POLITICAL THEORY - Adam Smith
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- čas přidán 25. 12. 2014
- Adam Smith was no uncritical apologist for capitalism: he wanted to understand how capitalism could be both fruitful and good.
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It's a shame he has the most generic name possible
EXPLOSIVE STRAWBERRY
Adam Smith though humorous, you kind of prove his point in the end...
thats great, because i can remember him correctly, than having name like xcuotlau or jean jaquestadora
i know right
Joseph Stalin good then
0:50 specialisation
2:30 consumer capitalism
4:00 how to treat the rich (they want appreciation)
4:59 educate the quality of consumer demand
GrumpyOldMan no one has thanked you in 2 years and I will.
THANK YOU
@@carbinepeepoo they should make a new hunger games movie set in communist Russia, it would be very funny.
thanks bruv, needed this
"coddle the rich"
thax
I just finished reading Smith's Theory of Moral Sentiments and was surprised at how human and well-meaning he seemed. I wished that more people knew about the kind intentions behind his thinking; instead, it seems that a lot of people have misunderstood his economics theories as rather cold, and "self interest" as mere "selfishness". I was so happy to see this video give his work more justice in this light!
He is everything but selfish. Only when he died people discovered how much he donated
I'm glad that my cynical side gets a break when I see people as good as him.
he was pretty darn racist. But it was probably because of the society he lived in and the stories he had heard. Considering how smart he was, I feel like if he actually went and experienced all the interesting things non-European societies had to offer, he would change his mind. I hope. I'll obviously never know though because homeboy is long dead.
BINGO !!! Adam Smith's Wealth of Nations should be understood in context of Theory of Moral Sentiments . In the context of his time , he detested vast wealth inequality in Glasgow , where there where rich tobacco , lumber and cotton merchants , while there was massive urban poverty .
Smith was NOT advocating for Lassie Faire economics . I need to find the quote , but Adam Smith was actually advocating that every person , regardless of their own wealth , should be able to participate in a free market economy .
Also , as Micheal Hudson points out , like all Classical Economists , Smith made the clear distinction between using capital to create wealth ( goods ) and using wealth to exploit other people .
Narrator: “...the radical left-wing answer was, then and now...”
Me: “guillotine”
Narrator: “raise taxes”
Me: “taxes, yes of course”
Exactly. The more I listen to these school of life videos the more I hate them.
Jonas Steinberg cringe
@@gabrielonibudo5710 He's right tough :)
Probably the most underrated comment I've seen on CZcams ever. Fucking gold man.
OjoRojo40 well, he’s not left. That’s for sure
These Philosophy videos are f***ing blowing my mind. I love them.
Michael Carpenter Have you read or listened to (free on CZcams in audio) the book by George Orwell 1984? If you have but read it a long time ago it will REALLY trip you out! 💚
There is a reason why people call the age of enlightenment the age of enlightenment because the beliefs and ideas that they developed truly enlightened the souls of the people and that's why the words and everything they say is still alive today.
The world enlightenment or enlighten has the light, Europe experience the dark ages and finally accepting knowledge and how they used knowledge to brighten their dark world they decided to describe what they experienced by making a work called enlightenment. Education and knowledge is power but it can also be hope and I don't know about you I felt nothing but hope when I read the works of Adam Smith, some philosophers provide a sense of pessimism and harsh criticisms of the world but they do it in an enlightening way to spread awareness of the people hoping that someday people can see what they see and feel what they feel and find a way to address the problems of this world.
People say the Age of Enlightenment is the Age of Reason I also believe it is the age of hope where a beacon of light shed to the people of Europe, regardless of the wrongs that they committed through colonialism what these Enlightenment thinkers experienced and felt were real and I feel people need to reconnect to the experience these thinkers went through today so that we can renew and restore the hope that once existed. Our education system cannot just teach they need to spread knowledge and shed a light in the minds of the people, to give a sense of hope and purpose, to be excited to learn and feel something that is so amazing after learning something that they never learned before.
economic theory??
doing an assignment on this. it's interesting.
I never knew philosophy was a subject . No school or college or university provides this discipline in my country such a shame in today's world we need philosophy more than anything 😕
ok this is one of the best channels of youtube and i ' m so happy i found it!
