Capitalism Myths: Part 1
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- čas přidán 21. 07. 2024
- Everywhere people trash capitalism. But that’s mostly because they don’t understand it.
In this video (and the next), I’ll set the record straight, and debunk 7 myths about capitalism.
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In this part of the series, Economist Dan Mitchell helps me bust ridiculous ideas about rich entrepreneurs, income inequality, and monopolies.
In my opinion the biggest myth is that capitalism is a "system" at all. On the contrary, it's the lack of a system. You can't force anyone to innovate through a pre-determined plan. To do so, you'd have to magically know what was going to be invented next and tell them to invent it. And if you created some requirement like "you must invent one new thing", "improve on this", even if they were rewarded they would only be incentivized to do the bare minimum to achieve it. With a free market there is unlimited reward and therefore no reason to stop improving.
Of course we should have SOME level of regulation in my opinion, such as where monopolies begin actively trying to prevent competition and innovation, therefore inhibiting the free market. But that's another topic entirely.
As long as the Federal Government doesn't bail people out and protect monopolies through over legislation, I agree.
Free market doesn't exist with so many government restrictions. Government is the problem, not capitalism.
Ahh! ThioJoe up in here! Yeah controlled dynamic thinking is an impossible contradiction. However. The one thing controlled regulation and standards does - is create a mandatory education baseline. I grew up in communism (Romania in the 80s). We lacked dynamic critical thinking in our system (amongst other nice things like food and water) … but everyone had a very high core understanding of computer programming, systems, math, sciences, etc. These were invaluable for me when I moved to the USA and was able to apply what I learned to a capitalist nation. Especially in contrast to my peers who didn’t undergo these forced education.
Capitalism refers to the system of financial institutions which facilitate managing wealth through capital
gimme free gpu pls
If you don't like Capitalism, I hear Cuba is nice and sunny.
I don’t like monopolies. I don’t like these big companies colluding. I don’t like crony capitalism. I don’t like these companies controlling our elections. I don’t like these companies paying millions and millions, to help with ballot collecting.
Venezuela might be another good option
So the only 2 possible economic systems that could exist are capitalism and communism?
I love capitalism. America does not have capitalism. The countries all these people keep claiming are socialist, have more of a free market than we do. The country that is anti socialist and viewed as the blueprint for capitalism, is more socialist and less capitalist, than those countries. How does that even make sense?
@@fireman1226576 if you don’t like capitalism, then yes, only communism is next. Are there middle grounds? Sure. But if you don’t like capitalism in the first place , then you can’t have a middle ground
My big problem with these billionaires and corporations is they spend a lot of time collecting government handouts and lobbying government to create regulations that stifle their competition. While they may not be full monopolies, they definitely try and shut down their competition using the governments guns.
@@DJTrulin Claiming to be an 'anti-crony capitalist' is like saying 'I'm an anti-authoritarian communist'.
And thats why I hate regulations that the left loves to shell out. Without the democrat making these regulations smaller companies would have a much easier time competing.
@@sophiaaihpos6563 the right does the exact same thing. Best case the right whines about it for a while and then jumps on board and passes what the democrats propose. The right has simply been controlled opposition to make us think we’re voting to protect our rights. They don’t care about us any more than the democrats. They too just seek power and money over us.
@@DJTrulin Better to refer to it by a more accurate label - crony corporatism. Modern day big business corporations are basically socialist states unto themselves; parasitical ones that take advantage of host states. The means of production are owned by the corporation/state. The workers are the community who, under constant threat of financial violence, must follow the dictates of the corporate charter that forms the basis of their government along with the rules handed down from on high by management who, much like politicians, can't be held accountable for their actions as any complaints you have are with the corporation/state and not them personally.
@@Uradamus They work with government
I'm from India and I can confidently say from direct experience that the high speed internet revolution in India of the past 10-odd years has definitely enabled an extremely large number of people to earn money and prosper who were previously poorer. Whatever money the internet companies made, we all made a whole lot more, many times over.
Same in the philippine.
Enjoy because it won’t last. I’ve heard that India is socialist right now like us in the West (US, Canada etc), while we’re slowly being turned into communist here, so you might be next.
You can thank the World economic forum, the real leaders of the Western world and eventually the whole world.
Like online scams?
Money is all just made up. It's whatever value we believe to be. The real reason for high speed internet is because of scientist and engineers that created it. Education and human achievement are the actual causes of this. Not 'capitalism'.
Thomas Sowell: One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.
Is there anything wrong with helping people who are struggling?
@@bluehotdog2610 Of course not, if there was we would outlaw charities such as the Salvation Army and Feeding America.
@@bluehotdog2610 A clever capitalist could find a system to help struggling people no longer struggle so hard, and make a profit doing so.
Example: financial advisors that teach people to manage money, and get paid by a share of the money saved, Both helper and struggler become wealthier.
Example: developing computerized "eyes" that enable the blind to read ordinary books. Said tech is now enabling the mass conversion of regular books to audio books. The inventors earned money. The users have improved lifestyle.
Whatever the cause of the struggle, a clever capitalist can find a way to lessen the struggle --- and make money doing so, enabling an "unlimited" budget of funds available to help others with the same struggle, unlike very limited charity funds.
@@bluehotdog2610 Nope, capitalists do it all day every day.
@@friendlyone2706 Nope, have tried it. When I got to the point where I could help people, I decided I'd pick different people who have live in poverty their whole lives and try & help them. Never worked I discovered because you can't change the character of people. The people who don't like to work, don't like to keep their homes clean, don't care about their personal hygiene etc, will never change, no matter what you do to help & teach them. Once they get even to just 30 years of age, it's over in my opinion for 99% of them if they haven't developed some basic habits already.
Sadly, the people that need to see this video will either not see it or refuse to watch it.
