Capitalism, Socialism and Democracy
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- čas přidán 31. 08. 2018
- 00:00 - Introduction to Capitalism, Socialism and Democracy and Joseph Schumpeter 01:36 - What level of irony are you on? 03:16 - The Invention of the Black-pill 04:14 - [name-dropping intensifies] 05:20 - The Context: Socialism and Keynes 08:49 - [LE BAD EDITTING] Schumpeter on Capitalism 10:14 - Capitalism and Inequality (Le 99% Face) 12:33 - The Virgin Perfect Competition 17:46 - Profits are people too! 19:44 - The Virgin Equilibrium 21:26 - Agree and Amplify! Creative Destruction 25:06 - How Capitalism Causes Autism 27:20 - Why Soyboys and Catladies don't have children or the Holy Grail 29:45 - Hostile Elites and European-Style Socialists 33:26 - Daddy, why is my schoolteacher a communist? 36:10 - D'nations paypal.me/LukeMSmith 37:44 - Comments on the Origin of Consciousness in the Breakdown of the Bicameral Mind 39:45 - Luke responds to an NPC 47:41 - The Rise of Socialism (but ironically) 48:56 - Can my version of True Socialism survive? 49:14 - This is where we talk about von Mises (libertarians will click here) 53:25 - Cargo Cult Capitalism 55:09 - China as Shumpeterian Socialism 55:56 - Schumpeter as Ebin Troll 56:52 - NANI? Is this another Ludwig von Mises reference? 58:24 - Da Socialists r da real Capitalists!
- Věda a technologie
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Bf
Woo! Can play the thumbnails? Especially the pepe ones?
Your evaluation of people in academia is spot on. I had the same experience; I wanted to be a professor/scientist from a young age. You quickly realize the psychological fragility of the people that are there out of a lack of any other vocation.
That's amazing! I've been practicing my English listening and these podcasts are going to help me a lot! Luke's accent is clear and easy to understand. Thanks for the podcasts.
Greetings from Brazil.
Deus abençoe o Unaboomer.
Same thing
brabo, to fazendo o mesmo só que com russo
Are you some kind of highwayman? You know, like those masked bandits of old? Or maybe you're a surgeon who never takes time off? Or maybe it's Halloween all year round for you...who knows.
@@squarerootof2 wh-what?
41:43 This is gold
No way... Your middle name is Microphone?
Nah it's Matrix
I read this book a long time ago, like in the 90s here in Argentina. And I love it
Una clase intelectual revuelta ahora es una descripción de la universidad nacional de Córdoba, como hoy.
Really enjoying these, don't stop plz
41:44 For those who want to get the gist of the podcast. Luke makes a remarkable point that sums up Schumpeter views on economics. On a more technical note, his microphone does not always seem to pick up the sound correctly so you might want to have your volume higher than usual.
Fuck you
@@user-og6hl6lv7p That's rude
I always suspected modernity was a cancer but, and not to be ironic, it sounds like this guy really lays out the rational framework confirming my suspicions. I'll be checking this book out, thanks Luke-kun
if modernity = capitalism + technologies, then yes, it is a cancer, because it grows forever, like cancer. The problem with capitalism and cancer is that neither planet Earth nor the human body is infinite.
Kind of scary how Schumpeter basically prophetizes the inevitable decomposition of capitalism from the top down (which is exactly what neoliberalism has implicitly orchestrated the last 4 decades in full-swing) yet somehow fails to realize (or admit) that it and his definition of socialism lead to the same conclusion: an authoritarian oligopoly.
It's disheartening, to say the least, that this is the only outcome we can come to expect from a society compliant to an economic theory that reduces all human actions to material-incentive/profit-seeking.
So a local socialist program of subsidizing public dance and marriage halls would end up as an oligopoly? Or if a state decided to socialize car insurance or if a state decided to subsidize the processing of game meat. How would any of these lead to oligopoly? They would destroy the reinvestment power of those capitalist markets if there is 0 net savings for the public. What the citizen needs is a gov. that has an interest in Public Culture over Capital Culture. The marriage industry is seen as a loss in a lot of ways the courting industry is seen as a loss for most people. The car insurance industry is seen as a loss. A public gain is an industry that creates an extremely powerful political tool for the nation as a whole this is why the oil industry is heavily subsidized and bankruptcy is so easily restructured in banking.