+The School of Life i think i was searching educating channels with illustrations on youtube and you guys came up! You are doing a great job especially considering that you present every subject objectively. I would really like to see some scientific areas analysed too, like mathematicians and engineers :3
+The School of Life make a video about vanity! and all usual behaviour that comes with it, cheers! :)
+Alice Dourountaki this and CrashCourse.
+The School of Life
Lovely Channel. Could you also make videos for many of the great Medieval Islamic and Arab Philosopher and Thinkers ?
Like Ibn Rushd, Ibn Khaldun, The Muta'zilite Philosophers, Al Razi, Ibn Sina etc.
agreed
"Capitalism can be saved by elevating the quality of consumer demand" - The missing piece in the puzzle
problem is when people have to choose between a bad job and unemployment
maybe this is because the consumers are not separate from the capitalistic economy, they are part of it. They are not just a consumer, they are also part of the production machine of businesses. Once we can truly separate the consumers from the producers, the consumers will actually have power to choose. Which means, none of the consumers should be workers, since the workers will be exploited by businesses to produce the maximum value at the cheapest price. Which probably means all the consumers should become business owners, and the workers would have to be replaced by machines, who can be exploited without guilt, at least for now. Then the consumers will actually have choosing power. whoa, I can't believe I just thought all of that! I'm gonna post this in the main comment section.
@@ranguy1379 problem? that is the entire system. you are forced to work hard annd throw away your entire life away on work so you can get food and live to see the next day? xd
@@ranguy1379 I don't think you're that far off. The problem is that isn't attainable under Modern Capitalism because it historically causes power to trickle up rather than down (see the last 40 years of U.S. domestic economic policy). In practice, when there is a strong oligarchy backed by a strong military and police state, the powerful will serve their own interests first, and won't abdicate their power unless forced to do so - eg: dying of old age. Modern Capitalism is missing a huge component of Hume's work - the need for the fostering of social-emotional development through public education, and the need for all economic and legislative decisions to be guided by compassion rather than greed. This is because the powerful use it as a means to an end, while paying lip service to the more humanistic aspects of the original theory. Modern Capitalism cannot be saved.
When companies don't pay quality salaries, how are consumers meant to buy quality products?
It's pretty similar if you look at it from the other side - if consumers don't buy quality products, how are companies meant to pay quality salaries?
I think both of these issues boil down largely to human greed - trying to get as much as they can from their economic power.
Yes people near the bottom now have to buy cheap products to make ends meet, but if you had to reset the economy, I think you would find people buying cheaply relatively quickly in order to extent their economic power.
Another important hurdle is people do not trust that companies price fairly - buying cheaper products ensures competition in the market space.
Consumers need to be confident that companies are pricing fairly.
Capitalism without an educated consumer is auto-destructive.
Simon Cote Capitalism without checks and balances, or government intervention is self-destructive. Better than Smith is John Keynes, his ideology fixes Smith’s problems
@@alilalani9531 Both can be true at the same time. Ibn Khaldun, Thomas Jefferson, Charlemagne all express the importance of the relation between individuals and their society in the function of the quality of their education. There is no capitalism without the concept of value. Bernays with is work on propaganda(ideological narrative) have given rise to a vast campaign of disinformation. If you can't individually have the cognitive tool to justly appreciate the value of anything that be can exchange for money, you are subservient to the narrative you are in impose:; you are not free. If you control the currency, you control the behaviour. I'm not sure how classical economist fit supranational governing entities in their economic model or how what to do when a company is so powerful it regulates many national governments. Anyway, I'm not an economist. I appreciate your input. have a nice day.
Capitalism with educated consumers would work? How? Does it work as it is now? Is it not going to crash down? And education or programming? What is the case with the consumers today?
@@LevaISanningen Capitalism with educated consumer (not indoctrinated) would work better. The propaganda model for corporation proposed by Bernays is programming and it prove it's limitation. The education system need to be separated from the influence of corporation; the current system try to make factory worker and not fully develop individual. Capitalism as to be limited by the Universal declaration of human right, environmental consideration, the awareness of the Gini coefficient and we should have a better judicial system to sue multinational on a international level. Consumer today are indoctrinated and programmed. We are going in wrong direction. I know it's more complicated than that...Have a nice day
. (We should also see what other kind of system can compensate for the weakness of the capitalism system, some socialist idea are good and need to be implemented)
Capitalism is auto-destructive even with an educated consumer base. People behave irrationally regardless of their education background.
none of this is taught in high school.... why?
