Top Three Common Myths of Capitalism | Learn Liberty
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Top Three Common Myths of Capitalism | Learn Liberty

November 19, 2019


If you look at the history of the world, a
huge fraction of the improvements in the standard of living have come because private businesses
have created new products, have given people jobs, have generated profits that raise people
out of poverty and allow them to live fruitful and productive lives with reasonable standards
of living. We can have much more of that, and it will have beneficial effects around
the world, if we step back from the excessive regulation and have a much more capitalistic
system. My name is Jeff Miron, and I’m Director
of undergraduate studies in the Department of Economics at Harvard University. I want
to talk about three myths about capitalism. The first is that being pro-capitalism is
the same as being pro-business. Nothing could be farther from the truth. The point of capitalism
is to make sure that businesses have to compete vigorously against each other, and that benefits
consumers. It’s not good for the businesses per se because they have to work really hard.
So many businesses understand this, and they hate capitalism. They’re constantly trying
to get government to erect various rules, restrictions, regulations that help them,
but they’re not in the interest of the consumers. So pro-capitalism is good for consumers. That’s
who we’re ultimately trying to help. A second myth is that capitalism generates
an unfair distribution of income. What true capitalism does is rewards people who are
productive; people who work a lot of hours, people who have a lot of talent, people who
come up with good ideas, they get big rewards under capitalism, and people who don’t do
those sorts of things get less. The one negative one might be concerned about is that some
people have very little skill. They are not able to earn very much left on their own,
and so very reasonable people support some antipoverty spending. But that’s completely
different than interfering with capitalism, regulating prices, limiting quantities, opposing
all sorts of things on businesses. Those make the economy less productive, give us a smaller
pie, and make it even harder for us to operate programs that help those who are less fortunate
and because they were unlucky. The third myth is that capitalism was responsible
for the recent financial crisis and the recession. That, again, is almost exactly the opposite
of what is true. First of all, nobody who’s being intellectually honest thinks that we
had unbridled, serious capitalism before the crisis hit, before the subprime buildup occurred,
before we had all the housing problems. We had enormous government interventions that
subsidized risk, enormous government interventions that encouraged an over investment in housing.
If one’s going to try to draw any conclusions, it seems to suggest much more clearly that
interfering with capitalism generates financial crises, generates recessions, because what
we experienced was directly related to the incentives for excessive risk taking, the
incentives for over investment of housing that were created by government. The private
sector responded to those incentives, so of course the private sector can’t be completely
absolved of being involved. But in the sense of causing, it was the bad policies that caused
it not what the private sector or capitalism did on its own.
Most importantly, whenever government bailout people who took excessive risk, they encourage
people to do more of that in the future, and we unfortunately went a huge way in that direction
via the TARP and via all the federal reserve policies, which helped Wall Street and the
risk takers not have to pay the true price for all of the excessive risk taking they
engaged in.

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  1. Actually capitalism isn't primarily about free markets.  It's about wage labor and unequal exchange in the sphere of production between the workers and the owners of the means of production (the capitalists).

    Capitalism is a highly unstable and crisis prone beast.  Without extensive regulation and constant government intervention modern capitalism would break down within a few years, perhaps only months.  (And that's besides millions of lives it would ruin if left to its own devices.)  Thank God for government regulation: your life depends on it!

    The current crisis is the result of the constantly declining general rate of profit.  It's a very gradual process that's been going on since the end of WWII.  Regulation or deregulation has little to do with it.  But to neo-classical economists this explanation is pure heresy.

  2. This is an informative video.  More people should watch this, because there are so many misconceptions about capitalism right now.

  3. Government is the cancer of business and business is the cancer of government.  The two must be separated the same as church and state, separate business and state. When either of the two combine they poison each other and everyone and everything around them.  NO business should have anything to do with government, politics or political individuals.  Caps on 'personal' donation of not more than $1000 annually. NO government should have anything do with business.  Any breach should be a capital crime.  This would create a government by the people for the people AND would NOT protect businesses from the liability of harmful actions.  EVEYRONE would benefit.

