213. CAPITALISM: Principles of Economics Lecture 12

This the final lecture of Saifedean's online course Principles of Economics, entitled Civilization. You can watch all lectures and join weekly discussion seminars by becoming a member of Saifedean.com
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[@debbiebeatty8449]

I can’t believe I just found you today. Your insight on Israel/Palestine is the best I’ve found. Delighted to hear others from the libertarian/anarcho-capitalist camp said speaking up against Zionism.

[@CarlosMolina-fn3ep]

Your channel will be a treasure trove and once the world wakes up as oil was once overlooked in the field of farmers

[@johnnymidas5879]

SAIF, THANKS FOR POSTING SUCH QUALITY CONTENT ❤

[@cryptoemcee]

Thanks, Saif!

[@majde511]

Thank you dr Saif ❤️

[@QDogg]

The lecture on Money from your book would be great if it was on KZbin. People don't understand this basic and why we have it. The coincidence of wants and how money solves it.

[@psytek1978]

I was thinking... Now that we have artificial intelligence, system that can predict resources allocation, automatized central planners, could we try something similar to socialism without the violence incentive and without the dehumanizing rush of capitalism?

[@fiqhonomics]

Computers are stupid.

[@fiqhonomics]

Limited liability, the foundation of capitalist corporations limit the "consequences" to investors flowing from their choices in how to invest their capital, resulting in oligopolies. Scandinavian countries are socialist in that the healthcare, elder care, education is funded by society as a whole (via taxpayers).

[@io3213]

I'm always uncomfortable describing capitalism as a "system". To me it is better described as the individual practice of acquiring capital in nature, or on the market, for some ulterior profit motive. You could also describe capitalism as an ideology, that of practicing capitalism being a good thing. To me the practice of capitalism needs free trade to be able to develop into more and more efficient technologies and products. Free trade is the system. Capitalism is an individual practice that can use a system (hopefully the free market) to develop onto. And I believe some would argue it is also capitalism when the individual acquires his capital through crime.

[@phillipechavda3654]

I like your comment, but after watching the video I would say that for the capitalist ideology to be practiced, the right to trade freely and the right to own private property must exist. That doesn't mean people or institutions can't steal and get away with it in a capitalist system, it just means the society in general respects and tries to defend each other's right to own things and trade them. And of course, this won't work efficiently without money

[@SteveO21M]

How can a country be considered capitalistic if it doesn’t have a free market for money? I.e. it has a central bank that engages in price fixing for money. A central bank is the 5th of 8 necessary measures for the creation of a communist State, per The Communist Manifesto. A country that has a stock market and a central bank is still a socialist country.

[@phillipechavda3654]

See @oi3213's comment he gives a good explanation in my opinion

[@fiqhonomics]

Capitalism is inherently non free market because interest and limited liability leads to oligopolies which restricts market entry and consumer choice.