***** okay but why not teach on condensed version or just hit the main points. also I wasn't just talking about this video in particular but all the videos school of life does, none of this gets taught until college and only if you take classes in the humanities which many people don't. I think this knowledge is essential for all humans
Sanzh Bait spiritual? its about learning how to THINK, along with science. don't learn these things and you'll just be another lemming and deprive yourself of something every single human should be aware of and receive instruction in.
Sanzh Bait i agree with you but I think that philosophy and science are essential for learning how to think as appose to knowing only what to think. it should b taught in high school to all students
***** I dont agree with that, i think every human needs to receive humanities courses during their high school years, its extremely important that people know how to think as apposed to what to think.
+Tyler Durden A trip to your local library will illustrate just how little is taught in high school. Especially in the Reference section.
How isn't this man on a dollar bill, it would make perfect sense and he deserves it at the very least.
He's on the 20 pound note in the UK.
Jeff Da Maori
Good to know
Alex Yandel Torres Rosado oh does it? How many countries put foreign scholars on their money?
I was unaware of his background before making this comment. In my defense there isn't an ideal of what an American should look like, it's an amalgam of people. Here in the states we often recognize those who made a significant contribution to history for the better, although adopting his philosophies is one of the biggest ways of showing that appreciations, it still would be cool to see him on a bill.
Alex Yandel Torres Rosado he was on pound notes in the UK...
I had no idea about these ideas proposed by Smith, I only looked at him as the main face of our current capitalist systems, and as a leftist, I thought he was "the enemy" and Marx "the hero" in a sense, now that I've seen your videos about them both, I understand that that's not necessarily the case, both intellectuals share ideas of great value, we have to use these ideas to create a better system for everyone. Thanks for opening my mind a little more, that's why I love this channel so much!
Peace!
Diego C marxism and capitalism both seem different ideology but if you study them thoughtfully they both are a path to materialistic and social fullfilment of a nation.
Marx himself mentioned numerous times Adam Smith was an essential influence on his philosophy, specifically Das Kapital.
Marx could only point out flaws the man didn't have any idea how to solve problems, benifit people or understand the people he pretended to want to help his ideas produce misery and death Smith seems to me to be a freind of man kind unlike marx who just hated the rich
Looks like Smith understood human nature more than Marx
@@abditus5842 Yeah right. Thats why he believed the rich dont care about money but honor and respect. He was really naive
Good presentation. I think it's also fair to say that Adam Smith was indeed very critical of capitalism. In his book "Wealth of Nations" he refers to the capitalists' mentality (like the elites have always thought throughout history)... " All for ourselves, and nothing for other people, seems, in every age of the world, to have been the vile maxim of the masters of mankind. "
I've never seen Adam Smith's ideas being taught in a class
fucking T H I S.
oh my god.
because they don't like capitalism
@@kyleseageruberalles2222 and they wonder why there’s a rise in Marxism and fascism
Have u taken economics class?
You would be taught about calvin cycle only when u take biology as a subject.
It is taught in secondary school economics. But most people dont choose that specialisation .they take math science and bussiness accounting.
Adam Smith was a man brilliant man, truly ahead of his time
As Adam Smith said, trade is the lifeblood of nations ;)
What's ours is yours, for a price.
Polycube That completely depends on how far ikeyB moral compass will allow him/her to go. Same here.
Ral Crux We were both doing quotes from the game Civilization Beyond Earth.
An EFFICIENT trade is a lifeline of the nation.
I always thought she said, “As Admiral Smith said...”. I thought she was referring to an Adam Smith like person of the future, as some of the “quotes” are of future philosophers.
Thank you for this. It certainly challenged my simplistic idea of Smith as a blind, free market materialist.
Eric John Check out the blog post "Liberals, you must reclaim Adam Smith" by David Brin
GeneralNazort Will do. Thanks for the tip.