I watched it but I can't say it was very convincing...
U win the comment battle sir
@@scrilla4047 I wonder what type of phone you used to get on YouTuBe one of the big techs to make a response over a commentary. 😅
@@kibawhitefang7176 galaxy 👌
Thanks to big tech censorship we wont have to worry about anyone disliking capitalism here in the US because we wont have capitalism if they get their way.
We have not been truly capitalistic in the last 100 years. The problems we attribute to capitalism are costs of the increasing control government has been exerting over the private sector. Thank you Woodrow Wilson and FDR.
I heard that in the 80s you guys had a president who introduced Neo liberalism in the country that led to less government control. I forgot his name tho.
@@AA_04 The 80s were the Ronald Reagan years. He did some good, and talked a lot about smaller government, but he also expanded both the government and the deficit.
FDR was a Jew-hating racist. Read The Jews Should Keep Quiet. By Rafael Medoff. A great novel about freedom is, Feathers on the Wings of Love and Hate. Let the Gun Speak. By John Grit. FDR's Folly. How Roosevelt and His New Deal Prolonged the Great Depression by Jim Powell, is about FDR starving Americans to death. I was self-employed all but my first year out of high school. Not long out of high school, I owned a home I paid cash for. Built it with my own two hands. Paid cash for commercial property. Held the mortgage on it when I sold it. Paid cash for my second home. Built my third home with my own two hands. For years, I owned two homes and commercial property. I have not worked in many years and have more in the bank than when I stopped working. Capitalism and Free Enterprise are the building blocks of freedom. Communism and Nazism have killed 120 million people in the last 100 years.
THANK YOU. Yes... this is so obviously true and nobody acknowledges it! Back when the USA GDP was growing relative to other world economies 100 years ago... there was actually capitalism. The moment the USA including SOCIALISM in its economy as a MIXED ECONOMY, relative growth stopped.
Yes, I'm sure you want to go back to child labor, being paid in company credits, and working 7 days a week for over 60 hours with no overtime as well huh?
John it’s a monopoly when only six people can get together to kick you off of every platform without recourse
Cancel culture is a game changer for big tech. Look what they did to Parler. Can’t compete when you can’t exists.
"I find your lack of faith disturbing."
-Darth Vader
Don't be naïve. The worst possible thing that could happen is that the government gets involved to protect us from big tech. Parler went through some crap, but by no means were they eradicated. And by no means is there a centrally controlled narrative. Despite all the cancelling and banning of people I still follow all of the people I did before and I find new people through other mediums. Is it inconvenient? Sure, but the government will make it worse--the government will make certain voices illegal.
Parler was taken off of google. Competing search engines like Bing, Duck Duck Go and more still offer it.
Our legal system hasn't caught up to the challenges that technology has created, in so many ways. But it's not going to be easy to evolve this, especially with the incredibly superficial mental state that the world is in right now. It's almost like this wokeness thing is a fever. They're all in a hallucinatory feverish state right now. Not conducive to real creative thought or common sense, to anything REAL really.
@@comment6864 The government hasn't caught up on anything since WWII.
@@adamgrey268 Convenience is the key. We give them the monopoly because we like the convenience. These other sites are less user friendly, for now, but they are trying to counter the monopoly. We must give up some convenience to support them. The question is are we willing to deal with the inconvenience for the sake of our values?
"Despite the miracles of capitalism, it doesn't do well in popularity polls. One of the reasons is that capitalism is always evaluated against the non-existent, non-realizable utopias of socialism or communism. Any earthly system, when compared to a Utopia, will pale in comparison. But for the ordinary person, capitalism, with all of its warts, is superior to any system yet devised to deal with our everyday needs and desires." ~ Walter E. Williams
Yeah I realized that was the main flaw of most arguments. People try to argue the ideal of socialism against the reality of capitalism because they know if they do a fair comparison (the ideal of capitalism vs the ideal of socialism) or (the reality of capitalism vs the reality of socialism) they'll fail. It's really an admission that they are wrong
Tech companies like Google, Facebook, Twitter, Instagram, and Amazon control most of the web hosting services on the internet. They use this to eliminate conservative and libertarian leaning websites and social media platforms from their services to silence any political opinions they disagree with.
The reason it doesn't do well in popularity polls is Bernie Sanders and AOC. They constantly LIE about Capitalism trying to make everyone think Capitalism is bad!! Marxist Democrats with their disinformation!!
@@freedomwriter1995 But look. Because they do that, places like Parler, Bitchute, Odysee and many more have sprung up. Because of them, Google, Facebook, Twitter and so forth are now all starting to get competition. Just like every company in history. If one restricts, more pop up. We vote everyday with our money in a Capitalist society. If we don't like what a company does, WOKA COLA, we don't buy that product anymore. YOU HAVE A CHOICE!!
I miss that great man!
Hey, Stossel, I’ve been watching your content since high school. I just got my BA from university last month. Keep up the great work! The world needs perspectives like yours!
I agree with everything John Stossel said except for the part about Monopolies. If you didn't allow monopolies then there would be more free market's and more capitalism. Monopolies can arbitrarily set prices, drive down innovation and competition, and distort market's by there price fixing.
"You take 1 billion"
Sorry, I don't remember Gabe Newell stealing my money and giving me a game in exchange. It was a *voluntary transaction*
Gaben took my wallet D:
@@nadie4221 *** “I gave Gabe my wallet” ;)
@@johnharder9925 Give gaben your soul and body
I thought I had self control to not buy anything on sale on steam, but then I Gabe N.
Gabe Newell has taken everything away from me. Please delete this harmful comment or put a tw. JEEZE
"Finite amount of money"
Quantitative Easing: Am I a joke to you?