    Watch Youtubes:  Milton Friedman – Socialism vs. capitalism

  4. The only good thing about capitlism is the inherent competition. If you could rig competition in a socialist system, the world would be a better place.

  5. There is a distinction between collaborative private enterprise and the price-fixing of essential goods ike petroleum, which the American oil companies do with gasoline, and which constitutes them as a cartel. I agree that the Silicone Valley giants including Walmart could afford to pay higher wages and offer more benefits to their employees and still make a decent profit, but their election not to as you have pointed out is part of the nature of the free market beast. Capitalism is not a perfect economic system nor is it always fair, especially when there is corrupt collusion between private enterprise and government, which is known as "crony capitalism." But it is nevertheless a better alternative than coercive collectivism.
    Written By: Atelston Fitzgerald Holder 1st

  6. People should focus on the money, it is the power.  What is money? We don't even use real money! Fiat currencies are mathematical inevitable failures.  We need to give the power of the money to the people.  Petrol dollar is the current international monetary system.  Is that not the giant obvious scam stealing everyones wealth around the world?!? its a 200 trillion dollar energy industry monopolized by one government!  Gold to the people free energy to the world.

  7. The only workable form of anti poverty system is… voluntary, individual charity.

    That way, the person in need with inability to work or no work skills can make a good living through having SOCIAL value.
    "I love that person, I don't mind giving them money that I have spare"

    What about those with no social capital?

    Personally, I don't see then need to gift money to thugs and rapists and bullies, but in voluntarism. That is up to you, if you want to fund those lifestyles. That is your choice. I will just choose to move away.

  8. Capitalism does not reward those that are productive.

    You become productive, they stick you with people who aren't able and/or aren't willing to do work

  9. I would love to know what mechanism of this idealistic capitalism prevents formations of monopolies and eventually one giant monopoly that sells everything?  As best I can at every time in US history when there was least regulation of business we had the most monopolies which were operating decidedly against the interests of the consumer. It's a serious question – if there is an obvious answer I'd love to know it.

  10. The point of capitalism is to make sure businesses have to compete vigorously against each other? I've literally been linked here from another video on this very channel explaining how businesses don't always compete because they realise it's in their mutual interest to cooperate. Direct contradiction of yourself there.

  11. "Many businesses….hate capitalism."  – I love this point.  It annoys me when I hear people trash capitalism because of the all the protectionist laws put in place by governments on behalf of business (and unions).

  12. Take this with a grain of salt. As everything in life as we known it there must be a balance in order to offset the apparent negative(s) of a doctrine and/or ideology.

    They're some good points made but I don't wholeheartedly agree with everything that's said.

  13. improvements in the standard of living don't require private ownership of business, they can come from businesses owned by the workers & run democratically. this video is propaganda, don't be fooled.

  14. Capitalism was developed by Karl Marx as a fundamental part of Communism.

    Key parts of Capitalism are Monopolies, Market Manipulation, Central Banking, and Crooked Politics.

    You should include saying all that with your kindly smiling face.

  15. No, I don't agree with some "spending to help the poor." I believe in helping people I find to be deserving. But I do not agree with govt taking my money through the force of taxation to give it to people that some crony finds deserving.

    The number of people who can't look after themselves is quite small. And capitalism makes it easier and easier for people to look after themselves by lowering costs and increasing salaries. So the number of people who can't look after themselves decreases. And when you realize that capitalism is the only thing in all of human history that has ever done this, and it has been rapidly doing this for more than 200 years,  the best thing is almost certainly to get out of the way.

    As far as those few who can't look after themselves, sensible, rational, self interested people will donate to charitable activities that actually do some good. This is because nobody wants to live in a world where one big mistake can leave you destitute for the rest of a short, miserable life. So, in their own self interest, people voluntarily give to charities that actually do some good. And there are lots of such entities, and there were way more of them before the govt came along and stomped on them through crap like govt run welfare programs.