Smash the state!
@@groupchat2554 Its an oligopoly by definition bruh wtf is you on abt lmfao.
You have a very few subset of "administrators", no different to CEO's, that controll the entity entirely.
Every single elite political family in the US, is a peak example of this.
In theory, George Bush shouldnt of been president just cus his father was. But thats what the oligopoly apparatus of the government allowed to happen.
Joe Biden shouldnt be able to pass laws that make his family IMMUNE to legal consequences, and allow his son to drive high off crack ont he wrong side of the road.
The government is the biggest monopoly.
Instead of having a few oligarchs controll the country through corporations, you now have THE SAME GROUP OF OLIGARCHS controll the country through bureaus and agencies.
A lot of people, even a lot of Marxists, don't understand that Marxism isn't about hating capitalism. Marx sometimes praised capitalism for its ability to create products efficiently. Point of Marxism is that capitalism is outdated and we need a new system. Socialism isn't about removing every progress that capitalism has made and in some instances it can look as capitalism but there are subtle differences and because of that socialism isn't continuation of capitalism. Socialism is a child of capitalism that rebels against parents and does stuff very differently but also have similarities because close relations.
+David Szigeti What is the source of this 5% of gdp number? (please don't post a full link or else youtube will hide your comment as spam)
@@MagyarUS wtf this is quality data/chart porn. Thank you very much.
+David Szigeti Socialist countries don't need high taxes. They have ownership of means of production so they can use that.
@@baileyharrison1030 did you know Marx viewed taxation as a tool the elites used to repress the working class?
"Marxism is the capitalism of the working class" - A really great guy
To me it's not that NPCs aren't conscious, its a life that chooses the perceived path of least resistance and never questions their surroundings. they are conscious, but their body of knowledge (and probably their physical body) are not worth taking seriously. All life is worth respecting but so little is actually worth listening to. at least not beyond observing their patterns and behavior for your own use. ESPECIALLY to see how not to wear down and slowly fall into the same trap.
The older you get the easier it is to just completely go on autopilot so always stay sharp and spend your finite time learning new things. on that note thankyou for showing us how valuable learning Latin is!
I think NPCs are openly against knowledge, assuming knowledge is defined as 'info' gained and obtained in a rational/logical manner, not purely based on emotion.
I wasn't understand anything in that book, and you cleared almost everything to me. Thank you!
Your reading of this book hit close to home. Specially in the part about intelectuals
Thanks for that, really interesting to listen to, I've ust picked the book up, looking forward to getting in to it.
Loving this podcast, keep it up 👍
I was just learning about Ricardo recently and his theory(s) of capitalism. Thanks for sharing
That's a real comfy listen, I think I'm going to check out his book.
Schumpeter's Socialism: isn't that just capitalism with extra steps?
In a sense. It’s like nationalist or protectionist views of monopoly. I don’t really think his theory has a deep explanatory power. Or even introduces new variables to enact change.
The clear cut distinction between "socialism" and "capitalism" is a fiction of the socialist imagination. Socialism, in their view, implies every potential future situation of good, desirable and moral character. Capitalism, meanwhile, implies all that has gone wrong historically and all that will continue in that direction unless we "stop and think" and "do something about it" by means of "collective action" in order to attain "social justice". How a system of thought this poisonous to the mind ever attracted even a brief moment of serious consideration, much less devoted and widespread support, is a mystery for the ages
Suddenly, this is so important, now
Another great video, Luke. Really spot on with all points on college.
@Luke Smith, thanks for the very interesting podcast. You have *got* to read the novel Blindsight by Peter Watts. The best hard-scifi book I've ever read. Without giving too much away it comcerns itself with the idea that conciousness was perhaps a biological/evolutionary fluke; that maintaining conciousness might in fact even be a waste of metabolic resources and that this fluke will soon be erased as the more adaptive non-concious creatures again superceed and outlive the concious ones.