*laughs in Venezuelan*
Yes, and if you create new money which isn't backed by things to buy with that money, the value of the money drops.
@@db9944 Bitch you only talk abouth muh Venezuela but how abouth yugoslavia ? under Socialist Federal Republic of Yugoslavia and Josip Broz Tito as President for life. It was great here.
@@db9944 But under Capitalism now we can't even buy food
People don’t know history
The government can create more money, but only entrepreneurs and other innovators create wealth.
I agree with your statement and know what you mean by it. With that said: Government can create more CURRENCY. Money (for example precious metals) is hard to print out of thin air... which is what confers it value. The stuff in your wallet right now is garbage.
Great video. However, in regard to "big tech", the problem is that these big companies all work together to stop competition. And that's the issue. Take Parler for instance. It was a direct competitor to Twitter. However, after the events of Jan 6th, Google and Apple pulled the app from their app stores under the pretext of Parler being used to coordinate the events (which wasn't true). Then Amazon pulled the AWS (Amazon Web Services) infrastructure that Parler used, thus shutting them down. Other companies and services were also involved in getting Parler shut down.
Exactly, companies should be heavily regulated to diminish any chance of them involving themselves in this sort of business. I don't believe companies and billionaires that have a huge responsibility should be allowed to interact with politics.
If "nobody deserves that much money" when they earned it, nobody deserves it when they DIDN'T earn it
I don't see Zuckerberg donating all his money yet he has the balls to say that
Didn't he already donate 99 percent of his wealth?
@@Aphex217Twin How come he's still in business than?
Preach
@@FarBeyondStrange donating his personal wealth and donating his business are two different things, but I understand where you're coming from
The issue of big tech is not the money they make, but the rules of law they want to dictate.
And politicians really are hypocrites in that regard, because many don't mind asking them to shadow ban their political opponent.
You're right, both sides would happily reap these benefits, but it's obvious that one side currently is.
agreed
Isnt it currently harder to get successfull today than it was in the past? I have talked with some somewhat successfull people here in germany and they all seem to agree that if you are born on the poorer side its almost impossible for them to get out of the poverty.
Something needs done about big tech. I'm not totally sure but we need to start by agreeing that there is a problem that needs fixed. Not enough people realize the shadow cabal of elites behind the scene literally changed the outcome of our elections. Not saying they committed fraud, I don't know for sure on that, but they certainly pulled a lot of strings.
@@teru797 I think a good start would be to remove their section 230 protection as they truly are not operating as a platform.
The problem most people have is that they think crony capitalism is the same as free market capitalism.
This is perhaps my favorite of all your videos! Loved it!
I respect him John a for not defending one side of politics, he just sticks to the facts!
He clearly is taking a side😂
@@scrilla4047 What side? Did he say anything that was incorrect?
Tech companies like Google, Facebook, Twitter, Instagram, and Amazon control most of the web hosting services on the internet. They use this to eliminate conservative and libertarian leaning websites and social media platforms from their services to silence any political opinions they disagree with.
@@freedomwriter1995 They mostly don't demonetize libertarian content, it's mostly conservative (From what I've seen). The tech giants also have their own choice, the consumers decide. I don't see why it's a problem.
No, I normally agree with everything you say, and for the most part still do on this video but we have to do something about big tech. They helped an unpopular president become president through nefarious means and censorship. We have to do something about it to avoid full blown social marxism.
Mark Zuckerberg - "nobody should have a billion dollars!"
Meanwhile Facebook has more ads than EVER before. Smh
wait facebook is still a thing
"Nobody should have a billion dollars!" says the man who is a billionaire.
Why do you use Facebook? I never have.
@@egoy34 Yep, and they own whatsapp and instagram as well
He’s simply spewing leftist rhetoric to keep the pitchfork wielding peasants away from his kingdom. Can’t blame the guy really, if he deviates from the narrative, they would be at his gates
John, just found your content and have to thank you.
Very well done! I'll use it to educate my kids.
The Great Recession of 2008 taught me that we have socialism for the rich and corporations and capitalism for the rest of us.
“Blaming capitalism like that's the reason things are tough while you tweet from an iPhone and sip on a Starbucks”
@Carley Higgins same here. Not a fan of the racist crybabies. But Tom is great.
And who makes those phones and those coffees? Who carries the shipments and brings those shipments in? Oh that's right, workers. The only thing the wealthy do is tell everyone what to do according to their plan.
@@RextheRebel Shhhhhhhh
Go read The Gulag Archipelego while the grown ups talk.
This isn’t a good critic, might as well talk down to a peasant about “blaming communism, while they write on a piece of paper and chew from a loath of bread, both manufactured by the state”.
@@memezoffuckery3207 what peasants are you speaking about? The poor who get free housing and use their extra money for iPhones and expensive cars?
"Nobody should own a billion dollars. That's what's evil." -this is how they think
The stupid thing is that all the billionaires are democrats because they see the democrats bankrupting the country and moving to AI faster than the republicans, so the billionaires have to keep up the cool and progressive image even though their party literally trash talks them every day
Which is strange since there should be no "career politicians" and public servants should NOT be getting rich by throwing government influence around.
@@macethorns1168 government is a jobs program for our last and most useless to feel valued. We should move them back to digging ditches and filling in potholes.
Until they have it. Then they change their tune.
The stupidest part is ppl think that being a billionaire means have a billion dollars in liquid assets. When its almost always that you own a company or a portion of one that is valued at billions of dollars.
Saying no one is holding a gun to your head, forcing you to use the "free" Google, social media, etc is INCREDIBLY myopic and out of place in such an otherwise fantastic video.
Stossel videos always make my day!
The issue with Big Tech isn’t capitalism it is government intervention.
