Economics: 3 Myths of Capitalism - Learn Liberty
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Not sure what to believe about Capitalism or not sure what it is? Dr. Jeffrey Miron from Harvard University breaks down 3 myths of Capitalism. Learn More: https://www.learnliberty.org/ SUBSCRIBE: http://bit.ly/1HVAtKP FOLLOW US: - Website: https://www.learnliberty.org/ - Facebook: https://www.facebook.com/LearnLiberty - Twitter: https://twitter.com/LearnLiberty - Google +: http://bit.ly/1hi66Zz LEARN MORE: IHS Summer Seminars: Apply to a attend a free seminar this summer and explore ideas in economics, philosophy, history, law, and more. https://theihs.org/seminars-conferences/summer-seminars/ Uber, Airbnb, & Feastly vs Government Regulation (video): Professor Chris Koopman explains the sharing economy and the consequences of government regulation. https://youtu.be/qvsPXKJe05Q?list=PL-erRSWG3IoDAuJgugVb49eVYtfrsjuh_ Free Market Economics (playlist): Learn more about capitalism and free markets. https://www.youtube.com/playlist?list=PL-erRSWG3IoDAuJgugVb49eVYtfrsjuh_ LEARN LIBERTY Your resource for exploring the ideas of a free society. We tackle big questions about what makes a society free or prosperous and how we can improve the world we live in. Watch more at http://bit.ly/1UleLbP
Comments
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When/where has this "true capitalism" you speak of ever existed? When has capitalism ever been without government intervention? And if "true capitalism" has never really existed, then how can you claim it is responsible for the advances described in the video?
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Amid all the propaganda from political organizations, this video was like a breath of fresh air.
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I agree that government subsidizing risky trading increased the scale of the crisis in 2008, but one factor that also contributed to the crisis was a system that was tightly coupled - meaning that the failure of Lehman Brothers at the outset of the subprime crisis led to a bankruptcy domino effect. Government could protect consumers by decoupling the banking industry - dividing our checking, savings and perhaps low risk retirement investments from a more volatile, high risk banking sector. I think Adam Smith could see the actions of today's banking industry are akin to stealing more than a legitimate business practice. The idea that the free market is an absolute "cure all" goes a long way in principle, but not in reality.
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2:58 The bad policies were deregulation, Alan Greenspan the person who ran the Fed before the 2008 collapse, was a randiod who did not believe in regulations even when such was necessary.
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Fannie May and Freddy Mac had lowest market share when also the subprime loans were being done, Video seems to be rather manipulative.
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Free market capitalism is not the problem. Corporation control of government is.
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Another excellent video by LL. But I wondered why Bill Clinton's face was not shown as the culprit for forcing Freddie and Fannie to take on enormous risk in order to artificially stimulate lending to those who did not have the history of wise spending and the capability to pay back what they borrowed. 6 or 7 years later Bush renewed this practice of encouraging fraudulent (no doc) loans and housing speculation.
Unfortunately we live in an uneducated society where ideologues pontificate propaganda on CNN, Fox, and MSNBC. And shows like the Comedy Hour with Jon Stewart and Bill Maher roll out their very funny yet uneducated little one-liners that make for quick and easy uptake into our culture. I long for the days of Milt Freidman crushing Phil Donahue on national TV (or John Kenneth Galbraith of Harvard for that matter)!
Was happily surprised to see this video coming out of Harvard as it has long been the bastion of Keynesian propaganda leading to crony capitalism (Clintons, Obama). -
Social security should be abolished have you ever heard of friendly societies that existed before social security
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The facts are not behind you. Capitalism is based on the carrot and the stick paradigm -- i.e., as you said, work hard to get rewarded. But it is now proven that the carrot and stick paradigm doesn't work. In fact, the more you are paid, the worse your job performance will be -- in studies after study around the globe.
And as to capitalism not being responsible for economic inequality, read Thomas Picketty's book that PROVES that it does because r>g (return is greater than growth)
I quit watching at 1:29 because you are so far off base. I feel sorry for your students. -
Excellent point! We can have a smoothly functioning capitalist economy with a welfare system that catches people who fall through the cracks.