Any critism of the book
oh wow dude that's crazy
While consciousness might have its faults, I think it's great regarding the ability to modify your environment. Social Darwinism, the smarter people survive and reproduce, the dumber people die off.
The smarter people create environments where it is easier to survive in, including for dumb people.
"the holy grail, in whatever hermetic interpretation that is supposed to mean"
Your Evola is showing.
Time to download the MP3 version of this and listen when taking bus.
18:08 obviously the profits don't just go to the ceo, his salary is one of the expenses. Now of course theres dividends and shares but thats something entirely different.
I've had the word CREPUSCULAR stuck in my fucking head since your last upload. THANKS A LOT.
A good word!
32:00 it's like you prophesied the current environment. Although, I suppose it's just been festering for some time.
I really like these podcasts please do more of this sort 😊👍🏻
R u really indian?
"If you want to see the fate of democracies, look out the windows"
- Robert Edwin House, 2281
Democracies for Secular Science based people is the best.
Democracies for superstitious and ignorant people is dangerous.
@@xenoidaltu601 did you even watch the video lmao
Great job. Keep it up.
minor point. You discuss heavily, price, & insert, en passing, cost of materials. Tho slight relationship to demand, cost of raw materials is nearly insignificant to wholesale & retail prices. Brick &
mortar retailers markups are spectacular, unprecedented & unrelated to historic norms.
Wouldn't be surprised if cost of production, on
some items has, been static &or, gone down, w/
10 or 20 increases en retail price. A bad accounting game for 30yrs. Q
I guess the question is - ok so the industrial production should increase in scale, technicality, formalist competition, but apropos of what cause?
Luke: Mentions Mises.
Me: BASED!
1:10 - 1:16 i can hear police sirens in the background
Cool story bro🤓
Did you read Gödel Escher Bach? I think it would make a nice 3rd episode!
GEB is on my potential list, but it'd honestly be pretty futile to put an experience of a book like that into audio format. I'm not sure if I'll do it, but if I will it will be in a bit.
You should start a separate channel for off-topic vids. Political topics, in the current environment, will get your channel shut down...
You think his channel might get shut down due to a particular CZcams rule? or because of his subs reporting it?
@@SetszawA People that disagree being malicious...
not really, they won't be monetized but I don't think luke monetizes his videos anyway... besides, linux videos get demonetized too.
+Sauron Actually, youtube is shutting down channels... not only demonetizing them... especially those pushing anti corporate views (for now far right and far left channels but soon.. who knows).
The only one I head of was Alex Jones, not really in the same ballpark as Luke... it would be a lot harder to claim Luke was violating the terms of service. Not to mention his channel is still too small for YT to really care.
37:10 lmao, that number
What is your view on socalism/socalist anyway? I'm interested
Historical context matters, in this case more than you think. Like many capitalist who were becoming disillusioned about free markets and the inherent instability in capitalist monetary systems, Schumpeter wrote during a time of fixed exchange rates and the gold standard, which made money a commodity (essentially) and hence controlled by undemocratic power structures, and prone to (what are now called) Minsky-Goodwin-Keen crises--- but that context is irrelevant today, and yet we still see such recurrent instabilities, why? (It's because the neolibs and normies (most self-proclaimed leftists included) in charge do not understand monetary economics.) What we have today is "anything can go" with floating exchange rates & with most big economies (apart from Euroland) operating sovereign fiat currency, which means money is just nowadays a record of credit & debt, not a real commodity (ppl treat $ as a commodity, but largely they do not understand the subtlety of why fiat currency is not a commodity ---- a currency issuer with tax powers can overnight change the nominal value of their currency, period! You can't do that (easily) with a commodity like gold or bitcoin). So an enlightened government with something closer to true democracy has much wider policy space than anyone (of neolib mind) has realised, in particular they ("the people") could, if they wanted, make unemployment and un-payable debt disappear, forever (hence in principle eliminate monetary poverty, also forever --- a different thing to physical or intellectual poverty for sure, but nothign to sneeze at). Capitalists are not the problem, and socialists are nothing to fear, the cucks blocking a peaceful, just & free society are the neoliberals (both left and right wing, equally) who do not understand the freedom a fiat money system can give a nation that has domestic capacity to produce most of what it needs (hence not reliant on too many imports).