And suppression of speech they disagree with.
but the government hasn't intervened
The government always gets to decide the winner and losers. Just look at past year plus. Mom and pops were told they had to close while Amazon, Walmart, etc. could stay open because they were deemed "essential" by the government.
@@Xckel13 Sure, big tech companies getting billions of dollars in subsidies from the government isn't intervention at all...
yes they have, the gov works with big tech all the time.
Literally why communism couldn’t feed it people. Put a cap on income is putting a cap on innovation and progression.
I am also brainwashed bro
Imagine innovating the computer/phone/e-services/rockets for space exploration.
Then gets told as they're as rich as the guy that sells chocolates/luxury bags/plastics.
Elon Musk might as well focus on advertising/chocolates rather than saving taxpayers billions of dollars per launch if there's a cap on wealth
Just slapping the name progress on something doesn't make it good.
Innovation to make you a serf is nothing to celebrate.
@@gerardcote8391 but what does that mean?
@@cargillmonteque2311 Means people use those buzzwords to sell crap.
Innovation like Big Tech algorithms to censor dissent, bury the truth, and make people dependant on them for their livelihoods.
No man is free that is being spied on 24/7 by innovative recording technology, listening and reading every word then classify you as an enemy of the establishment.
I agree with most of what you say, John. But, there is indeed plenty of greed going around. The banks in particular are charging ridiculous fees that would be considered extortion if done by the likes of Al Capone. The latest I've heard is a monthly fee charged to an "Inactive account." What!?
One glaring problem with this whole schtick is that housing, education, and health care prices have gone up much faster than the poor have gotten richer.
So sure, maybe per capita GDP has increased, but it doesn't matter so long as wages remain largely stagnant while the prices of rent or leasing to own a home skyrocket.
Remember back when you used to learn something from Journalists? Keep it up John your videos are like candy in this dark soylent green world.
Absolutely. The media no longer provides truth, but left wing lies.
@@georgealicea2978 At this point idfk what to think, I have a feeling both sides could be biased for all I know.
@@ObviousTrollFrom2007 I’ll help you out, John stossel is a boomer who doesn’t know anything, I’d recommend listening to just about anyone else.
@@ObviousTrollFrom2007
Capitalism is certainly good. I don't know why Americans even have to be told this. A system that has in 100 years, taken our country from a wilderness to a superpower. This should be something both us Democrats and Republicans should agree on. Stossel is doing a good job of showing this.
@@loganroberts1582 Reddit is thataway sir.
I know it takes a lot of nerve, but keep telling the truth Mr. Stossel! Thank you.
It's embarrassing that John can't accept that leftism is a mental illness. There is no "educating" them with facts. You might as well try and teach a cactus plant to build a spaceship to Mars.
@@poweraccountabilityleague6877 you are incorrect and it's actually sad. Some idiots argue against capatililism. The argument should be against fractional reserve banking and fiat economics. That's where wealth disparity comes from.
@@poweraccountabilityleague6877 and John is manipulating clear facts with half truths. Which is probably worse
@@craigjohnstone7379 Tell us all about the Democratopia you'll bring when made Lord of the Universe???
@@poweraccountabilityleague6877 I'm sorry if you can't read or just want to make shit up. If you wish to discuss or debate you are welcome to. But I have made it clear capatililism is not the driving issue here
These videos are top notch! Keep it up.
Great information as always. I enjoy your content very much.
My problem with the super rich isn’t that they have money, it’s that they can use that money to influence politics
Underrated comment
That's a good point. But there is another step before the "gift" bribes. When government want to learn about an industry to regulate it properly, they ask who? Joe Schmoe? No. It's always the leading industrial giants who have the experience to explain complex industrial factors. So they are tied into government by this (and by their friends or other wealthy circles). So while they're there, they give out money and say they support something that is going to improve the industry, which is likely a half truth or less.
So the problem still lies in government, companies wouldn't give that money if there wasn't some advantage to be gained
@@quantumfrost9467 That's right. Today's government spends 38% of the money made in America. Is the all powerful corporation hundreds of forced monopolies and an army, and people think that the problem are citizens with money. That's crazy.
People think that the government is them... it's a company for which they have a single share with voting rights every 4 years.
The government is the problem, not the people.
So? Google didn't spend a cent on lobbying until another company lobbied (made campaign contributions) Congress to hurt Google and help them. Lol My brain is freezing, I know the story well, but cannot dredge up the name of the other company, sorry.
I love being lectured by wealthy, progressive Democrats on why capitalism doesn’t work…
You are correct. They are all lying criminals.
And I love being indoctrinated by powerful, greedy, arrogant goons who want to convince the temporarily displaced millionaire that they too will benefit from Capitalism as they rightly deserve to be.
Oh wait, that's you. Nevermind.
@@RextheRebel nah your just a lazy bum if your not successful
@@RextheRebel I mean you can literally live off of welfare and live better than the common people did in the past
@@RextheRebel You don't need to be a millionaire to be considered rich. Just compare the life of a "poor" person today with the life of somebody 100 years ago. If I compare my life with the life of my own grandparents I'm absolutely filthy rich. Just because some people are a million times richer than me doesn't mean that I am not. I have everything I need and more, and I am grateful for it, because I could have been born a thousand years ago and lived in slavery. But I was lucky enough to be born into a capitalist society where I can actually rise up in wealth by my own work. You don't need to put others down to rise up yourself.
John Stossel, one of the few journalists left.
Capitalism used to just be called “freedom.”
In all my years of working, I still have never gotten a job from a poor person.
I agree but global capitalism might mean that your job will be going overseas because of lower costs.
@@johnl.7754 The job does not belong to the employee. The job was created by the employer. Thus it is theirs to do with what they want.
@@johnl.7754 actually that would be Democrats.