  16. What a series of misconceptions and misinformation Jeffrey Miron puts forward.
    'Capitalism raised  the masses out of poverty and allowed them to lead fruitful lives' – NOT SO – Capitalism is not the beginning and end all. Capitalism NEEDS the labour of the mass's, it needs to pay decent wages to enable those workers to pay for the goods which TOGETHER have been created.
    Capitalism cannot operate without labour BUT labour can operate without capitalism.
    Without the greed and corrupt corporations, politicians and bought off privately owned press drumming us all with the capitalist agenda, we could provide ourselves with a healthy environment ,  improvement in social welfare, free from the fears of war, safety and security none of which will ever come under this present Capitalism system.
    Capitalism does not promote competition it chokes it. Cures for disease would threaten the vast incomes of the pharmaceutical corporations – far more lucrative for them to keep on belting out the ongoing treatments at enormous cost to the sick and debilitated. The capitalist system builds in break down and replace for its items causing huge pollution problems. The Capitalist system promotes buy, buy, buy and throw away societies, disregard for the environment with its rigid promotion of oil drilling, oil stealing and now the insidious fracking.  
    It is the most wasteful, most destructive, unfair and greediest system ever and it needs replacing

  17. This video is capitalist propaganda. Capitalism requires systematic hierarchy-based violence to exist. It is not surprising that the Elder White Males in this video are conveniently ignorant of that fact. Without organized nation-state violence, capitalism would implode very, very quickly.

    I'm interested in a world governed by REASON rather than violence. I'm interested in the very real possibility for world peace and the end of poverty, so I am therefore by necessity opposed to both capitalism and the nation-state.

    Upvote this if you like reason more than you like violence.

    Yours in solidarity and compassion,

    World Citizen Seraph

  18. Ok let me start off by saying there is no such thing as True or 100% Socialism or Capitalism, at least for us anyways. The human nature is not perfect, and we are all different thus making different choices and having different opinion therefore any of these theories would not ever be "perfect". However we can compare and contract Left wing (more socialist) countries to more right wing (Capitalistic) countries. Using the example listed in video, the crisis of 2008 had actually been stemmed from unorthodox banking practices, the banks pretty much handed out money to any one who wanted a house and did not do the checks they would have usually done. These mortgages were then repackaged as AAA rated investments and sold to the public. Of course the owners of these mortgages defaulted on their payments and the domino effect started, interest rates then slowed built back up and we had even more people defaulting. The end result of this the crisis we know today. So how exactly could this have prevented? There are many ways, first of all in a more left wing country say Norway, Australia and Sweden, investments and regulations are a lot tighter in the financial district, they first would have intervened by stopping these banks from loaning money to people who could not pay off, how would they do it? Easily just raising the standard requirements for a mortgage approval or raising interest rates earlier (to differ people from buying homes). 2ndly they would have stepped in when these banks sold and repackaged these loans as AAA rated investments. AAA investments before 2008 had an amazing track record and it was more of a safe low-risk low reward type. Lastly the interest rates were raised way too late, when the US decided to stop inflating this balloon it was too late.  

    So did capitalism single handedly caused this crisis? no. but a more regulated financial system would make system safer and healthier for everyone. (including banks)

  19. Anyone else notice the Harvard logo? Maybe thats the source of the unfair advantage he spoke of? I wonder if the message he is trying to convey might be of interest to the people he met at Harvard. Hiding his intent in the rhetoric might confuse people who didn't receive a fair education thus causing confusion to some and creating an advantage to others. The cherry on the top is the left and right argument he puts forward. Because a left and a right are the only options you can choose from without being an outcast makes things much more easy to exploit from the top. This is propaganda that keeps the slaves happily working by the masters who have learned to put down the whip and keep you working for their benefit.
    But what do I know? Im a drop out labeled a failure that read one to many books. I could never understand the high and mighty concepts of our massa.

