Noam Chomsky on Free Market Capitalism

[@jshir17]

There is no such thing as a “free” market whether it’s in a capitalist or socialist society

[@MRender32]

They exist, but they’re called warlord systems

[@josephcro2138]

@@MRender32 and you base your comment on....?

[@Clearynotcrazy]

Lol it wouldn’t do anyone any favors We’ve seen how when these types of systems are more free they lead to monopolies (industrial revolution) Private armies against workers (look back to the late 1800s) And centralization or power which does not do most people any favors…

[@pedrovanrell7193]

Monaco, Switzerland, Andorra, Liechtestein, S.Corea, N Ireland. Freeysh countries and i dont see them running fast out of there. 😂😂😂

[@aidenconnor2126]

The stress on mass consumption has been heavily fostered by the circle jerk tie between corporation and state, not the economic system in and of itself. It is true that capitalism can have aspects of greed and consumerism, but these are tied to the individual and how they're fostered and conditioned. And it is to no surprise the state has Influenced and catered to the majority for it. And could be easily reset with global enlightenment and psychedelia. All aspects of any government policy are anti ethical to mutual aid and social cooperation. A minarchist government would allow for completely free organization of individuals and the structuralization of communes, co-ops, and unions. None of which have majorly surfaced since government aid for the individuals. "The mutual-aid tendency in man has so remote an origin, and is so deeply interwoven with all the past evolution of the human race, that is has been maintained by mankind up to the present time, notwithstanding all vicissitudes of history." - Kropotkin

[@veryliberalprogressiveathe6117]

People who don't come together for an inherent good WILL NOT properly allocate resources which leads a planet and country into an inefficient death spiral.

[@kloschuessel773]

Very Liberal/Progressive Atheist chomsky does this... Chomsky tells half the truth, exactly like msm. For example: more cars dont mean higher gas prices More demand doesnt equal higher prices in general. If ppl place a value on nature and unharmed nature, they will consider that when buying a product. „Green/bio“ products for example. More and more get offerend and demanded. In fact, higher oil prices would lead to card that need less. Its just a bunch of nonsense what hes talking about. Also: he thinks its mean and rotten to think of your own well being first or act like it... Everybody does that. He does that. State interference in markets often causes most of the known issues. Paper currencies is a market interference Paper currencies are the main issue with banks and bank collapes. State Securities for ppl that give money to banks lets them ignore the risks of the bank. Free markets and capitalism isnt perfect. Nothing is. Socialism and others are worse, way worse. And history has repeatedly demonstrated that. And it isnt even the theory. Its the unintended consequences, the ppl and actions it produces that leads to the massive corruption and inefficiency. Free markets are the oldest system of economic „order“. Its the natural system. Ppl trading and doing business without some state entity hundreds of miles away micro managing their every move. Its just dumb that a small group of ppl or even a majority in elections should have the right to impact every small deal and action you wanna undertake hundreds of miles away. Look how well online „flee markets“ work. How would you know real prices if it werent for free markets? In every socialist state, whenever ppl have set prices, black markets develop. These black markets being free markets. So when the government says that an apple equals 50 ct but for 50cts that price is too low and there are never any available... You will be able to get some on the black market for the real price. Thats how it always worked. In the soviet union, in east germany, now in venezuela

[@DrunkCatEyeless]

​@@kloschuessel773 so should i buy bitcoin or not? wtf

[@kloschuessel773]

Luis Augusto Zamprogna Vieira da Cunha thats your choice

[@kloschuessel773]

Luis Augusto Zamprogna Vieira da Cunha if you want to trade it/gamble, fine I very much doubt that it will ever become what gives it credibility in the first place - a real usable and practical currency

[@kloschuessel773]

Luis Augusto Zamprogna Vieira da Cunha you can trade it, cause its volatile Cause its so volatile, ppl will tend to fear it as everyday money

[@festus569]

Noam Chomsky is right about so called free market capitalism.

[@kloschuessel773]

ciprian rufius luca hes not. In fact he misrepresents it and even states falsehoods. He dislikes the principles and is dismissive. Most of his mentioned problems only occured in recent history bcs of state interference. Free markets to know real prices Competition to have options and innovation These are very important things. In every socialist state, free markets existed. The so called black markets. They were repressed and didnt work well, but you were atleast able to get everything you desired if you could pay for it. But stuff that just wasnt available for the prices set by the state

[@kloschuessel773]

ciprian rufius luca its not perfect But its the best we have Same with democracy

[@lelis_5330]

Free market and capitalism are two different things.