You may not have gotten your job from them, but you probably got most of what you own through the productive efforts of their labour.
They would rather have you as a robot. Give them time.
The government, isn’t that a monopoly?
Worse. Several layers of monopoly, all stacked on our necks :)
In a way they are, but in an important way. The use of force is what needs to be separated from human interactions in order to have a market at all. There is no market in force, that would be theft, slavery, rape, etc. In order to have a free market, you must be free from the initiation of force, hence the creation of an institution which puts it's use under lock, only to be directed and used as a matter of reason, which happens through the court process.
@@smashedhulk8492 So markets can supply everything except markets themselves? That's ridiculous.
Yeah, which is supposed to be held accountable by the people. Instead rich Capitalist lobbyists have full control over the policies in this country.
@@RextheRebel always crying about the capitalists. You're one too, you know.
"The poor are getting poorer"
In my house there's just me and my mom, I'm a college student currently not working because my mom doesn't want me to, so she's the one that brings in the money, she wins around $1000 to $2000 a month and... WE LIVE BETTER THAN WE DID 10, 15 or 20 YEARS AGO! 15+ years ago we only had 1 AC and was one of those fucking noisy box AC's, now we have 2 mini-splits, back then we didn't had a PC, now we have a laptop, and our phones, I have an XBOX ONE, 1 smart TV and 1 LCD TV, back then it was just a single big ass TV, we have internet, back then? A luxury, we have Netflix, back then? We couldn't even afford a Blockbuster membership.
Back then we called LUXURY what we now call SOMETHING BASIC! How are we getting poorer when we can pay all that shit we couldn't back then and still feed ourselves?
This is a great comment on this!
Well said!! I'm half filipino, and have lived there. The U.S. has a crazy level of abundance and standard of living! And the growth over the last 100 years in the U.S. is mind blowing compared to the rest of the world. There's not much you can do to build wealth in the Philippines, imo, but in the U.S., the average person has many choices available. If they make successful life choices, they will succeed over time, I love it here in U.S. :)
The main issue with social media platforms isn’t their product (well partly) it’s their coordination with the government to attack people’s rights.
yes... they are in bed with the government.
The problem with people with alot of money is not they "stole" it, but rather they get alot of political influences.
exactly, its called welfare for the rich.
Corporate cronyism is not capitalism.
Bailouts for too-large-to-fail companies is not capitalism.
Lobbying for protections against competition is not capitalism.
Lots of problems we should combat. Still, pure capitalism is the best system, and it is responsible for the greatest growth of wealth in the US and the world.
So ending lobbying for special interest is part of the solution.
That is a problem of having government so big that it's worth buying, not a problem of people being too rich.
@@blackjay5338 pure capitalism never works and has never been implemented (the same as true communism). Under pure capitalism you would not have national defense, public police force and healthcare would be even more expensive.
In reality most economies are capitalist with some social policies
Everyone I know, regardless of what they believe, is capitalistic in their behaviors.
That's because free markets are the _natural_ economy. Those rules apply whether you want them to or not. Just ask the USSR.
Think Patrice Cullors
@@TXKafir Right.. you go against them, you develop a black market
Moreover, capitalism is often confused with human vices in general
A photographer I respected (yes, past tense) claimed he's a Socialist on Instagram, and then advertised his Socialist Sessions, meaning they pay whatever seems fair for his work. Clearly he doesn't understand Socialsm nor Capitalism, because that's pure free-market capitalism right there: he's letting the market decide how much his product is worth!
A John Stossel piece always attracts similar slick show business type presentations .
I am endlessly fascinated right now with socialism vs capitalism and my man Stossel is on the Frontline fighting the good fight. Great journalism sir!
Most of today’s Big Tech will go down. They sowed their own fate.
They come and go over time. You must admit they have leaped us forward with tech. Imagine what a phone is today, all it can do. Amazing. In just a couple of decades I can now chat or text anyone almost anywhere on the globe.
@@netfolks not demonizing Big Tech, I just remember how influential Encarta was in the late 90s, early 2000.
@@GamezJP Interesting point that I'd summarize as 'everything has a life cycle.'
I'm curious if these big tech companies are now immune to this cycle due to a set of circumstances not present in those that came earlier: scale; crushing wealth (generated from gathering/controlling/selling personal data & 'services'); lack of competition (through buyouts or 'managed' competition); most importantly the control of information.
@@netfolks Problem is the phone is more of a monitoring device today than a communication device. And it could potentially be used to control us in the very near future.
@@GamezJP Microsoft is still a big deal. Encarta was a very small part of their business.
People who endorse socialism have, at best, a child-like understanding of both history and human nature.
And no understanding on economics, the ones I've talked to don't understand basic economics (and that isn't being said just to insult)
I disagree it being child like. Peterson said it best those who advocate for it are the most arrogant amongst us. They believe that if they were the caring dictator that socialism will work this time.
@@brianschwatka3655 Arrogance can be seen as childish IMHO.
@@metalman666ization Yeah, i would say they are both arrogant and childish. But i think it's also a kind of personal rage or rebellion, an actual malevolence. Usually leaders of communist revolutions were vengeful haters. They were out to put out their hatred of someone or something on everyone. And socialists are also masking vengeful or jealous feelings with supposed empathy. This cause this undercurrent of a desire to break human nature, and so yes, socialism ends up always working against human nature instead of with it.
Firmly agree.
John I love your videos. Keto doing what you're doing.
Bad idea trying to use Microsoft as an example. They DID drive Netscape out of business. And right now, they are in the middle of doing the exact same thing with Edge that got them in trouble with Internet Explorer - integrate it so deeply into the operating system that your computer won't work without it.
These types will claim that we only have a "finite amount of wealth" with one sentence and then promote "modern monetary theory" with the next sentence!
