid should see this. You are a legend Pat.
Pat do you believe in increase or decrease taxes and wages? The wealth distribution isn't healthy right now. The economy needs spenders. I believe in Capitalism and low taxes-unlike the left- but I also believe in higher wages -unlike the right. What are your thoughts about taxes and wages?
I believe in helping increase your value in the market place where the Goverment doesn’t decide what you’re worth. The market does.
"Low wages" happen because of inflation. Let's say the minimum wage is $10. Today that might be considered low and not enough for a family to live on. 20 years ago $10 MW would have been high. So what changed? That 10 dollars has less purchasing power. Why? Inflation. Fractional reserve lending from banks and the Federal Reserve printing more dollars (that are backed by nothing) is the source of problem you're referring to.
and by the way, wealth isn't distributed... it's created. Some choose to create it and some choose to complain about not having any.
You speak of monopoly, however, I would love to hear your OPINION regarding Amazon. Its affect across the spectrum per our economy and business? Please explore.
Great video. Thanks for sharing
Patrick this is awesome! I read a lot of economics of the Austrian school, but seeing people explain it that actually make money is warming my soul! You're doing everything right!
What an eye opening video pat! Thank you for keep updating us for another great input!!
This video is the mot informative on this subject I have ever watched.
THE STATE IS AN ILLUSORY COMMUNITY
“Individuals always proceeded, and always proceed, from themselves.
Their relations are the relations of their real life-process.
How does it happen that their relations assume an independent existence over against them? and that the forces of their own life become superior to them?
In short: division of labour, the level of which depends on the development of the productive power at any particular time.”
(Karl Marx and F. Engels, German Ideology, 1846)
Marx and Engels are often depicted as egalitarians by people on the right. In reality Marx and Engels rejected equality as a social ideal and as a permanent yardstick against which social arrangements should be judged. This can be seen in Marx and Engel’s reaction to the programme of the Socialist Workers’ Party of Germany.
In March 1875 Engels complained in a letter that the programme mistakenly advocated “[t]he elimination of all social and political inequality”, rather than “the abolition of all class distinctions”.
For Engels, the goal of total social equality was impossible and represented the ambitions of an under-developed form of socialism.
He wrote:
"As between one country, one province and even one place and another, living conditions will always evince a certain inequality which may be reduced to a minimum but never wholly eliminated. The living conditions of Alpine dwellers will always be different from those of the plainsmen. The concept of a socialist society as a realm of equality is a one-sided French concept deriving from the old “liberty, equality, fraternity,” a concept which was justified in that, in its own time and place, it signified a phase of development, but which, like all the one-sided ideas of earlier socialist schools, ought now to be superseded, since they produce nothing but mental confusion, and more accurate ways of presenting the matter have been discovered. "
(Engels 1875)
Marx claims that advocating equality along one dimension, such as everyone in a society earning the same amount of money per hour worked, will lead to inequality along other dimensions.
Everyone earning an equal amount per hour of work would, for example, lead to those who work more having more money than those who work less.
As a result, those unable to work a large amount (if at all) such as disabled people, old people, or women who are expected to do the majority of housework, will be unequal with those who can work more, such as the able-bodied, young people, or men. Or those doing manual labour, and so unable to work long hours due to fatigue, will be unequal to those who engage in non-manual labour and so can work more hours. If a society decides to instead ensure equality of income by paying all workers the same daily wage then there would still be inequality along other dimensions. For example, workers who don’t have to provide for a family with their wage will have more disposable income than workers with families. Therefore we can never reach full equality but merely move equality and inequality around along different dimensions.
(Marx, 1875)
If Marx was not an egalitarian in the strict sense of the term then what was he?
The answer in short is a believer in human freedom and human development.
For Marx, the “true realm of freedom” consists in the “development of human powers as an end in itself”.
(Marx 1991, 959)
As a result, he conceives of a communist society as one in which “the full and free development of every individual forms the ruling principle”.
(Marx 1990, 739)
In such a society there are “[u]niversally developed individuals, whose social relations, as their own communal . . . relations, are hence also subordinated to their own communal control”. This “communal control” includes “their subordination of their communal, social productivity as their social wealth”.
(Marx 1993, 162, 158)
On property (from the manifesto of the communist party)
"The abolition of existing property relations is not at all a distinctive feature of communism. All property relations in the past have continually been subject to historical change consequent upon the change in historical conditions. The French Revolution, for example, abolished feudal property in favour of bourgeois property. The distinguishing feature of Communism is not the abolition of property generally, but the abolition of bourgeois property.