Eric John Indeed. I think the most important thing about Smith is that his work actually offers a basic understanding of some very common economic principles that have little to do with specific economic ideologies and more with very basic common sense, e.g. the benefits of the division of labour.
I think many people think of Smith only as the figure head of free market capitalism, like you said, and they forget that Smith was actually the first person to introduce some much more basic thoughts which we know take for granted.
+Demian Haki The main problem with Smith's writings, is that certain people pick and choose the bits they think agree with their outlook. Take Margaret Thatcher for instance. She was probably the world's worst offender.
Some people are intelligent enough to speak well of bad ideas.
I can't tell you how thankful I am to have stumbled onto this video (and the channel for that matter) because I have been trying to tell people this for so long, and everyone either looks at me like I've got several heads or just outright dismisses the idea that Adam Smith's version of capitalism isn't about endless accumulation and trampling on everyone at the bottom. But I guess that tends to happen when everyone reads Marx and no one reads Smith. Keep up the good work!
+Neil Backus Marx had no idea what true capitalism meant. Everyone has the idea of a savage capitalism (or Laissez Faire) but true capitalism (now called "limited capitalism", don't know why) is the best system that adequates to human reality in a way that both people and wealth are well treated.
The simpletons don't read Marx or Smith.
This is the best treatment on Adam Smith I have ever heard and the rest of the videos are of similar quality. Thank you for these publications and your service.
I'm very grateful to this channel. how revealing that in US economics courses, we were taught only that Smith subscribed to unfettered corporate activity, and any restrictions placed upon them might upset the economy. Glad yo learn Smiths philosophy was do much richer.
0:54 I. Specialisation
2:34 II. Consumer capitalism
4:04 III. How to treat the rich
5:08 IV. Educate consumers
"Too many men work on parts of things. Doing a job to completeness satisfies a man.” ― Richard Proenneke.
Soon it'll be Christmas and 'Alone in the Wilderness' will be popping up of what's left of PBS.
Yes!...and those who work on “parts” mustn’t be kept in the dark about their contribution to the whole. It’s only through this manipulation that we have income inequality! Intuitively people can feel whether they are valued or not.
@@keithvolpe1065 Try building a smart phone yourself, all alone.
Top notch exposition. Such clarity and ease of communication. It satisfies me so much!
This channel is one of the best on CZcams, so glad I found it. The website is awesome too, good to see people bringing philosophy back to relevancy.
This guy was so great that everyone started to copy his firstname and lastname everywhere.
I like how you showed Donald Trump there.
And the video was made in December 2014, long before the he become President and everyone can now see his vile attitude!
@bitchasshoeism "liberal dumbass". It's amazing how you are interested in educating yourself with these videos, but you still represent such a poor level of communication after reading something you don't like
Regardless on whether you like him or not, he has been a great President
@@shoaibkayani1496 Yes because under Trump people have access to essential healthcare, worker rights have been protected, corporations are paying their tax like everyone else, far right terrorism is at an all time low, the wall has been built, Mexico paid for the wall, ........oh wait.
@@shoaibkayani1496 He has been a weak president presiding over an economic recovery that has been ongoing since Obama's tenure. Trump hasn't accomplished a single major platform goal. He has only made headline after headline while dismantling our nuclear security by ditching treaties while not proposing alternative means of handling the issues those treaties covered. So long, Iran Nuclear Deal. It was nice being able to readily inspect civilian nuclear power projects.
I absolutely loved reading The Theory of Moral Sentiments in college... what an awesome book!
This is a veritable masterwork of a documentary. Indeed one of the best available on CZcams. A must watch for any educated person.
Through reading his book I learned much of the pin crafting industry.
That username tgo
@@angelbarajas9180based? Based on what?
I've heard that it's very difficult to read, how hard is it?
@@alexwinstanley424 Not as hard as the communist manifesto. I'm seventeen and got slightly above average grades in English and left the book with a basic understanding of it's concepts.
@@lmaozedong501 when you say basic, you mean there is a more complex version!? You have a German Chancellor's full blown interest.
Wow I was randomly searching my name and found this
Lol, great name 👍
+ The School of Life could you please do a video on Freidrich Hayek and his 'Road to Serfdom'?
What about huge honours and accolades for paying the most tax?