I know, that's pretty odd as we print our way into inflation, stagnation, and then devastation.
@@Aint1S yep all of which disproves MMT!
When I was young, I got fed up with "working for the man" so started a small business. I didn't get rich, but did well enough and was happy & lucky to have had the freedom to do so. Problem is, the "instant gratification generation" doesn't have a realistic view of what it takes. Prosperity takes time, effort, sacrifice, diligence and discipline. And money alone isn't wealth.
Instant gratification is bad habit that my generation have in spades 😔
Exactly! The youngins see their parents wealth and assume that they should start off with the same amount of wealth. Not realizing that their parents have been working for longer than the kid has been alive! Young kids don't want to start off at the bottom and work up, they think they are entitled to a 2 story house with a garage and in ground pool. That stuff comes later IF you work hard enough for it. Instant gratification has screwed a generations expectations of reality.
@@monkey-bananas2890 they got the spades man, send them outside, there's a lot of gardening needs doing, and garden is one of them things you want to get the leg up on, and not wait till you're hungry to start
speaking my tongue man.
You got rich where it counts....I hope you're still fighting the good fight. Small business owners are invaluable to our society. I don't care if it's a fruit & veg stand or a guy polishing shoes at the airport. Collectively, those entities are a force to be reckoned with. The real foundation of capitalism right there. Not big tech or big pharma. Those guys are the real hoarders - take our hard earned money, ensure people stay addicted to drugs and without a voice. Don't care what side of the political spectrum you land on - you're not immune
The problem with big tech is that they take advantage on a law that says they’re platforms but then act like editors
Love what you do Stossel!!!
It’s a bit surreal to see John stossel on CZcams. Pretty cool. His content is top notch
He lives in this fantasy land where we actually have real capitalism, and not multinational corporations buying our politicians so they can do as they please.
surreal? , interesting
@@bingusdingus1297 Even if what you are saying is abundant, then capitalism is still working, it's making those who work hard richer
The richest people in the world don't work hard. They pay some other idiot to do the working.
@@bingusdingus1297 If thats true the world world would be full of billionaires. Props to you for finally figuring out how to be a billionaire.
Public schools definitely need to be "broken up".
Former public teacher, agreed.
"Rich dad poor dad" book opend my eyes, and taught me how tp deal with money. Thank God i've read that book as a teen, but i recommend for everybody no matter how old are you to read that book.
Actually bought that book for my 2 sons! Good call.
*THANK YOU VERY MUCH!*
What do they want? A version of 1984 to start? No we gotta keep this rocking!
Even communism need capitalism to prop up their system.
Capitalism creates prosperity and allows societies to thrive and grow while socialism and communism are about stagnation and a slow death. Socialism and communism wouldn't have brought us the quality of life we have today and definitely won't bring the quality of life that our descendants 10 generations from now will be enjoying. If communism existed in the times of cave men and cave women we would probably still be living like cave men and cave women.
@@jakehansen5719 ask the next fool of a socialist how many different meals they have in their house. I doubt they'll be able to give you an exact number because we all have more eating options than kings did. Not an exaggeration.
china is living proof that communism needs capitalism, they took that lesson from russia in the past. disclaimer: im anti-ccp, my comment might just get misinterpreted
@Nathan Anderson that's the dumbest thing anyone has said. Capitalism doesn't need redistribution to avoid revolution. The inherent nature of capitalism is fair and equitable redistribution of resources based on merit, work and input. It's because of how capitalism works that there is no need for revolution in it and it is only those who want to abuse others who want to revolt against a fair system that they can't abuse or take advantage of others.
Yes. Marx knew this. Socialism won't work until late stage capitalism is achieved and a country has been fully developed. That's the whole point of the "Socialism with Chinese characteristics" that was developed by Deng Xiaoping. Mao was not a Marxist. He was what Marx called a "Utopian Socialist." When he died, the communists in China started using capitalism to fully develop production because they had been a thrid world country and were jumping from Feudalism into socialism which is not possible. Only once China is fully developed can they start implementing socialism as defined by Marx. USSR had the same problem. They tried to jump from Feudalism to Socialism. They did pretty well considering the odds, imo, but not good enough, obviously.
The financial illiteracy of these TV pundits is astonishing. "There is a finite amount of money..."? If that were true how did the US GDP grow from $211 Million in 1890 to the current $22 Trillion?
Money printer go brrrrr
$22 trillion and you’s still can’t pay back your debt
The government sanctioned Microsoft for making it nearly impossible to swap to another default browser so that's probably not a good example.
Bingo. Rhe government backed Facebook, Microsoft, Google, and Amazon. Those companies didn't grow naturally. Look at google getting 600 million contracts with the CIA. We have not had true free market capitalism. In along time. In decades.
These videos should be required in every classroom in America. Great information, whether you agree or not.
A VCR cost $2,000 40 years ago. And now I'm watching instant videos on a piece of glass from my pocket. That cost $100. Wealth isn't finite. A broke American today is wealthier than our founding fathers when it comes to what matters.
fifty years ago, the breadwinner could afford a family and home with one job.
@@Mark_Chandler yep, soon the only breadwinners will work for the government or be subsidized by the government. The rest of us will be serfs.
What would a hospital visit for a broken arm cost 40 years ago?
@@gabrielfraser2109 back when you were allowed to pay the doctor without paying three middle men and for someone else's hysterectomy. I'm guessing a couple dollars less.
@@Mark_Chandler Let people do whatever the hell they want to do. 50 years ago people saw no other alternative than have a stay-at-home mom. Today people have different alternatives. Which is only good. 50 years ago people made compromises so one parent could stay at home. People today still have the choice to make compromises. No one is forcing anyone to work. If you really think the world is forcing u to work ur god damn wrong.