[@lelis_5330]

Free market and capitalism are two different things.

[@erniereyes1994]

@@lelis_5330 depends on how you define capitalism

[@JoshuaHughesWisconsin]

Which is why 2-things Should be present, but 1-thing MUST be present whenever you have FREEDOM. The second flows from the first. The first of which is personal integrity and morality, the second is law and order. Such were the words of our founders left us... “We have no government armed with power capable of contending with human passions unbridled by morality and religion. Avarice, ambition, revenge or gallantry would break the strongest cords of our Constitution as a whale goes through a net. Our Constitution is designed only for a moral and religious people. It is wholly inadequate for any other.” - John Adams

[@MRSF-dw3zx]

This video makes my head hurt. What he blames capitalism on is actually the fault of government regulations on the economy. I don't see how wanting to provide a service or product to some one for a price and allowing him or her to choose to buy your service or product is totalitarian in the least bit. Totalitarian would be that owner providing the service to force you to buy his or her own product and not giving you the chance to look for other products or create one of your own to participate in the market as well... which is what government heavily restricts through taxes, regulation and, to some degree, inflation.

[@fede2]

"I don't see how wanting to provide a service or product to some one for a price and allowing him or her to choose to buy your service or product is totalitarian in the least bit". Right. The essence of capitalism. I guess phenomena such as competition and private property rights are totally tangental to this dynamic. Nor, I suppose, are these phenomena constitutive of concentrated power of any sort. But of course, I forgot: it's only power when the state does it...

[@daveshaw5328]

But you’re forgetting one important part. The regulations, that we call “the government” are created by the influence of the people. What form does that influence come in? Money. Who has the money then to influence the government to intervene? The very people at the top of the pyramid scheme type capitalism we’ve allowed them to create. Indeed, then, we could just as much assign the blame on ourselves, instead of this idea of an entity called government that will inherently work for the people, because that’s what it’s designed to do, without the influence of the mass majority, the “people”. I use it here, the same way it was used so many years ago in the forming of this country, with the U.S. Constitution. “We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defense, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.” Does this sound like something designed to serve only the few at the very top? Indeed, it does not.

[@theyeking7023]

@@fede2 How is competition debilitating. It only improves the efficacy of the Market.

[@fede2]

@@theyeking7023 You're missing the point. Competition is conducive to concentration.

[@md.ashfaqulislam2960]

It is totalitarian because the worker depends on the employer to survive. Suppose the worker is abused/harassed, subjected to harsh conditions or even beaten in the workplace but he can't quit the job because that is the best job the market can offer him. His only options are either to obey the abusive employer or get fired from the job and starve. Being free from coercion is not enough for freedom. An individual almost totally dependent on someone else is not free. Also see Confessions of a Capitalist: how a serial entrepreneur became a dirty commie. - kzbin.info/www/bejne/jXncpGSgmJeDpMk

[@extraterrestrial16]

The number of dislikes here really is concerning. Because he really is describing the unjust state of our world and how markets are mainly good for that. I mean eric weinstein has said we couldn't have a good economy without such competition, but it seems he is seeing in the way of coportate leverage. And this is fairly straight

[@alexrodriguez1534]

Because Noam and you are commiting one of the biggest economic fallacies. You are not thinking long term and considering all the effects that happen. He keeps saying how buying a car helped his own self-interest yet the money couldve gone towards a subway to help himself and others because that would be a better use of the money right? But why not look into what just happened to the money spent on the car. It goes to the dealership which then takes a small cut and gives the rest to the manufacturer which then the manufactuter uses to invest into making cars cheaper and more innovative for everyone else. So me seeking my own self-interest just helped millions of less well off people get cars, in the past cars were a thing of the extremely wealthy and now even lower-class people in the U.S own cars. I would say let things happen naturally, because not only do we get more freedom but we also advance faster.

[@8beef4u]

@@alexrodriguez1534 He's arguing you don't actually have freedom. The car companies have lobbied the government to cut funding for public transportation, making it so you have to buy a car to participate in the economy. That's not freedom at all. And I would argue you are not thinking long term. What about the environment? What about when we run out of oil and we've built a society that relies completely on oil based individual transportation? We need mass light rail and mag lev trains. That's the future and it's more efficient, cheaper, and better for the environment. Also the car companies were bailed out by the government. That's not a free market, that's state sponsored capitalism

[@mikearchibald744]

The one part I'd disagree with is the notion that all financial markets care about is profit. For example, Canada is a petro state and relies heavily on oil. Much of the world is turning away from canadian oil, but canadian banks are investing heavily in them regardless of whether those investments make or lose money. Canada only has five banks, its essentially an oligopoly and the government relies on them from time to time and banks rely on the government from time to time, like during the financial collapse when taxpayers essentially OWNED the CIBC, then sold off the shares at their cheapest point, now they are back to making huge profits.