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Really impressed with the video. Definitely need more videos from this guy.
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Well said. Your explanation was concise and informative. Great video.
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In order to get out of the third problem you would have to end the FDIC and the Fed. Since most economists and people support the Fed, they will always regulate the banking industry.
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Man, I'm so glad I have this bag of doritos and this coke and this minimum wage job at 59 hours a week - my life is gettin' better all the time!
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Great video. A question:
If businesses supposedly don't like pro-regulation policies because it encourages competition, then why do 80% of campaign donations from super pacs and very wealthy individuals go to the Republicans (the party that is associated with anti-regulation). Why did companies from wall street like goldman sacchs donate so much money to Hillary clinton, do you believe that hillary is going to regulate the financial industry? -
Goddammit Sloan, do your job!
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mostly unrelated question... Of the 5 people currently seeking the nomination in their respective parties, which lines up most overall with libertarianism?
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i do not even start to comment on the level of propagandist indoctrination this video actually is, I can only say this guy has some balls to present this type of bollocks on the internet. seriously Harvard university?? indoctrination at the highest level, amazing!
throughout history science and innovation was NOT driven by private business, most of the time were driven by governments of a form or another, leaders like popes, warlords or other individuals in control of some form of state resources to be able to sponsor some esoteric development.
We have hundreds of examples monks, priests, aristocrats, artists all sponsored not by private industry EVER!
fuck the lies of this guy, because a director of undergraduate studies at the
Harvard university cannot possibly be that ignorant and stupid, these lies are told on purpose, there is no doubt.
the university itself is based on socialism. if it was for capitalism it would never have existed.
AMAZING! -
1) Well in the United States people on the right- conservatives- in congress say they're in favor of capitalism and deregulation, and by their voting record corporatism-- e.g not breaking up the big banks which have total control, bailing them out, giving huge corporations corporate welfare. Which is not capitalism-- but often times unfettered capitalism leads to companies having monopolies on markets e.g standard oil which was broken up by the government so that they could compete-- capitalism. 2) Capitalism does create an unfair distribution of income, since the 1990's to today the money a CEO makes compared to the average worker has increased to 400 times whereas in other industrialized countries it's only about 75 times more. We tried unfettered capitalism it was called the Gilded Age, which had children working in horrible conditions because they're family weren't paid enough to survive and they had to contribute. Another example of unfettered capitalism failing is the great depression...Sure as an economy grows the living conditions of the public in general get better however that DOES NOT justify the inequality the injustice, of receiving a much smaller piece of the pie. One could use that argument to justify any system. It's not a good argument. Unregulated capitalism isn't good for workers, there are working poor people in this country-- who work hard yet don't have enough to live a decent living. And guess who pays to make up for that injustice? Us the American taxpayers in terms of welfare, which I think is good, I mean it's better than letting people starve it the streets, however we should have regulations so that businesses pay their workers a decent living instead of relying on the government-- which is just slave labor to an extent. Capitalism is good for the consumers my ass sure because flint Michigan is in great condition, thanks BP. I got news for you just because you work hard doesn't mean you'll do well economically in this country, unfortunately we don't live in a meritocracy. We no longer have "the american dream" we were so well renowned for it's more like the Danish dream as John green said because there is much more class mobility there. In the U.S if you're born poor you're more likely to stay like that, and we need to change that. 3) The 2008 subprime mortgage crisis was due to deregulation and money in politics, the Clinton administration got rid of glass steagall, it was the fault of unfettered capitalism, which lead to the banks getting bigger and when they fucked up they brought the economy down with it, and now they're bigger than they were in 2008! We're in a bubble right now, and it may pop any minute now which is why we desperately need a president that will get rid of the corruption in politics and break up the Big Banks, the only candidate that isn't bought nor part of the establishment is Bernie Sanders... Sanders 2016!!!!
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