If you mean rich people voluntarily giving money to the government, it's no longer a tax, but charity. Rich people are obviously better off donating their money directly to charitable causes than giving it to government who can squander it, steal it through corruption, or even use it for negative purposes (like starting a war, or destroying a piece of nature to build an ugly statue glorifying the government).
@@robertdegroot8302 out of topic, but do you still struggling with existential crisis?
Thank you this really helped for my project.
I love this. It opens things to a new perspective and what forgotten idols strived for in their views of society
I agree with absolutley everything this man has to say
With Adam Smith or the school of life?
youtubeviewer Yes
In fact marx agrees in many things with him :S
Not ironic. Adam Smith was considered a hardline leftist back in his day
Some quotes from him:
-“As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed and demand a rent even for its natural produce.”
-“Civil government, so far as it is instituted for the security of property, is in reality instituted for the defense of the rich against the poor, or of those who have some property against those who have none at all.”
-“No society can surely be flourishing and happy of which by far the greater part of the numbers are poor and miserable. ”
-“It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.”
@@corlys6372 Well he never sought to destroy capitalism or to move into a post capitalist society he believed that capitalism can be reguided to create a more meaningful world.
My professor once told me that we should never dismiss or hate the sociological thinkers or thinkers in general. They're only responsible for their theories, it is us the interpreters who messed everything up, we all had the wrong interpretations of everything Adam Smith and Karl Marx have written, and the saddest thing ever now is that the followers of Marx hate the followers of Smith and vice versa, without ever having a good conceptual understanding of both.
Amazing channel! I've learned so much!
Fascinating, keep these coming!
the part of educate consumer is SO IMPORTANT and its barely talk about!
So true
So many don't think they have a choice or power.
Ikr. Like think about how corporations scammy tactics would fall flat with consumers highly educated
This dude had some great ideas! If you wanna learn more, we've summarized every chapter of The Wealth of Nations
Exactly, finally great content to consume on CZcams :) keep it up thank you for this amazing videos.
Please could you do a political theory about Bakunin or Tolstoy?
Loved the Perry Mason reference at 1:52.
this channel helps a lot with school, good job on all the videos!
of course subscribed!!... thanks a billion times for simplifying the understanding of the biggest problems of our world in this video so that further time could be invested in finding solutions and better understanding of the problems too
Please do a Thomas Paine video.
Proudhon and/or Voltairine de Clayre would be nice as well.
Hi, I first want to say that I recently discovered your channel and I love it. I recommend it to everyone. I would like to see you make a video on the capitalist Milton Friedman.
Really awesome channel has already answered a big question I had that no one seemed to have a reasonable answer to.
Thanks for another great, insightful video!
I wish I was wealthy so that I could sponsor this channel and help fund its inevitable progression. This is, honestly, one of the only channels worth watching on youtube (Screw V-Sauce. It's for charlatans). Please post something on Pavlov and Skinner for your Psychology part of the curriculum. Conditioning is the greatest foundation for the psychology of today and the future. Finally, you should make another video like Why Some Countries are Poor and Others Rich.
Adam Smith, a pure genius who documented how capitalism allows the consumer (The Invisible Hand) to determine what is to be produced and how efficient it is to be made, and who provided the basis for microeconomics or theory of the firm!
@Timothy Lee It would be nice if you made sense. Smith, a Scot, laid out the basis for capitalism through observation and common sense. Capitalism is the only form of economics that actually allows for the creation of wealth by using the consumer as the driving force for effective growth and betterment of humanity. Socialism as advanced by Marx is a form of tyranny imposed by government and is not a form of economics. History continues to prove this through the ages which is continually ignored by socialists.
@William Magee You make no sense at all, and are so indoctrinated into Communism you have made up your own facts to support your idea of how socialism/communism is good and capitalism is bad! You ignore what has happened to communist countries like China, Russia, Cuba, Venezuela, and everywhere communism is tried. Communism enslaves the people it purports to liberate from capitalism. Why don't you actually examine these facts that cannot be denied even by you? I have absolutely no use for anyone who accepts any form of socialism/communism as a valid form of government and that includes you!