  20. A Harvard professor basically saying that big government is bad? I live in Florida and just looked out my window to see if it's snowing.

  21. After reading few of these comments here, it makes me laugh how no one is actually addressing what the man said in the video. They just keep bitching about the mythical straw man version of capitalism, which was debunked in this video, and assume they somehow debunked the video without challenging any of the logical arguments. Only leftist can be so blind while parading their "intelligence"

  22. A market economy is one where households are free to buy what they want, producers are free to sell what they want, new businesses are easy to form, and existing businesses are easy to shut down.
    A capitalist economy is a market economy plus a stock market where small slices of the ownership of larger firms are actively traded. The defining institution of capitalism is the stock market.
    The whole planet throughout history was pretty much a market economy until the founding of the USSR. Capitalism began in the 19th century, with the emergence of the limited liability corporation with shares listed on a stock exchange. Capitalist economies are at most 150 years old.
    Mutual funds enable all to be stockholders. Most people have no business investing in anything other than a low cost index fund, via a tax deferred account. Roth is generally better than IRA. Few people appreciate that for households with 5 figure incomes, dividends and capital gains on stock are essentially untaxed.
    A little known fact about the USA since 1970 is the gradual decline in wages and employee compensation as a % of GDP. This can be hedged by becoming a stockholder.

  23. What is in place today corporatism. What we need is a true free market system. The economic crisis is the result of a fascist alignment of government and corporations. Google: Which Corporations Control the World? and read the article by Global Research.

  24. ..total bullshit. In theory, yes, capitalism is a good thing, but we must factor in the shittiness of most human beings. Capitalism is a springboard for the rich to manipulate and control the poor.

  25. Unbridled capitalism destroys families and countries. Just like it's evil twin, state communism (Marxism & Trotskyism), its highest values are money, money, money. Both systems breed corruption and lead to all money and power being concentrated into a few hands. It is the lack of regulation and lack of enforcement of existing rules that has led to our current crisis. I wouldn't expect a materialist tool of the State like Dr. Miron to recognize this simple fact, one that most people can easily see now. Most of Harvard's money and students come from Jewish moneyed families now, so of course he will be materialistic, pro-open borders, and pro-globalist.

  26. 1 big problem. He states that things would be better with less regulation, goes onto to say that capitalism wasn't the cause of the recent financial crisis, okay… BUT! The cause of the recent financial crisis was because of NOT ENOUGH REGULATION!

  27. 0:05

    Its also come as more workers rights laws have been in place, minimum wage laws improved and taxs have been put in place. 

  28. "hey I went to harvard, let me tell you a bunch of stuff that my rich fuck cronies like to hear"

    To be fair he makes some good points, but he knows that he's lying through his teeth on the third "myth". He's blinking all over the place saying "capitalism was just sitting there minding its own business then government kicked in the door and poached everyone with drive by predatory loans" 

    of course when opportunists hurt america and look ugly its not TRUE capitalism and government is then the bad guy because they are somehow semi responsible, even with a bankers hand up their ass.

    Here's his argument in reverse and wait, it actually makes sense. When politicians are bought out by lobbyists they are not being TRUE to their job, see what i did there?

    He straight up says that the point of capitalism is to make sure that businesses compete vigorously. No, this is what we call an aspect of capitalism and one that tries to keep it honest. But the point of capitalism is capital. increasing the bottom line, making profit, getting rich, being opportunistic… ripping people off. Don't sugar coat it. You john galt lemmings worship greed until it bites you in the ass and then oh yeah, its not true capitalism. tell yourself whatever you want.

  29. So many socialists in the US blame capitalism instead of blaming corporatism, which is caused by socialistic government policies that only help oligarchs to develop. A bigger government is not the answer to all your problems, it is the cause of most of them.