[@AutonomousVoice]

Check out Red and Black TV here on youtube- weekly, independent anarchist commentary from Britain.

[@waneagony]

Why wouldn't the free market give him the subway? Didn't James J. Hill built the Great Northern Railroad the "free market-way"? Albro Martin, James J. Hill and the Opening of the Northwest (New York: Oxford University Press, 1976)

[@locked3009]

I think he also forgot about the private train companies in Japan. Which provide an overall amazing experience for the consumer because of the constant competition of the other companies. Here in Australia I'll regularly wait for the 20 min delayed train and will be fined $200 if I put my feet on the seat.....

[@matthewkopp2391]

waneagony That is really not the best example. The railroad was built by big government giving away the seventh largest land grants in US history. And the large scale government intervention of the project is well known with over 30 years of government bonds funding the project. This is just skimming the iceberg as to the degree of which Hill benefited from government intervention.

[@IntheEndAhNevermind]

Exactly. He was a doomer. If the governments didn't get in the way, private rail systems would exist. People wouldn't even need the rail system so much if the zoning laws didn't exist.

[@Santiagola24]

You can still decide if you want to buy a car. And then you can decide which car to buy within your budget. Capitalism is a necesary means. And i cant see in socialism a better way anyway. Subways, bikes, buses, trains, are all created in the marketplace. Tell me a better alternative and then we can discuss.

[@8beef4u]

subways and buses and trains for the most part are all funded by the government. There is no private subway and most buses that service cities are government buses. He also forgets that the markets stole the electric car and light rail systems from us

[@guibaracho]

@@8beef4u Private companies can to provide subway and buses services easily if the government does not regulate the market and protect cartels. Whenever there is a demand, the market meets that demand.

[@PJ-cm8ix]

@@8beef4u Private tenders are fictional then

[@kaliduncanel3356]

Do you really think Tesla is trying to make good cars?

[@nut913]

Who knew a linguist without citing any real life studies in support of his position. Knew more than a Nobel prize winning economist Milton Friedman. Wow

[@utilitymonster8267]

Liam is moist, first of all, what if he was a philosopher, historian and cognitive scientist? Would that be good enough? Second, no idea why you think he doesn’t cite sources. Because you watched this five minute video? Third is saying ‘someone won this price so he knows more’, that’s just a fallacy. And by the same logic you have no right to speak because there are smarter people who do not agree.

[@nut913]

-____- I’ve watched more than enough, he speaks to emotions more than logic. I see his points but I just don’t think he knows how economics works.

[@PegasusTenma1]

-____- I’ve been following Chomsky for a while and have watched many of his videos and while he admittedly makes very good points, he uses dirty tricks to exploit small errors in someone’s argument and turn them into a giant strawman. One example of this is when he was trying to make a vague connection between slavery being prominent in America’s history (which is true) and America being one of the most influential and economically powerful countries currently and he tried to correlate this with Friedman’s support of the free markets and classic liberalism which is just complete nonsense. Funny thing is Milton Friedman already had an old video which debunked a variation of these claims beforehand but Chomsky clearly never bothered to do any research (similar thing when he spoke about Jordan Peterson). And after reading what he wrote just one day after 9/11, I’ve lost nearly all respect for this old quasi-Marxist idiot. Someone like Thomas Sowell can easily school him on his stupid economic fallacies and anarcho-syndicalism

[@sakarikaristo4976]

I must say the 2nd point is misleading. He does not define what systemic risk is. He left out that supply of money to the economy is all important, and banks are the key. That does not mean just transacting money, but more precisely supply of credit, for all money there is, there exists equal amount of credit. One’s asset is another’s liability.

[@sakarikaristo4976]

The systemic risk and contagion is that somewhere out there is a concentration of bad loans. Lending money to all property developers and homeowners in an island under risks of natural disasters? Suddenly all loans go bad, assets must be written down, the bank is undercapitalized, depositors may want their money back and panic about their depoists will start more bank runs, that will constrain banking sectors ability to make loans, slowing down credit creation, money supply stagnant or contractring, and a recession.

[@mrqz3146]

What a smart man

[@billyb6001]

Uber pool is pretty cheap.