@William Magee You have just proved why socialism/communism will always fail using your own words, but I doubt you realize it. You blame the tyrants who led their countries into total slavery instead of blaming the very system (socialism/communism) that promoted these so called leaders to do what they did! Venezuela and Cuba leaders did the very same thing, as all countries have suffered from the resultant slavery of the people! How you can blame everything else but the actual cause is perplexing and it reveals your lack of ability to use logic and historical fact to arrive at the real reason (socialism/communism) for the dismal results. Communes have been tried over and over again here in America since its inception, and all have failed when the followers realized their slavery! Communism by any other name is Nazism/Fascism/socialism, they ALL lead to the same result - total slavery of the people under their repression! I know you don't understand this because your myopia is chronic and incurable as most Democrats here suffer from!
Those vids're awesome )) The School of Life definitely deserves more attention. Alain, any chance to hear your thoughts on Erich Fromm's psychoanalysis?
Never heard of Smith before. Strikingly relevant. That bit on vanity is genius!
The more I find out about Rousseau the less I like him.
+Buck Shot Rousseau was a douchebag
***** lol
I dig 'im tbh.
the more i read rousseau the more i like smith
The more I read Rousseau, the more I realize that Rousseau was for imposing morality out of his own fantasies.
I had the benefit or misfortune, depending on your outlook, of coming into this world via Kirkcaldy hospital, so with that I see it as my responsibility to let you know that it is pronounced Ker-caw-dee. Loving the videos.
It is quite all right, it will not be held against you in any way at all :-D
+The School of Life Narcissist you didn't prove that, I think you proved that they are lonely inside and need validation from others for their existence.
That I don't think is narcissism, depression maybe...
Smith is a great as I understand it, I have never read his bio so dont really know, I just understand his theory's and like that.
+CaptainZuluGamma He said Narcissist because of Smiths argument that we need to feed their vanity, to give them awards and what not to feed their ego.
Plus, to need validation from other for our existence is a human trait in general.
Sociocultural psychology dictates "we are social animals with a need to belong" hence why we have social groups all around us that we identify ourselves with, a place to feel accepted and to feel wanted.
+CaptainZuluGamma He said Narcissist because of Smiths argument that we need to feed their vanity, to give them awards and what not to feed their ego.
Plus, to need validation from other for our existence is a human trait in general.
Sociocultural psychology dictates "we are social animals with a need to belong" hence why we have social groups all around us that we identify ourselves with, a place to feel accepted and to feel wanted.
+Return to the sun Sorta like like Cawdor is from Calder. Something happens to the "L".
Excellent! with subtitles!
This is the only intro-level piece I've found online that doesn't reduce Smith's thought to free market capitalism. Very nice!
Why is this Channel undersubbed/viewed/commented/liked? You guys need more publicity. I'm gonna share this channel with all my friends and family for the brilliant content you lot put time and effort into creating. Thank you.
Oh Smith's idea about how to get the rich to be good is brilliant, I love when I encounter a philosopher's brilliant ideas. :)
Great job, as always!
Loved it! Thanks for sharing.
I would recommend that you buy a pop guard for your microphone. It's a really bad sound without one.
IM IMPRESSED BY HOW GOOD YOU ARE MAKING TH ANIMATIONS.....
Nice to see a vid about this subject. A strong opinion and call for action are subtily squeezed in though. But as this encourages watchers to dig deeper in the work of Smith to get a nuanced view on a great economic philosepher, it's a good thing I think. Thanks!
Have you considered adding poetry to your curriculum? I'd love to see a video on Pablo Neruda or George Gordon Lord Byron from TSOL.
Furthermore, I'd pay for a longer format info-product where the videos would be animated in this fashion but more in depth... Similar to Alain's "The Perfect Home" series.
***** Absolutely, I appreciate the consideration. In the meanwhile, enjoy:
society6.com/product/lit-lust_tapestry#55=414
Fun fact : Adam Smith never mention word 'capitalism' in his book "Wealth of Nation".
The true name of capitalism is actually "Commercial Society"
Capitalism as a term was first used by protosocialists and popularized by Karl Marx
Very informative and interesting, thanks alot
Thanks for this useful clips. I would suggest you add another category for economics. Few economists can be found here under other categories. I would love to see Ricardo, Keynes and the other prominent contributors to the field.