  30. This ass-hole is forgetting that regulations are what check the power of big business to screw over the little guy. The FDA did not pop out of a vacuum. Big business was selling "food" with no nutritional value and "drugs" that were made from snake oil. Since business will not regulate itself WE THE PEOPLE must act as a check on it's abuses. That is exactly why GOVERNMENT must regulate. To keep the competition fair and to keep the little guy from getting fucked! Can I punch this dickbag in the face now?

  31. The fact that there are over a thousand down votes, shows that a large portion of the population are essentially economic illiterates. It is pretty sad to think that so many of these people vote.

  32. I'm not an all caps kinda guy but, THE BIGGEST BOWL OF HOT STEAMING UNBRIDLED BULLSHIT EVER SERVED.  SOMETIMES I WISH THERE WAS A HELL BECAUSE PEOPLE LIKE THIS LYING ASSHOLE DESERVE TO HAVE EXCESSIVE AMOUNTS OF SULFURIC ACID POURED DOWN THEIR THROATS FOR THE LIES AND GLOBAL SUFFERING THEY PROMOTE.  SHAME SHAME SHAME!

  33. Is he serious? So the lack of regulations that caused Goldman and company to bet against the investments they were making for their clients, the lack of regulations that caused AAA ratings by the rating companies and the lack of regulations that led people like Greenspan and Summers to intervene in gov to NOT regulate the Financial Markets those lack of regulations are good? THAT IS WHAT CAUSED THE DAMN CRISIS! 

  34. All of the people in these comment sections are attacking a straw man, non-existent version of capitalism that they made up in their head. True capitalism has NEVER been implemented before, so you are incapable of making claims about it's worth. The theories and statistics show that when businesses are allowed to flourish, more people are employed and more wealth is generated for more people. It is the government bailouts, social service programs, and heavy taxation that ruins people's lives and makes it more difficult for people to thrive through their work. 

  35. This pure text book view of capitalism is fine if humans were robots. But unregulated capitalism bring base desires to the front such as greed, envey, gluttony, and a disdain for those less economically your equal.these base desires will always lead to a capitalism of take what you can and give nothing back.

  36. The leftists commenting here are strawmanning capitalism by equating it to political cronyism. Powerful corporations actually promote regulation, because it puts up barriers to competition that excludes smaller companies. The big companies can afford the teams of lawyers and accountants to deal with the regulations, but the small companies can’t, and are forced out. Here’s a term you might find interesting: “Regulatory Capture – a form of POLITICAL corruption that occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or special concerns of interest groups that dominate the industry or sector it is charged with regulating.” This problem is caused by GOVERNMENT corruption, not free markets.
    The entire population benefits as markets become freer. Look at the Asian countries that were once suffering from extreme poverty, but whose populations are now becoming increasingly better off. Compare the China of the 1960s to the China of today. Compare North and South Korea, and Hong Kong and Zimbabwe. History is clear, as markets come out from under the thumb of government bureaucrats the people prosper.

  37. Many people are indoctrinated by Marxist ideology by pseudo "left"-libertarians. Their flaw lies in the false Marxist view that Capitalism by its very nature goes hand in hand with the state. This has been debunked over and over again, but it appeals to many because learning about what capitalism really means is hard and requires work. Unlike what Marxism claims, Capitalism is not by its very nature Corporatism. Rather, Corporatism is the very opposite to Capitalism, since Corporatism is a result of the State taking over business and giving some companies an unfair advantage. In other words, exactly what socialists themselves propose. So it's more accurate to view Corporatism as a form of Socialism.

  38. I'm not particularly interested in the trend throughout libertarianism to promote “competition.” It is co-opting a ridiculous leftist trick to describe the market or “capitalism” “a system of competition.” Capitalism IS NOT “a system of competition” – it is the voluntary exchange of goods and services without coercion. Some competition may result from, in the same way that if both Philip and Nicolas invite me out for dinner on the same night I have to make a choice between what I do with my night, and someone is going to lose out on my astonishing company, but it is not a system of competition. People make choices with scarce resources, that is natural, but there is far more cooperation involved than competition. You have to cooperate with buyers, sellers, managers, employees, suppliers, customers, advertisers, promoters, marketers, collective buyers etc etc

  39. Capitalism leads always to oligopoly and therefore reduces competition and consumer benefit. You forgot to mention this one mr "I'm smarter than the rest prof."!
    In addition capitalism has always losers because it's impossible that everyone gets rich or that every country has an excess in exports. And by the way our fiat money system is mathematically designed to failed from time to time.
    Please tell me again how smart we are, that our system is so advanced that we shouldn't develop it further and that triple down economy is working!