[@pedrovanrell7193]

Because freedom its only achieved throught private property,free market and economical freedom. Totally opposite at what this ideologist is saiyng

[@dabcity925]

So, if you think that bank is involved with risky behavior, don't put your money in that bank. Free markets work pretty well. Government doesn't.

[@BollocksUtwat]

+dabcity925 Saying free markets work pretty well is like saying Communism works really well. Neither has been observed as functioning ever in any society ever as its described by those claim it does exist.

[@originalsinquirls1205]

+dabcity925 If perfect information was granted that would work. The closer we get to free access to information the closer we can get to free market in some industries though.

[@aasthashah5625]

Le me: puts 1/5th of my savings in bank Le bank:crashes Le me, now old, retired and lost my savings: That bank sucks. I will not put my money there in my next life (I'm Indian and we kinda believe in rebirth, if anyone was scratching their head)

[@aasthashah5625]

Coughs in Thatcher privatising railways

[@Koevid-IVFPandemieAngstPornoNO]

Unlivable wage '' voluntarism '' ---- Ancap ----

[@veryliberalprogressiveathe6117]

He's absolutely right in many ways

[@erniereyes1994]

He actually couldn't be more wrong, economically speaking.

[@PegasusTenma1]

Very Liberal/Progressive Atheist economically speaking, you can’t get any more wrong than this. He’s stating some of the worst fallacies I’ve heard in a while from someone who is meant to be an articulate and intellectual giant (I don’t consider him either, mind you).

[@Ismael___607]

He is not

[@kaliduncanel3356]

@@bagsinsight lol. where do you work at?

[@kaliduncanel3356]

@Drewmer MRooster12 correct. It's existential not economic. No one learned anything from the great depression. Economically he's wrong. Externalities are existential issues so he's correct there. So long as people look at Capitalism the way a christian whos never read the Bhagavad-gita it's a conversation with a wall.

[@AquilaArbites]

Audio isn't working

[@khafreahmose8768]

Profit motives are good. Profit motives drive innovation, customer satisfaction, and quality of product. Customer satisfaction IS benevolent. Businesses are in the business of pleasing their customers. And there's nothing wrong with the employee-employer relationship. It's not exploitative, it's the right to choose. Jobs not only choose people, people also choose jobs. The only thing I agree w Chomsky about is the level of education and knowledge in a society. In order for a free market system to work most efficiently is to have a highly educated and informed society. Without that capitalism unfairly gets a bad rap.

[@Andy-km1xp]

Right to choose? The alternative is to work for another business if you get that chance ... or starve

[@khafreahmose8768]

@@Andy-km1xp yes. Employment is a choice. Either one chooses to work for someone or work for themselves. Their choice.

[@Andy-km1xp]

@@khafreahmose8768 work for themselves? That’s not a choice because most people don’t have the means to do that 😂 foh

[@khafreahmose8768]

@@Andy-km1xp don't have the means or don't have the courage? We've become a nation of whiny babies and snowflakes full of excuses when we have countless examples of successful people starting with little to nothing. Folks work for years, save little, invest in even less, then worry when it's too late. Give me a break dude.

[@Andy-km1xp]

@@khafreahmose8768 lol found the Trump supporter. not everyone has the luxury to save for years. Most Americans workers live pay check to pay check.

[@lucasblom7527]

First of all you're wrong and I'm going to tell you why you're wrong because what we had today is not true free market capitalism a truly free market allows for anyone and everyone to be able to start their own business and compete and it is this form of competition amongst individuals would take it upon themselves to start up a business and compete with other Market forces but we don't have that when you actually own the means of production and there is a competition and I do stress competition is key to capitalism so free market competition capitalism where each person has the right to compete against each other to make money real money would be preferable like gold and silver coins to provide goods and services to each individual but we don't have that we have corporatism which is exactly what you are describing which is not capitalism it is not a free market competition capitalism where there are zero barriers to entry and that's why the elite the corporations and the banks end up on top in a free market competition capitalism system anybody could start up their own company from scratch produce goods and or services keep what they have private charities to help people I am not saying there isn't room for morals in society and generally those morals and societies your local religious churches temples and so on and so forth are federal government does more destruction and harm for the people and then it does good for the people they do not allow the majority of the population to start up their own business without at least a thousand barriers to entry to compete with the big guys because when you compete with the big guys with the public and masses owning their own businesses Society benefits when there is more and more competition products improve prices come down and your money is worth more not less provided there is real value to that money and not just what government say it real value and as a General medium of Exchange when that money comes out of thin air it creates a boom-bust cycle which benefits the rich the best way to create wealth is not through transference the best way to create wealth as to offer a product or service that people want and you actually compete and you save up money and you take your own risk and if you fail with that risk you go out of business and that's a very strong regulation to me so you have to have as many customers as you possibly can to stay in business because they are the lifeblood of your business and when you have better service than the next guy and you offer at a competitive price you will have better customers and more of them which makes the other guy have to produce better products and for you to monopolies are the enemy competition is key to free market capitalism