People complaining about capitalism while posting their complaints on Twitter, Facebook, blog posts, CZcams, etc…. 🙄
Yep, and I love it when people want to scream censorship while not being censored, or watching uncensored videos on these and other platforms.
Not to say that there is no censorship, but people overstate it constantly.
@@droe2570 I'd have to disagree with you about the censorship.
23 channels on here I used to watch were censored out of existence in the past 18 months. They had to migrate to other platforms that don't censor, like Bitchute.
And they were censored for going against the MSM narrative.
Plus, look what happened to Parler. Look at the crap they're trying to do to Gab.
Perhaps you yourself haven't experienced it, but don't underestimate what is going on just because they haven't come for you....yet.
And they're doing it on their Apple phones and at Starbucks using the FREE WiFi!
@@kelf114 what are you disagreeing about? Any individual or company has every right to censor ANYTHING they don't like. When did it become people's right not to be censored by anyone but the gov't? That's not to say that it's a good thing. But you yourself point out that they go to other platforms = not censored.
You can criticize capitalism... Criticizing it doesn't mean you're completely agaisnt it and want to abolish it or anything... Is that too hard for you to understand?
"finite amount of money" God I wish that was true, money printer go brrrrrrrrrrrr.
finnaly someone sayng the truth in english language.
A man works hard in a mine and gets some gold. He don't spend much of it and eventualy saves a lot of money. Buys a boat when almost no one had one. Keeps working and selling stuff in diferent contries, helping people on both sides of the seas in free trades. Eventualy he dies, his son keeps the work and expand, buys more ships and keep investing. His grandson wins all that and is a bilionaire. Question: after helping thousands of people from who did he take the money?
wow youtube notified me.
Me too
I like how John doesn’t care about either party, he just calls out stupidity.
We need more people like him
best part about his videoes
That’s cuz he’s libertarian. so he’s part of the 3rd party
Once you start watching for it, you'll see the republicans and democrats playing a game together, slowly driving the country toward bankruptcy and insanity, and then you'll start voting libertarian too. Oh, and BTW, even though all the schools and media donate to democrats, they all are happy driving people insane, and they are happy turning inner cities into what philadelphia and chicago and NYC look like today. Republicans could have changed the schools up when they had the house senate and presidency but they did nothing as well..
@@davidanalyst671 Trump was the closet to a Liberal President
The only problem though... is the richer we all get... the greedier monopolies get. The richer we all get... the more of our wealth they want, and the higher our taxes, prices, and fees get.
Thanks mate, this was much needed!
Capitalism: The Unknown Ideal by Ayn Rand is relevant to this topic.
Yes , it definitely is .👍
Tech companies like Google, Facebook, Twitter, Instagram, and Amazon control most of the web hosting services on the internet. They use this to eliminate conservative and libertarian leaning websites and social media platforms from their services to silence any political opinions they disagree with.
@@freedomwriter1995 maybe the gov should stop giving them billions of dollars
@@freedomwriter1995 I don't hear the Federalist or Breitbart or The Daily Caller or Fox News champion any 'opinions they disagree with'....you live in an information-bubble as it is. You 'might' have some credibility if you ever actually practiced what you preached.
@@Kidsinamerica I do practice what I preach. I'm just inundated with left leaning political opinions on the tv and internet so much that I get tired of it after awhile. And the few like John Stossel, and the like, get their videos throttled (meaning that CZcams prevents me from getting a notification when a new video from their channel comes out) or get booted off the platform for violating their ever changing terms of use and other policies (which are changed on purpose to ensure the conservative and libertarian voices are silenced while leftists are allowed to say and do whatever they want in violation of these policies and not be punished or kicked off).
Maybe it’s just me but it seems the loudest critics about people getting rich by stealing other people’s money are either underachievers, academics, or politicians.
It's called a "smoke screen."
Most criticism towards capitalism actually applies to CRONY capitalism (for example, when a monopoly is created directly or indirectly by government intervention)
You sir, are a true journalist!!!! PLEASE keep it up
I've never met a liberal that understands capitalism.
Milton Friedman always referred himself as a liberal 😐
Or economics in general.
i've never met a right winger that understands capitalism or socialism
@@table1552 Certainly there are "right wingers" who don't understand them, but if you have never met any who do, and there are plenty who do, then you have met very few or it is you who don't understand them.
Furthermore, it's amusing when someone says "I never met someone who X..." as if that means anything whatsoever. When someone says that, I can tell said person is probably amazingly ignorant, or is simply trolling. Either way, we can generally ignore those types.
@@droe2570 ok, can you tell me what capitalism or socialism is?
A rising tide lifts all boats.
Trickle-down economics is real.
Socialism seeks to tear down the rich and the "privileged."
Capitalism offers equal opportunity to all to become rich, and offers way more opportunities to everyone as a result of some people's oversized ambition.
What was overlooked: When so-called 'big-tech' shadow bands or suspends accounts.
I agree that the reason, the rich pay less would be the job creation to allow for more workers to pay tax.
The news "narrative reports" today. They don't "investigate report" anymore which is why I love watching Stossel.
Would be nice if you made a video showing that the only reason WHY we have these super powerful, influencial corporations is BECAUSE of government
Honest question, “we make 30% more than 30 years ago” what about inflation? Doesn’t that mean we aren’t earning more now?
Hi trazer the chart at 3:57 says "inflation-adjusted" so they took that into consideration.
Stossel is full of shit or he incorporated middle upper class incomes in that chart. Household income for 70% Americans who make under 100k a year has stayed the same for 50 years.
@@Zorooooooooooooooooooooooooooo Bull. You are on the internet. Nuff-said
Yep shush.
@@matiaspan4871 Inflation is not the same as purchasing power.