But modern bourgeois private property is the final and most complete expression of the system of producing and appropriating products, that is based on class antagonisms, on the exploitation of the many by the few. In this sense, the theory of the Communists may be summed up in the single sentence: Abolition of private property.
We Communists have been reproached with the desire of abolishing the right of personally acquiring property as the fruit of a man’s own labour, which property is alleged to be the groundwork of all personal freedom, activity and independence. Hard-won, self-acquired, self-earned property! Do you mean the property of petty artisan and of the small peasant, a form of property that preceded the bourgeois form? There is no need to abolish that; the development of industry has to a great extent already destroyed it, and is still destroying it daily.
Or do you mean the modern bourgeois private property? But does wage-labour create any property for the labourer? Not a bit. It creates capital...
Property, in its present form, is based on the antagonism of capital and wage labour. Let us examine both sides of this antagonism. You are horrified at our intending to do away with private property.
But in your existing society, private property is already done away with for nine-tenths of the population; its existence for the few is solely due to its non-existence in the hands of those nine-tenths. You reproach us, therefore, with intending to do away with a form of property, the necessary condition for whose existence is the non-existence of any property for the immense majority of society. In one word, you reproach us with intending to do away with your property. Precisely so; that is just what we intend.
Communism deprives no man of the power to appropriate the products of society; all that it does is to deprive him of the power to subjugate the labour of others by means of such appropriations.
It has been objected that upon the abolition of private property, all work will cease, and universal laziness will overtake us. According to this, bourgeois society ought long ago to have gone to the dogs through sheer idleness; for those of its members who work, acquire nothing, and those who acquire anything do not work. "
Patrick! I agree with everything you brought up. There are important points excluded from your presentation, like how many deaths are capitalism responsible for. Another is how many deaths in health care are communism , socialism and capitalism responsible for respectively. If all these numbers are in reverse for benefits, it seems as though we could have a balancing act. But you should create a new ism where we take the best of everything and call it pactrickism. Thank you for this video brother, I have an understanding I didn’t have before.
Hey Pat, I am 32, I live in France, I speak 5 languages, love development and entrepreneurship, Bachelors from UK and Masters from Paris. I have done few things : Launched products while still an assistant at a multinational, launched an App and to fund sold my car, designed a hunter knife that was sold in Oklahoma, was a VP of a construction startup which were 4 and today are 20 etc..... but now I am jobless and wanna get out of this Big Government Hell.
Do you have a job for me?
You don't own your property in the USA. It's not a capitalist country. You pay property taxes. You are renting the property from the government. You need to get permits to build stuff on your property. Also known as asking the government for permission to build something on their property. You also have to do it to their standards.
You can never pay a certain amount and own the land. You can work your ass off and pay your 30-year mortgage off and the minute you don't pay your property tax. You lose everything you worked and paid for. That isn't capitalism. That isn't how real ownership works.
I don't know why you think 0% tax is anarchy and below 50% tax is capitalism and above 50% is socialism/communism. That isn't true at all. That isn't the real differences between them. That's some new found perceived way of thinking about it so you agree with the current day political system. But it's far from reality.
This has to be some kind of weird propaganda piece. I know you're better than this.
In what ways? I believe in a 10% flat tax but we won’t get there with a nation that’s in debt $21 trillion not including our unpaid commitments of $60 trillion for several social programs we have.
Awesome vid as always thank you Pat
Frederick Douglass, the escaped slave and self-taught intellectual.
He concluded:
"Experience demonstrates that there may be a slavery of wages only a little less galling and crushing in its effects than chattel slavery,
and that this slavery of wages must go down with the other. . . .
The man who has it in his power to say to a man, you must work the land for me for such wages as I choose to give,
has a power of slavery over him as real, if not as complete, as he who compels toil under the lash. "
Hey Patrick!
I'm really excited that we'll be getting more videos covering the intricacies of different economic policies. I feel like one the biggest challenges when having these kinds of debates is a lack of universal definitions (i.e. where that line is that moves a country from being considered capitalist to socialist). I really like that you took it upon yourself to set the tax ranges. What separates the two is half the debate because I've heard a lot of people who call for free this or that who consider themselves capitalist, and vice versa. More than anything, I'd like to see a real discussion/debate between you and a powerhouse socialism supporter. I remember you roasting the girl from "Think Tank," but that didn't do it for me. I remember in one of your videos you talked about how a lot of owners of big companies switch to socialism after making it big. Maybe get one of them, somebody that's really on top of their shit when it comes to this issue and have a discussion - I'd love to see it, if nothing else just to better understand their point of view as well as to hear what their response is to the points you bring up in support of capitalism.
Hey Pat!!
I don't think Albania had ever an anarchy system(i'm albanian myself) not really sure about it but anyway just wanted to say that you're on fire brother!!