[@lucasblom7527]

We have to get rid of the regulations we must allow all people to compete who wish to compete in an open market and a free market that allows anybody and everybody to compete you think this is impossible because of the way it's set up now I know the best way to shut that down is for the citizens to cut the head off the snake of these big companies without hesitation divided up amongst the victors also known as we the people against this corporate tyranny and governmental tyranny when every single person has a business and is able to truly compete and everything becomes unregulated everybody will be having their own business self-sustaining new products that we have never seen become marketable and ate healthy strong competition between a hundred percent of all people becomes possible

[@lucasblom7527]

Aaron Jacobs the best way in a free market to act in one self-interest is by serving the customer without the customer you have no business so your customers are the lifeblood of your business without them you have no business so the best way to act in your self-interest is to serve the customer unless you have a monopoly but in a free market in a free Society there are no monopolies do not exist in a truly free market what we have is managed markets that needs to stop and stop immediately the government needs to stop immediately getting involved in the marketplace we have to cut off the heads of all the government officials and all the big gigantic corporate who are in League with them literally cut their heads off and yes you can be a man of conviction to take a stand and make sure that this process is not allowed stand up for your rights your freedoms and take down those oppressors who tried to impress you it is up to each and every single individual to do this

[@lucasblom7527]

Again a free market allows every single individual the right to entry your concept is naive you want to destroy a truly free market and to be under a government tyranny like but like I said when you destroy those people who are in power by cutting off their heads such as the Rothschilds The Rockefellers the Illuminati so on so forth that tried to go to a one world government and have no free markets have no one have their own business and have no one have their own home and to truly crack down on those people who would try to do something like that and make it harder and harder for people to start up their own business this is tyranny this is and it's something that should be prevented so you have to cut off the heads of those in government and those who are in the biggest gigantic corporations known to mankind and those who are in the biggest gigantic Banks known to mankind you have to cut them out of the equation you have to kill them

[@MrDos-vv4cc]

care to explain how deregulations of the breweries led to the explosions of micro-breweraries? When less barriers were there more people came in and developed a better quality product...interesting, reality seems to completely contradict what you say.

[@lucasblom7527]

A person with a monopoly in business doesn't have to work harder to keep that Monopoly and there is no innovation in whichever sector of that business the theremin a person who has their business and has to compete with a million other businesses in their sector has to work much much harder for their customer but you get better products lower costs for those products and better service

[@iloveprettybuds]

He can't provide a better system

[@GetToDaChoppa-k5r]

There are other possibilities out there. Capitalism will have to end (or be overhauled) because it is no longer sustainable. It doesn't work for the vast majority of the world and causes terrible damage to the environment.

[@iloveprettybuds]

no hassle the vast majority of the world doesn't use a purely capital system. I could be wrong but I think there aren't any countries who are full on free market capitalist.

[@GetToDaChoppa-k5r]

christian giannazzo Free Market is still a system based on greed and self-entitlement. It doesn't work for all citizens. Everybody deserves a decent standard of living. Capitalism doesn't provide that especially with the rise of automation and shrinking workforce's.

[@GetToDaChoppa-k5r]

***** Yeah, but it will have to lean more to the socialism side in the near future because capitalism is failing.

[@Aria-Invictus]

Socialism, Democracy, Communism or even Syndicalism which Chomsky is an anarcho-syndicalist are superior to Capitalism.

[@TheKyotey]

Noam, has a bias that permeates everything he says. His externalities appear to be only negative, harmful ones when the truth is the cost/beneift of externalities tends to cancel each other and equilibrium attained.

[@tommy16p]

TheKyotey That is hilariously untrue.

[@BollocksUtwat]

+TheKyotey And people say that socialists are utopians with fantastical ideas.

[@TheKyotey]

Considering the amazing strides in every aspect of human endeavor, viewing the world with anything but an extremely optimistic outlook would seem self serving and unrealistic.

[@BollocksUtwat]

TheKyotey Easy to say when you're not part of the enormous class of people getting fucked on a regular basis to protect and feed that human endeavor.

[@originalsinquirls1205]

+TheKyotey You mean velocity of money?