People always seem to be thinking in absolutes. Either they portray capitalism or socialism at the very extremes as black and whites. They say they HATE socialism or they say they HATE capitalism. Actually we live in a hybrid Capitalist/Socialist system already, and it's the best system. The socialist side is we have public roads, Police, Fire Departments, Social Security, Military, Libraries, Veterans Administration, Public Housing, Schools, etc.
Could you imagine if every time you went down your street you had to pay some corporation that owned that street a toll?
Could you imagine your house was on fire and the Fire Department brought a credit card reader to charge you before they would start putting out the fire?
Could you imagine that thugs and gangs could ravage you and your family unless you paid protection money to the local police department?
Could you imagine your children will never learn how to read or write because you couldn't afford to send them to school?
Some of these socialist items we don't even think of as socialist, but they are.
Oh my...Thanks for the reminder... LOL! I remember buying phone cards when I was a poor international college student. Each call was very expensive. It is so easy to forget what we achieved.
Dear Mr. Stossel your videos are a source of reason and show a perspective wich my country’s intellectuals are missing. Thank you and Greetings from Germany.
Greed: When the competent make money.
Economic justice: When that money is stolen and given (at least _part_ of it) to the incompetent.
You are describing the democrat party.
@@geraldclough2870 I think hes describing government in general
Competent? Who determines that? Certainly not you or I. We'll never know who is and isn't competent because most people aren't able to invest in themselves and produce what they would like. Instead they are owned by these large companies that control almost everything. That's not competency, thats control.
@@RextheRebel Spoken like a true incompetent.
@Tony tones Those who can, _do._
Those who can't, _whine:_
"It's not fair!"
"They must've cheated!"
"Those grapes were probably sour anyway!"
"It's somebody else's fault!"
When every criminal has a smart phone you know we have lost the fight. Oh, they already do... Go Figure.
Here's the problem with this video. Twenty years ago, the job I'm doing paid only slightly less money than it does now, but my rent has more than tripled. Gas has at least doubled. Everything has vastly increased in cost, but the rate they pay workers hasn't. And it's mostly just greed. So yeah, billionaires help the economy. But they're doing it on the backs of others. If they made a little less and paid a little more, both parties would win. Course, you don't hear Stossel mention that.
to littel info do you live in an over all expensive area
The Billionaires got to keep their store open during lockdown but I had to close mine? The problem is they buy the government.
Depends which government. Red-state governments have been much less stringent around lockdowns than blue-state governments.
A Cat approves of Capitalism.
Socialism > Crapitalism
Good kitty
I'm half cat half dipshit.
@@just_a_turtle_chad The average 14 year old on the internet, fell into an echochamber and can't read a few books due to having a short attention span
Thanks a million. We need this now more than ever, unfortunately...
I heard of this guy from Louder with Crowder. "But you're wearing jeans" Lol
John Stossel should do a video on how Socialism/Communism is guilty of everything socialists/communists blame the Free Market/capitalism for.
the internet would implode if that happened
1) Socialism and communism aren’t the same
2) Almost no country is completely capitalist that would mean that the country operates almost completely without government intervention, and our government definitely likes to intervene and despite people’s bellyaching we apparently want the government’s intervention.
3) As Stossel notes capitalism is definitely the superior system for continued economic growth but again we have no problem with our government sprinkling in bits of socialist thought; few complain about public schools or parks.
They are targeting capitalism when they should be targeting corporatism
Corporatism is socialism in disguise.
Exactly. When the mid-size, 300 employee company I work for got bought out by a ten billion dollar corporation with 30k employees, we all knew it would spell the end. It has been a steady decline ever since. All of the things we loved about working for a family company that was still owned under the same family name has mostly vanished. We have been brought down to the lowest common denominator, our pay has stagnated, benefits have been slashed, we were told that the things we did that made us successful aren't how the new corporation does things, and we are punished for what someone does 10 states away. You know you have a problem when 4 of the 23 branch managers (some of which had been with the company 15+ years) all quit at the same time.
I prefer to call it Crony Capitalism.
@@Blueshirt38 Terrible! Why don't you and those managers set up a new business competing with the old. It has been done successfully many, many times.
Should be targeting: "Corporate Monopolies." Demos. wake up.
What about the companies that use lobbying to make it extremely difficult for new companies to compete (i.e. with Internet service providers that get regulations put in place restricting where cables can be placed)?
Fact: A mixed economy IS NOT a capitalist economy. The dramatic shift happened about 100 years ago under FDR, after which the USA's economic growth relative to other countries STOPPED. Poverty is shown to shrink over time under capitalism. The modern corporation acts as an extension of the government aka anti-capitalist.
This man has taught me well more about capitalism than any other person.
If you liked this, you need to watch the 'Free to choose' series from Milton Friedman. It will blow your mind.
Stossels the man.
In case you aren't already familiar with him, I'd HIGHLY recommend that you look up Yaron Brook.
That's sad, because capitalism is a cancer.
Technically he was talking more about semi free market benefits.
Still good video but I recommend not use the Capitalism word since it triggers Democrats and Leftists, instead talk about benefits if free market and how we don't have truly free market, sometimes we don't even have semi free markets and when they do those markets are the best
The problem with big tech is that they also have the power to effectively shut down any rising competition.
One qualm:
One of those graphs showed household income nearly tripling since the 70's, however, the average number of double income households has increased greatly in that same amount of time.
I Started a car detailing business at 15. Worked 7 days a week, did one car Monday though Friday and two on the weekend. I made over 100k my first year. I Save and saved and saved, then bought a house straight cash when i turned 18 before i even graduated. Turned 21, got my CDL, sold my car detailing business. Used that to buy three trucks build it 25 trucks and just sold it. Im 39 years old and retired. Only in a capitalist system i could do that.