Keep em comin 👊🔥
USSR had 1% to 13% wage tax, some portions of wage were not taxed, like minimal wage. USSR didn't manage to build communism, but it was socialist country. In communism(theory) there would be no money at all, so no taxes.
Anarchy doesn't mean that your local community wouldn't collect somekind of protection money from it's inhabitants. Also depends on type of anarchy.
very good analysis . well done
There can't be socialism without capitalism .
Who is gonna pay for all the freebees?
His vision of socialism, communism, which are not the same, is completely biased, of course it is impossible to be unbiased, but his understanding of the basis of marxist-based ideologies is either not good, or his communication of it takes you down a logic path with heavy suggestion that makes capitalism look good.
Besides his explanation of socialism isn't based on the same explanation socialists like to give about the system. IT IS BASED ON ANOTHER TYPE OF ECONOMIC BASE AND LOGIC. The hard thing to grasp is that with communism owning capital (money and the means of production) doesn't make any sense. Private property refers solely to the property with which you can make money. For instance the ownership of a house for yourself is not a means of production, you can't extract any extra value from it. It refers to the means of production, if you own a factory, an apartment building that you rent out to other people.
The desicion making he refers to in communism is totally fake. The desicion making in capitalism is restricted. You can't do what your pocket can't afford, and markets are mayorly controlled by the rich, so the establish whatever price they see fit, and if people can't afford it is their problem. People are forced to work for their entire lives, sometimes even without the chance to have a full education.
The death toll for capitalism is also very biased. For Capitalism he used numbers of specific events and timeframes, but for communism he used decades. How much people die everyday around the world because of imperialist actions? How about how many people were saved by the stablishment of the ussr, with the modernisation. What the United States built in 300 years, the soviet union built in 30.
I mean if you really look into this stuff it starts to make more sense how people can "like" or "support" socialist and communist ideas. I highly recommend engaging with an open mind in some places where you can get some insight.
In youtube: Thefinnishbolshevik /channel/UCCvdjsJtifsZoShjcAAHZpA
In reddit: communism 101 r/communism101/ or communism r/communism or Capitalism VS Socialism r/CapitalismVSocialism/
I recommend some of these places for some educated opinions on communist. Thank you to all those who read my mini-essay in a youtube comment. Cheers!
Nice novella. I prefer the testimonies of people who actually lived through socialism/ communism above rhetoric that tries to discredit their eyewitness accounts.
Matías Gu Bauzá LOL you've been completely brainwashed by the communists to think it's ok. No it's not ok to starve hundred million people you disgusting Fuck
Quite a good video, you definitely have done your research.
Your argument is very similar to Friedrich Hayek and Road to Serfdom, its a good argument so keep making it!
Though you have been promoting Capitalism a long time, it's interesting to me that you came up with this video today since I literally bought a book called "Capitalism: A Short History" by Kocko just a few days ago! The key I think is "Conscious Capitalism" but due to the nature of Capitalism, the "Conscious" part can't be enforced and due to the nature of Socialism it is simply impossible to allow things to be done in a fair and honest way. Therefore ultimately all systems are a go! Anarchy even has value as well especially when combined with communism among intellectuals, while Libertarianism goes very well with Capitalism preventing some of its overly "secure" historical practices so ultimately, like everything it is not a one extreme or muddy middle solution, it is CASE BY CASE! 😉
Nicely put. Actually this is the most balanced comparison between two opposing political models that I've seen...
I have lived a few years in communism and since the old regime fell in Romania (28 years ago), we are heading towards capitalism. Not yet there completely, but on the way...
What I can say is that extreme socialism or communism owns one of the most efficient weapons ever created: propaganda. Just a few examples of what I remember:
- The leader was all powerful, calculates the economy, was the best warrior and also loved to kiss children while the tanks were rolling during the parades. It was obvious even to the most idiotic person that this was fake, but we did not have a choice, we had to believe this under various threats.
- The state gave you everything you needed. Or should I say a little bit of everything that you needed. If you were ready to spend 4, 8 or even 12 hours for a pack of detergent or a chicken, you could have had it all baby... Oh, and you could have a "reverse" credit, which means you paid for a car or a home for 10 or 20 years and then you may have had it.
- Once you finished college you got to serve the state in a nice uniform... but you could hardly choose your professional way in life. You did what was needed and the options were poor for most of the people. The most unfortunate were the boys or gals who did not get good grades. They got the worst jobs simply because they did not have the luxury of (a second) choice...
Now all these things were only for the people, the fearless leader pooped in a golden toilet pan... literally.