>The freedom a fiat money system can give a nation
>9% year over year inflation
I hate you people.
There wasn't a fixed exchange rate nor a gold standard in 1942 you fucking commie retard.
Great content, thanks for providing that. However, everytime I hear Schùmp'ter instead of Schumptèt'r , my tablet reboot.
Awesome video.
Doesn't matter what kind of system you have, if the Federal Reserve is a privately owned bank and the incometax is not only unconstitutional, but also solely exists to pay interest over the loan the FED provides, you know you're being fucked in the ass
BTW those financial crisises were artificially created by the FED by them doubling the money supply
you should do one on Veblen
Thanks for the company! Can you do one with Nietzche? c:
To interject on your commentary about perfect competition, I want to point out that marginal analysis, on the microeconomic scale of the producer, also plays a role in eliminating true economic profit.
A business is only efficient and maximizing their so-called "profits" when marginal revenue equals marginal cost. A disparity would mean either a shortage or surplus both on part of the producer and consumer.
Competition plays a role in eliminating producers from the market who do not apply marginal analysis to efficiently produce, because the price disparity will be exploited by another producer competing for the market-share of the less efficient producer who does not supply market demand, incorrectly prices their products, or does not innovate or embrace new modes of production that lowers their marginal cost.
However, even in a market of no competition, it remains within the interest of the producer to apply marginal analysis, because it informs them of their profit maximization point when marginal profits actually equal zero.
Net revenue is not profit, despite the fact we treat it as such and teach it so in accounting - it's bookkeeping, not economics. Beyond this, I've become increasingly averse to the term profit, because it implies a producer has acquired some unearned "surplus value" at the expense of a consumer, as if the consumer has not received anything in return for the capital from which they voluntarily departed, likewise implying some calculable universal value when it is otherwise subjective.
All voluntary exchange is value for value, and thus I find it to be an increasingly unsavory way to conceptualize commerce, most often utilized to justify penalizing producers, which is inevitably born by the consumer, likewise. It is a concept increasingly abused by a class of parasites who wish to feed off others at their expense.
Considering the time you've spent reading into economic theory, I doubt I need lecture you the obvious, but I must also point out that Adam Smith and other economists, then Marx, Hitler, and many Socialists were all wrong. The allegation of Capitalism's collapse relied upon the shrinking markets or declining rate of profit fallacy, which was upended by Carl Menger's Subjective Theory of Value, upending the Labor Theory of Value on which the fallacy depended and which only Socialism is subject, the irony being the collapse of Socialism the inevitable, not the other way around.
As for Schumpeter's view on the collapse of Capitalism, overall college enrollment has been declining for a decade, while people move toward certificates due to the lower opportunity-cost. Additionally, the true average wage is ~$50/hr. At full-time, you're looking at $100k/yr. The problem with the class of people you're mentioning is that a significant proportion of their total wage-cost is consumed by fringe-benefits, both mandated by government, in the case of FICA, and industry-standard as a result of unions, with 15.2% going to Social Security alone. Of course, this causes them to believe they're being paid less than they really are, and it has fed into a cycle of incessant political propaganda.
Alongside a government imposing increasingly more regulatory controls that cause artificially inflated prices, whether the result of regulatory cost-burdens on producers or restrictions of supply, the stage has been set for laissez-faire, which is increasingly dying, to be blamed for the consequences of those policies responsible for killing it. You can observe this most prominently in the housing and healthcare industries, for example.