    🙊🙉🙈

  40. so in a pure capitalistic society there is no way of forming syndicates or conglomerates to artificially regulate good distribution and prices?. a pure capitalistic society can prevent companies from becoming so big that they cut out competition and become sole proprietors of a good or service and price it the way they want it?. funny how capitalism or as you say corporatism makes the government get involved through lobbying so that they can have a monopoly and then blames the government of intervention?. so apart from capitalism we also need politicians who cannot be corrupted?. so in a system that basically says your actions, your decisions and your choices are what are going to dictate how much wealth you have, politicians should avoid greater wealth from lobbying and stay balanced?. A system that works on the inherent selfishness and greed of human beings needs non selfish non greedy almost divine humans to prevent it from being a monster?. one last question I keep seeing the word scum being used interchangeably for leftists. what is the word used for rightists? or is it just the right that uses these words because they work on the principle that the basic instincts are to be gratified rather than controlled like intelligent human beings.

  41. Khi Socialism vẫn còn…,thì Capitalism công kích dữ dội…Thế mà bây giờ thế giới không còn Socialism nữa…chỉ còn lại một mình Capitalism…thôi, thì ông này chĩa mũi nhọn công kích vào chính phủ ,tổ chức mà chính các thành viên bầu ra….tóm lại,tự mình tát mình…thôi cũng tốt,phải bắt chước cộng sản…tự phê bình để đi lên con đường…sắp phải tới theo đúng quy luật,vì con người-động lực và vố quý của xã hội…đó là hình thái gì? Xã hội mới…tên của nó là gì….chắc ngài giáo sư nên nói ra cho cúng tôi đỡ mong!

  42. we have less scientists today, because of monetary system which involve
    advertisement sectors, finance sectors, marketing sectors, interest
    sectors, tax, credit and debt… they all are irrelevant in such
    technological age, these all can be replaced by ERD-SD (Equal Resource
    Distribution for Survival & Development) which is handled by
    scientists and sociologists.

    more than 25% of world population can be scientists. in just next 10
    years, only if we "At Least" replace monetary system by making earth
    resources a common heritage for all living things on earth. Instead of
    figuring out what would be better on mars and how can my piss and shit
    be reused again, they should harness the renewable resources of earth
    with techno-automation without exhausting the eco-natural powers of
    earth.

    instead of making mars like earth, FIRST make earth like earth. for dead
    god "supernovas" sake. we need more technology & scientific brains
    evolved here on our home earth before stepping out into beasts and
    monsters which challenge our survival.

  43. It's really pleasantly surprising how much common ground libertarians share with progressives on social issues: we see the same problems, we just blame different sides and reach conclusions differently.

  44. "If you're free market you're brain washed by the rich", yeah tell me more about your big government education and your love for big government.

  45. Sooooo many bullshit… The only reasons we still have a tolerable standard of living in the western world are the Marxist theories, communism and people who stand against capitalists and fight for their rights and liberty!!! Capitalism is full of shit…

  46. Capitalism is natural. Communist politicians have to keep up withe the mind-control propaganda and the disarmament of the people so the politicians dont get killed.

  47. Credit and interest society's are based upon greed. True Capitalism does not work within that model. Hence disparity and confusion within a country's prosperity and lack there of. Capitalism is about freedom of the state by manufacturing a service or product that will better a community. As well as enhancing ones life through becoming a owner. But if one is not an owner then one does not lack anything because your employer that you work for gives you a wage desirable for a life's expensive's

  48. So a white middle-aged man in an expensive suit is talking about how capitalism benefits us all, on a channel named „Learn Liberty“.