"We need to be taught to ... pay a proper price..." 5:36
*Me: buys a $2 Maccas meal*
I'm a leftist but this kinda makes more sense than the Karl Marx idea
+Simon Shulgefella I consider myself a social democrat. I want a capitalist society with regulations in order to prevent monopoly and oligopoly. But I would urge you to listen to people like Milton Friedman (right-libertarian). Always good to broadening ones viewes and ideas
in my opinion, a big government impact but with a small government. I have no problem paying 50% taxes but there is no need to raise multiple parliaments, commissions, counsels and god knows what. Redistribution, protection (police, healthcare), justice and infrastructure (roads,...) are all what is necessary. On the side of the economy, the government should be a referee much more so then a player. Give freedom but be ruthless with fraud and corruption. The people have enough initiative, no need for handholding.
That's because Smith made more sense than Marx... a lot more sense.
***** smith was wrong on so many levels. Most recently the proof of lack of his invisible hand
alex vdb Still more correct than Marx ever was.
great video! helped with my assignment :D
This was extremely well made.
In the 18th-19th century drawings, everyone had huge calfs
4:44, this has aged well
agree! this is the best and knowledge-rich channel i ever found on youtube!!
Please make video on theoriest such as Milton Friedman, Keynes!
Thnk u very much for this video...😊
The speakers soothing voice makes me sleepy.
One way or another he’s spitting Straight facts here!
he is legendary for his contribution to humanity with his ideas
rare combination of wisdom insightfull spirit and practicality
I’ve read Adam and found him difficult to follow; I endeavor to double down and keep reading him until I can explain it to myself in a conversational style.
If we deny the fact that there is a lower class, then I totally agree with Smith. However, there is a big group of people who doesn't have the same a possibilities as common citizen when it comes to finding a good job and living a worthy life.
Even though Smith is right about many things, we have to consider Marx too.
Marx's theories never worked. They assume to understand what every person desires.
This is why the USSR failed and every other socialism system has as well. The reason as to why socialism always become tyranny is because it cannot control peoples desires and wants so it has to enforce its agenda.
It is simply not true that socialism always results in tyranny. This should be easy to see, if you look at some of the most socialistic, democratic countries in the world. Consider the Scandinavian countries. You are completely right, when you say that people’s desires and wants can't be controlled. I am from Denmark, and I can tell you for sure that, a socialistic society doesn't need to control peoples desires and wants in order to work properly. We don't need to control what people want because we believe that people can get the lives they want, if we provide freedom to them. Freedom to live the life you want to live, no matter how poor your family is, and no what serious disease you may suffer from.
Marx's theories have been implemented more or less successfully on small and medium scales, and unfortunately the USSR got Stalin to ruin everything.
UdSSR never had an actual socialism. What they had is better called "state-capitalism". From the beginning the Bolcheviks suppressed every popular socialst initiative there was, and instated their doctrine of one supreme leader leading an army of workers. So the Soviets are always a bad example when you want to prove that socialism/communism failed and always will fail.
No, we don't need to consider that tyrant Marx.
You made my report alot easier. Thanks🤗😭.
Great job! 💛
Scotland gave us hockey and capitalism. Two of my favorite things.
"The government of an exclusive company of merchants is, perhaps, the worst of all governments for any country whatever." - Adam Smith
To people who do not get it:
Any government that colludes or collaborates with the wealthy, primarily at the expense of the economy, the country, and society, is automatically the most tyranical government ever possible.
If you refuse to have a government like such, keep the wealthy and the government separate, any kind of collusion or collaboration must be stopped with extreme prejudice.
This is knew to me and nice. Thank you
great teaching tool to use for the modern day
It may have been that consumer demand is what businesses used to serve and be directed by, but now they create the demand themselves in order to serve it.
That's what social-libertarians would have you believe. If this was the case then why do so many companies fail? Yes, many big businesses do dictate fashion, but just as many consumers dictate it to companies it completely depends on context.
Besides, at the end of the day it doesn't matter particularly much because, as Smith points out, it's all about finding an equilibrium between the consumer and the company.
i agree with what you are saying, but just because big companies fail doesn't mean that they don artificially create demand for their own products,using billions of dollars to steer us into buying things we don't need. people are very easily influenced.