I believe it is ultimately our abandonment of laissez-faire that will lead to its slow-moving destruction, with creeping demand for authoritarian control of the economy moving beyond mere subsidy or price-control, but into the realm of expropriation, nationalization, and redistribution, an almost natural demand from a populace priced out of markets as a result.
Of course, there are also public sectors, especially that relating to energy, i.e. utilities, or transportation, ever-increasingly less efficient than private alternatives or would-be revolutionized means in the modes of their production. You see it in the mailing services, too, unable to make the leap to automated delivery of mail by drone, for example, because of government monopoly.
Thus, we are unable to revolutionize the means of production in those ways required to reduce the marginal cost of production and increase the allocative efficiency of our scarce resources. All of this has a cost born by all of us, which only incentivizes further Socialist thinking.
Satire? I am not laughing. Because Mr. Schwartz of WEF took it literally.
What is the city in this thumbnail
this vid made me a leninist, thanks
33:26
I might add that the standardized and "inclusive" organizational structures of state, educational and other non-profit institutions disproportionally attracts employment from a specific demographic, partly characterized by traits just mentioned.
It's easy to direct hostility towards a "society" that directly provides your personal substinence. The generationally recurring conflict between teachers and parents, on social, religious, economic, and even educational matters, perfectly exemplifies this "parasitism"
The podcasts are great, would love to be able to download them on my podcast player rather than have to listen on CZcams if possible
They're syndicated on libsyn: notrelated.libsyn.com/website
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Hmmm
Man i wish i was smart enough for literature like that
Is this the full book?
It's a podcast
That's good! :)
Hey Luke, regarding plan-economies, there's a lecture on youtube titled "why ussr collapsed", here it is (maybe you've seen it); czcams.com/video/rMRU369GaMo/video.html It is NOT a vague lecture, hard numbers on the board, and it is an interesting study in plan-economies both in triumph and failure.
State Communism, Monopoly Capitalism, are these not, in essence, more similar than different? Both with their relentless emphasis on maximizing economy of scale, their reliance on so many government favors and corporate kick-backs? Their reliance on a toiling wage-dependent proletariat mass ever so dedicated to their dished out drudgery and meager doles? Their perpetuation of toxic consumer culture? Are they not-in cahoots- wheeling and dealing together in the back of the house behind the open door while fanning the flames of mass ideological discontent with an illusion of this or that, an either or? Perhaps Schumpeter's ambivalence was not so much borne of the fundamental differences between economic models, capitalism or socialism even in all their more nuanced modern and postmodern brands, but in their samenesses. (in retrospection) The fundamental question would not be an inquiry into which system would win out, but rather, which one would be able to stand out, to distinguish itself as itself. Here, we arrive at Martin Luther King’s more sociohistorically relevant insight: “Communism forgets that life is individual. Capitalism forgets that life is social, and the kingdom of brotherhood is found neither in the thesis of communism nor the antithesis of capitalism but in a higher synthesis. It is found in a higher synthesis that combines the truths of both.”
Please more advertising
53:25: sounds like the CCP to me
Social credits, running the government like a private firm, etc
EDIT: oh shit that's exactly what you say later on
This is like the seventh time I listen to this episode and I feel it's the only time I've truly undertood it. Goddamit this guy is so based in his takes and describes the world so good, yet he is too based to be famous and is thus not as popular as he meritocraticaly should
Isn’t what you explained at the end just fascism by Giovanni’s and Benito’s own definition of fash? I’ve been thinking for a while that Chyna is just fascist
Luxury Communism FTW
regarding the pricing problem: i don't think it is inherent to a planned economy. in capitalism, pricing is done by the private sector. They can also make mistakes, which may also have those ripple effects.
That's just what Schumpeter said
Did you post this before finishing the video?
'Shoe'mpeter
Oi Luke put your fucking name in the rss feed metadata it took minutes for me to find this podcast on my podcast app
Great
Bbbut... muh Amazon....
Aphantasia suggests there might be plenty of NPCs out there. If someone is missing a feature so seemingly human, then there are probably plenty of similar examples.
90% of professionals are failures@that profession. Riding coat tails of 10%?