If any of the kids these days are tired of competing or working and dream of a socialist utopia, let me ask you this: why do you think people get machine-gunned while running from North Korea? I mean for crying out loud they run to China, simply because the communism there is more bearable...
However, there are people who miss communism. Like our parents, they did not have time to grow a capitalist muscle, they still believe "it was better back then". I can't blame them, there is corruption now, the current economy does not favor their blueprint, and even if they are great, they feel like they can't change to a capitalist mindset.
But I for one, would not go back to that... History repeating defeats the purpose of history itself...
Well, after watching this video I have been thinking. If I put it all down on paper, I prefer a conservative philosophy, and I reject extremist political tendencies such as communism.
I believe that the liberal style is way too unclear today and based on too many "politically correct" social norms and regulations that are hard to define and impose overall. Funny thing is that in Latin "liberalis" means freedom, but this without a formula starts to get blurry and people's perceptions of freedom begin to overlap, and that's confusing, people need to have a clear and strong base, from there most of them can handle it by common sense, culture and community, even if some don't know they can.
Might sound stupid, but I think that politicians have one role: to govern an area by enacting the necessary legislation so that an overall beneficial cycle is maintained in economic, cultural and social areas.
On the other hand, with so much technology, I agree with Jacques Fresco: we don't need politicians, we need a good computer :)
Sorry for the long answer, it's a complex issue these days IMO.
Excellent breakdown, helped me a lot. I'm Gen X and my Millennial daughter is so against capitalism but her arguments can now be squashed by this easy explanation. Thank you for making this video!
Love it. Do we get a part two?
That guy wasn't Michael Moore. It been proved.
Ok Pat this will be my research topic for this year. I really wanted to understand these styles for a long time so now you put me in motion. Thank you very much Pat.
Education. Value. Entertainment!
I literally have a thesis due in which I am debating on why capitalism is better. If Patrick is right about college professors, wish me luck!
Thank you for this video !!
Well this was an unexpected breath of fresh air.
Patrick, thanks! What a clear explanation, clear concepts and, as we know, must populations doesn’t even know what is this about ): communism - power and control / socialist - hate rich people, hate competition, they want to do the basic, government should provide the rest, btw corruption is deeper here / capitalism - not perfect but, if your work hard, keep reading books, strategize, watch valuetaiment and learn (its a MBA) you can reach financial independence at some point, have a profitable business and don’t give half of your profits to the government. Most effective economy.
Thank you for the truth and knowledge
Great video compared to all videos on RUclips on this debate
explained excellently...
This video speaks the words out of my mouth. My parents always say that we should leave our country (Pakistan) because there is no welfare, free health Care and stuff like that but i believe the state is capitalist and the survival of the fittest is the law of the land and we have a lot of heated conversations on this topic. Love the video though.
Ok Patrick so i am a huge fan of yours and a capitalist (rightist) from the bottom of my heart. But i really have to contradict you on a couple of things. First of all, your definition of socialism is gone. DEAD. Socialism nowadays is what you classified from 35%-50% tax. Second, Capitalism creates wealth and well-being, no doubt about it. The living standard is much higher since capitalism spread all over the World. But now take a look at the countries with high taxes and a well structured social system. Austria, Sweden, Norway, Denmark. These are the countries with the highest living standard in the whole world. There is literally no poverty in these countries, they live a lot longer, are the safest etc. In my opinion healthcare should be free NO MATTER WHAT. Second, if education is free, it offers an insane opportunity for people to elevate themselves and do exactly what you preach: Entrepreneurship. I studied political science and although i started out as a hardcore capitalist, i came to the conclusion that there needs to be a certain balance in an economy. Did China need to go more to right? Of course and look where it got them. Does USA need to start building a social system?People are dying because they can't afford healthcare and the US is one of the only countries in the world where there is a possibility to not be able to live off of only one 9-5 job. That's not normal. Of course for the intellectually gifted ones (or really just the lucky ones) capitalism is bliss. But you also need to think about the less fortunate. Some people really don't have any chance to rise, and they need to be able to survive. Anyways i am sorry for this long comment and i really hope you will read it and share your thoughts
sorry for potential spelling mistakes
as a european i dont have twitter so i really hope you could respond here
Excellent response blah blah. There's so many dynamics involved that there has to be a confluence of both social programs and a capitalist economy. For example in your education argument. I could foresee more entrepreneurs as a result of paid education. Something im sure p.b.d would favor. Although im unsure whether this he favors to happen organically or purposefully. However the cost would need to be covered by lowering lets say the annual military budget for dark research projects. Or some other over expenditure. Which i would favor. You also have much less political and corporate corruption in those countries you mentioned than in the United States so addressing that issue would also be wise