  49. I like Peter Thiel's take on capitalism: he says capitalism and competition are thought to be the same, but he proposes they're opposites: in order to capture value, successful companies have to create something unique, this will assure their success and wealth and benefit customers because they will enjoy amazing products or services provided by a kind of monopoly that is not created by government favors or restrictions but out of extreme innovation and craft for quality, and careful planning.

  50. The way we utilize capitalism in the US is by sanctioning monopolies for big corporations, AT&T and insurance companies for example, price fixing (notice how there is no real competition for our cell phone dollars and other services that the big corps have their fingers in). Non-stop financial growth for the very top, while working people see a non-stop decline in wages. Massive part-time employment, or the new trick INDEPENDENT CONTRACTOR (try paying your own taxes under this deal, if you make less than 40,000.00 you are FU****) and then you also have to pay for healthcare, etc., by the time you are done you are effectively living on poverty wages. The a widening gap between the haves and have nots, a crumbling infrastructure that resembles a third world country. WELL REGULATED Capitalism works very well, for business, workers, and the society, it is only when the powerful get too much power and control and throw the whole system out-of-wack that the majority of people suffer.

  51. This is just capitalism. Private ownership of the means of production. Market economy.
    He seems like a smart enough guy but I'm disappointed to see this fundamental semantic bastardice.

  52. So apparently capitalism is not the system of economics in any nation state in the entire world, but at the same time it is responsible for all of the technological and standard of living advances in the modern world?

  53. The one thing he "forgot" to mention is that most of the people making the big bucks in this capitalist system dont do anything at all, they either inherited the money and pay someone else to work for them (Trump) or move money from one corporation to another (Buffett).

  54. Adam smith said it all long time ago and now capitalists don't like to hear his name even though he's the founder and the father of capitalism which is ironic 😀 , the neo capitalism is lack of humanitarian ethics

  55. he says that pro-capitalism helps consumers and in this case businesses have to work hard. ironically consumers are the ones who work for businesses.

  56. Myth 1: Competition is not a natural capitalist tendency; the natural tendency is cartel formation, price fixing, and ultimately monopoly. Government/regulation has to insist upon fair competition and has to legislate against the aforementioned tendencies of capitalism and still unable to make sure fair competition takes place. Competition is the myth of capitalism.
    As Amory Lovins aptly summarized: "the markets make a good servant but a bad master, and a worse religion".

  57. Very good, then Monopolismus can be addressed next.
    We had bankers that were e fraudulent yet never went to jail.

  58. I blame socialist public education for educating us from middle school up to believe that its normal to have a bloated bureaucracy and 45 cabinets in the White House managing every aspect of life, taxes are always and everywhere a good thing, and that growing government programs, debt, assistance, and spending make us all better, etc. I mean, when you give the Dept. of Education (a government bureaucracy interested it keeping itself in business) power to manage all of America's K-12 programs in this country, don't be surprised when the mantra and underlying theme is ALWAYS big government. Do you think the DOE is interested in spreading information regarding bloated bureaucracy and how the government has no obligation to be efficient? Or that the private sector is always more effective at delivering goods and services? Of course not, they don't want people growing up educated enough to understand that these departments and big gov't are inefficient and wind up running for office/voting them out of existence. It's all about job security and perpetuation of the department itself. Even many public school teachers rely on the system staying in place and lean heavily left. Shocking — I learned capitalist economics rather than Keynesian when i went to private college!

  59. Govt. bailed out the banks, not the people. The federal reserve is unregulated PRIVATE entity (and you don't know who the owners are). This guy wants that USA was a communist country so economy failed in 2008? Nothing to see here people , move along.