Doing a Progressive Tax on (Just) the “Greedy Part” of Wealth & Conservatively Spending (Just it) on Social Programs gets us a “Stable Society” (the “True Creator” of All Wealth!!) AND we do it with “Direct Democracy” where WE Directly Propose, Enact & Enforce “Merit Based Standardized” Laws & “Money” isn’t a factor!! - "Like" this so we all See & Do this!!
PS: Nobody’s taking away our “25 Rolls Royce’s” but WE MORALLY OWE (Just
our “Greedy” 26th Rolls & up) BACK TO OUR STABLE SOCIETY (that “Owns & Allows” us to Create & Safely use our “25 Rolls”) TO KEEP IT STABLE!!
We must Realize Nobody gets Rich without our “Fast Food Workers” who
ironically Need “Food Stamps” for Stability!!
No one is lazy & “Reaping Free Benefits off the Rich’s Money” because the GREEDY PART BELONGS to all of us!!
Read Max Weber’s “Protestant Ethic & SPIRIT of Capitalism” where, early on, Wealth was only a Moral pursuit just to achieve our limited “State of Grace” & then we stopped so others could also achieve their monetary “Salvation”
Watch “The Gods Must Be Crazy” where a “Coke bottle” falls from a plane into the midst of a primitive tribe & one guy grabs it & everyone fears him for grabbing ALL the “Money” & now being their “King”!!
In "Direct Democracy" we vote directly for issues that we've tested for merit, etc before proposal, then we popularly enact them & then Voter Volunteers will easily enforce small & specific Laws that have all the "legal standards" for enforcement in them ... congress, senate, president, agencies, courts, etc have a role to play, but within it & in service to it ...
Brilliant video!
This is really amazing thanks
I don't think Adam Smith took into consideration the effect consumerism has on the planets resources.
+TheSuperNESman Malthus.
That's because of the time period in which he lived, there was no way of them knowing back then some of the harmful impacts of industrialisation.
When you're out to only make profits, nothing else matters.
Hank Shirley
yes if people didnt have a conscience. Only like 1 percent of the population is sociopath which means everyone else including rich people have empathy and a moral compass. The problem with global warming is it doesnt feel emminent. when companies pollute there isnt visible destruction that they can sense.
Shhhh, just think of the money man! Forget the planet and your fellow human beings!
If it isn't the money the rich care about, then how do you explain the immoral behaviours of wall Street bankers who got fat bonuses while the rest of the US is left unrecovered? I just can't help to think that his wish thinking is gonna help anything.
The more you have, the more you want to earn.
there's a limit to "the more you want to earn". When you come to that point where you got all the money you could possibly have, you start looking at other things. No money can buy love or honor....
@@hunglorin5838 if the rich people, like everyone else, only see money as a means to an end, they will continue to use it responsibly.
If anyone, regardless of wealth, sees money as the ends themselves, than they do not deseeve to have it.
After all, "the LOVE of money is the root of ALL KINDS of evil."
love this channel!
great video, as always! :)
The only thing I heavily disagree with that he said was his perception of the rich. Maybe for his day, it was very true that the rich only cared about status. I'm sure that is even true to some extent now. But I think the desire for material goods is something that rich people actually care about. Not that they are the only ones who seek material goods. I mean we live in a pretty materialistic society so thats probably true of everyone to an extent, but I think to say the rich don't care about material goods is a ridiculous statement for our day of age.
The principle error in our times is consumer capitalism not serving to benefit the weak in society as smith put it, but instead has been used to benefit the privileged few. This therefore ruins the utility of consumer capitalism to be a tool of any form of social benefit to society.
it is an arrogant position to a random excess of wealth to trick;e it down - trickle-down theory - out of date and flawed to fair play to all participants in a society - contributing , so-called , or not
What Smith's book can you find the part 4 "Educate Consumer"? Also, specifically which chapter?
These videos are really interesting! Thanks for making them :) The theories therein don't ultimately address our deepest needs and questions. No economic or political theory can give us value, despite their best (and good!) efforts.
I came across the theory of specialisation as "division of labour"" tho
Anon P can you elaborate more on it? Or send a link of where you found it?