Luke, I think you should read Marx.
41:40 WRONG
How
56:00
41:44 i pissed myself than ks
36:29
Chairman mao was spicy hot tho, like a bowl of Chung pow noodle soup, yumm. 😘
33:22 how can they get a job at a place that's shutdown?
Just a comment
Is this a blackpill, or a whitepill, or... um...?
LUKE SMITH: RETRIEVER OF THE LOST SCHUMPETERIAN ZEBRAPILL FROM THE UNDERWORLD
44:29 REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE.... REEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE
55:48 czcams.com/video/yuBe93FMiJc/video.html
good work, kid. Q
43:16 lmfao, yea. Wittgenstein is _severely_ overrated
Wasn't he an intellectual himself though?
He was, but it doesn't make his observations any less true.
Meh he was an economist by profession
The tired old "We should improve society somehow.. Yet you participate in it"-meme comes to mind
Pfft a lack of demand so governments have to intervene... no. You just let there be a lack of demand. There's a lack of demand for my beard trimmings. Gimme money!!
No profit=No work done, I don't when people started to think that working for profit is bad, it's so hypocritical, cause they work for profit.
@@airex12 How the fuck that last thing you said proves anything? Those companies also work for profit.
Also, please don't be stupid that world when people work for the community doesn't exist and will never exist. First because I want to work for myself, and second because even if I wanted I couldn't do the same things without a market with profit, no one can make a pencil alone, and all the people needed don't work with the pencil in mind, work because they will get a profit
@@airex12 Also, No profit= NO PRODUCTS AT ALL, YOU IDIOT
@@airex12 What public goods? Roads? Those and all that group are made by states normally, and the people working for the state work for monetary gain, a profit. Also, that state interventions are usually not really needed cause the state can't do what the markey does.
And if we look at private made public goods, those are made indirectly for a profit. One builds a ligthouse cause it will attract ships to one's port.
What do you think people did before market profit incentives
@@drewan6591 we always had profit, no one invented the free market we just observed how it played out and then kings, emperors and socialist came to try and “fix” it.
Attempts to implement socialism result in monopolies (or even attempts to make economy more socialist). Capitalism without interference from socialist planners has no tendency for monopolies.
Are you serious?
Competition leads to a monopoly naturally
@@drewan6591 In what way competition leads to a monopoly?
By definition competition requires at least two subjects.
Your argument is that competition destroys competition.
Do you see any problems in this?
@@patryk_49 competition ends up leaving only a few companies as monopolies
When a company beats another it gets larger in the long term this will produce total monopoly
This is pretty simple to understand
@@patryk_49 so yes competition destroys itself because the last man standing has a uncontested monopoly
@@drewan6591Competition is the total opposite of monopoly, if you disagree tell me what is the opposite of monopoly, and how its not a competition.
He forgets important variables in these theories:
De/Centralization: Capitalism doesn't just translate ("rename") to socialism, because capitalism is not centralized, and one has choice, one can punish bad behavior, something that can not possibly happen in socialism which is cetralized. Bad decisions by central planners affect everyone.
He also forgets one important variable: human nature. Humans and all animals have this instinct to gather as much resources as they reasonably can. If you have centralized power, resources are going to be sucked away from everyone else.
There can be no equivalent incentives, because no one want's to work and really can't work if he's chained, the same reason socialism always fails.
NS or nothing
dont donate 2 fecking dollahs
Wow also applies to the wholo wuhan corona virus situation right now ~ 18:00
lmao
There is a fallacy in his last point.
Although I agree big business “capitalism” and socialism are the same, the fallacy lies where he implies the free market leads to big monopolies. In reality 99% of monopolies are created by government legislation.
@Jammerossi Lvl. 80 fake and gay.
Feudal lords only existed because the king granted them lordship and/or they conquered the land. Free markets exist even before feudalism, proof is Caesar hiring his own army while the laws were made by the republic.
sneed
Socialism, is capitalism, by other means. 🧐
monopoly
The game?
unsubbed
Jerry Kim good, fuck off
why?