  60. But but capitalism exploits workers…. its not my fault I have no skills no ambition no drive or dreams…. the rich need to provide for me cuz mommie & daddie kicked me out

  61. Government subsidizes businesses which means socialism is good for business but not for people who pay who pay taxes? 👎 your cancelled

  62. This is the first guy from Harvard in 10 years that makes sense, did you know Obama was from Harvard. This fact alone makes Harvard incredibly terrible, quite honestly yet go see who else graduated from Harvard. Immediately after seeing the Harvard brand it makes me think of losers. Harvard should thank this guy for making them look more like winners.

  63. It’s amazing how he even said you can have programs for the poor and helping people and capitalism can help pay for it and so many people still thumbed jt down because evil capitalism…

  64. They like to hold up Sweden as an example of socialism. Sweden has a more capitalist system than we do. The difference is that EVERYONE pays taxes there. The lower and middle income pay more than the wealthy because they use more of the services. Only 60% of the American’s pay federal taxes. You can’t sustain federal programs unless everyone pays into them.

  65. So in the case of the financial bailout it’s pretty clear that businesses wanted to maximize more profit and pushed for legislation that would make it easier to get loans for riskier investors. I feel like this point got minimized. No that’s not capitalism‘s fault per se. But business is the ones with the money making the policies. There’s got to be some better protection for the people against a corrupt.

  66. I sincerely hope that this video was a target of some communist raiding party who disliked this video en masse based on the command of their shepherd. Because if that dislike ratio is organic, then we are fucked.

  67. If we prefer the right or the left or anything else, the key thing we need is accurate info about that our choices are. Right wing folk here often say that leftists dont really know what capitalism is. Actually most people dont really know what ANY of the options are. People who support conservative groups are just as guilty of that. My article about the myths of capitalism, communism and anarchism: https://radicalfun.weebly.com/cliches-about-capitalism-and-communism.html

  68. Some people saying that leftists here are not replying to the man’s actually points. Ok, here goes – direct replies:

    Myth 1 – ‘being pro capitalism is the same as being pro business…nothing could be further from the truth” I could give this guy the benefit of the doubt and think he just worded that poorly, because it seems an very odd thing to say nothing could be further from the truth. If so then the truth is that pro-capitalists are ANTI-business? If we take business to mean, at its widest, commercial activity, then how are pro-capitalists against commercial activity? They are not. So, that very much is the truth. Or another definition: “In a business, people work to make and sell products or services to earn a profit.” How are pro-capitalists not for that? They are for that, therefore they are pro-business. Very odd to state “nothing could be further from the truth” about this.  

    “Point of capitalism is that businesses have to compete vigorously against each other.” Firstly, isn’t the fundamental point of capitalism to make profit? Or we might say, the real aim, underneath that, is to create wealth so can have a decent life. But it considers that individuals and companies making profit in a free market is the best way to do that.  The point is certainly NOT to have ’businesses compete vigorously against each other’. That is, more correctly stated, one of the processes commonly associated with the aim of making profit. On the other hand, the increasing concentration of power in the hands of a few huge companies is also one of the processes commonly associated with the aim of making profit. 

    “ultimately trying to help consumers.” – again, is that the aim of capitalism?  I thought he just said the aim was ‘businesses compete vigorously against each other’ . As i said we can be generous and think he has not worded this well, as he seems a smart and thoughtful person. So, we might say that capitalism HOPES via chasing profits and businesses competing against each other in the process, that this ends of helping consumers. That may be the case. It almost certainly is the case some of the time. We have to ask ourselves: 

    1. Is that what actually happens most of the time, in real capitalism as we see it around us? Or can we see consumers being ripped off, and choice reduced, and being misled into buying things they dont need, etc. 

    2. If we see a very large amount of negative things that dont help consumers, or actively damage them… then what is the cause of that? Is it something fundamental in capitalism? Or is it because government or socialism or big corporations distort capitalism? He clearly thinks its the latter. I personally think its the former. Capitalism, by its very core nature, leads to things that damage us, our societies, our families. 

    See the other two replies here: https://radicalfun.weebly.com/left-answers-right.html

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