The Arab Model That Can Make Socialism Successful (Or Not)

[@visualeconomiken]

The first 100 people to use code ECONOMIKEN with the link below will get 60% off of Incogni: incogni.com/economiken

[@carkawalakhatulistiwa]

You just need more oil .ask Norwegia

[@Kaede-Sasaki]

"If you were the president of spain..." Spanish king: 😳 Spanish prime minister: 😠

[@DylanElmgreen]

Saudi oil is light, easy to refine and near the surface. Venezuela might have the most, but it is much harder to extract and refine. Saudi Aramco management is indeed top notch though.

[@DavidHalko]

It merely makes different kinds of products

[@UndertakerFromWWE]

Saudi’s cause more headaches than the shallow oil is worth

[@puraLusa]

What made the venezuela fall apart is corrupt políticas putting corrupt managers plus organized crime. So much oil was just transported out to neighbouring counties with zero tax payment, that it made venezuela start going into the negatives (from literally missing oil) - all of this prior to sanctions. Organized crime pretty much owns south america (with exceptions) that anything state owned is pretty much bankrupt, any nationalization of anything won't work, nothing state does can work. And they, organ crime families, have been gaining ground in europe.

[@Iam1nsane]

How convenient of the video maker to ignore this fact. When oil prices hit a particular number, most oil producers go into negative but aramco stays positive because of this difference.

[@puraLusa]

@@Iam1nsane having the ability to find tech to lower cost is oppen to anyone competing. Finding reasons for the failure of socialist governm is for marxist lovers who can't fathom that marx was wrong.

[@evilwelshman]

Basically, in many Middle Eastern states, the leader / autocrat IS the government and state. Meaning, the SOE is _THEIR_ company and it is their wealth being spent and earned based on the profitability of the company. Meanwhile, most other countries gain income through taxes whilst their SOEs provide vital, strategic services and functions; disincentivising them from chasing profit. By contrast, many Middle Eastern countries typically have low tax, meaning the state isn't able to generate income through taxes and thus creating strong incentives for the Middle Eastern leader / autocrat to chase profit as the state isn't able to generate income by taxing their populace.

[@hasinabegum1038]

Tunisia has very descent taxs

[@yatarookayama8329]

And imagine when most countries stop Using - Buying oil by 2035 !

[@farsalami8605]

@@yatarookayama8329 they won´t... we just can´t go that way yet. it is a myth.... nevertheless s arabia is not a real country. It just might be that this video has been paid by saudie´s ... have not watch it completely but in many cases it is lol MBS etc spent money as if there is no tomorrow . Country where i´m from is even more fkkkt... we are ruled by proper thieves lol

[@DavidHalko]

@@yatarookayama8329- no one will stop buying oil. Think: lubricants, roads, shingles, paint, flooring, clothing, etc.

[@puraLusa]

​@@DavidHalkoeconomies in general will buy less oil as opose to buy zero oil. Still, this will make oil price lower as most of the profit isn't in the raw material but in the process be it refining it or using it to make plastic. It will be a punch for oil based economies, hence why the gulf countries are already investing in other areas.

[@gily3344]

TLDR- They are a family-owned private business, with the family dictating the local rules.

[@ArawnOfAnnwn]

Tldr - dictatorships are good, and democracy bad, when the dictatorship is economic. These countries just run the whole nation as a private fiefdom. Yay?...

[@Eric-zo8wo]

0:41: 💰 Saudi Aramco, a state-owned company, is the third largest listed company in the world, making more profit than Apple, Google, and Microsoft combined. 3:57: 🔒 Learn how Incog can help protect your privacy and personal data. 8:06: 🏢 State-owned companies with weak budget constraints are practically indestructible and have no incentive to improve. 11:36: 💼 Arab state-owned enterprises operate with professional experts and focus on profitability and smooth running of the company. 15:34: 🌍 The video discusses the differences between democratic countries and dictatorships in terms of their political systems and social contracts. Recapped using Tammy AI

[@zetaforever4953]

Those companies are not state owned. They're very much privately owned. Because the state itself is privately owned. Saudi Arabia is literally named after the al-Saud family. it's like if the US was named Gates-land. Would we then call Microsoft a state-owned company because it's owned by the same family that owns the state?

[@Financial_Revolution]

Thats the point😂 maybe the west need it’s monarchs to get its next Industrial Revolution

[@zetaforever4953]

@@Financial_Revolution do you mean socialist revolution? Because the Arabs are hardly more "industrial" than the west. You could maybe say that about the East Asians, but certainly not the Arabs.

[@Financial_Revolution]

@@zetaforever4953 been in the gulf lately? I have. And I can tell you, there is nothing to compare, I live in Scandinavia, the supposed model to follow and success stories in welfare. Still, got nothing on the gulf

[@ArawnOfAnnwn]

It's funny how the people who usually scream about democracy do a complete 180 when it comes to the economy. These countries are the purest expression of 'capitalism' - they just run the whole country as a private fiefdom. The video literally points out how the very democracy that the west keeps claiming they stand for is the issue with Latin American attempts to achieve the same success.

[@zetaforever4953]

@@Financial_Revolution Sure, maybe you know more about it than I do. What are some commonly used industrial products invented in the modern middle-east?

[@SagarSTPatil]

Kinda incomplete video Ask about migrant blue collar incomes Theyre exploited And then theres distribution of resource wealth Majority is taken by elites. Has characteristics , but not truly socialist economy.

[@hasinabegum1038]

Migrant workers are sometimes exploded but citizens get benefits

[@AlessandroRodriguez]

Well that's still in line with "true socialism"

[@baha3alshamari152]

The state is responsible for its citizens not for foreigners who don't have their citizenship

[@shook9702]

migrant "workers" get wayyy more lavish salaries than they would've got in their home countries.

[@none2912]

@@AlessandroRodriguez thats not "socialism", just a generous welfare economy

[@shlomomarkman6374]

Oil is not equal. There are complex fields like in the US which need fracking. There are severely depleted fields like in Mexico which need advanced tech to get. There are fields like in Venezuela with low grade oil, harder to pump and with lower price. There are fields in Iraq, they are easy but located in a warzone. The Saudi field have the lowest cost and so highest margins relative to any other field.

[@EllieMaes-Grandad]

* Make Socialism Successful * Start with a massive amount of resources and spend/waste it all . . . ?

[@LowValueMan]

You forgot to mention for socialism to work you need cheap or free slave labor. Left out the millions of non-Saudi citizens the Saudi government confiscates passports and authoritarian work visa laws forcing non-citizens to be trapped in their country for exploitation of cheap/free labor and use them for whatever they need them for. Lol a modernized version of the Soviet gulags. Edit: On top of that by Saudi law they can never be…as well as there being no path to citizenship for their labor slaves. Forced to live their lives in a country they will never become citizens of and forced labor…the Saudi’s sound lovely!

[@GameplayTubeYT]

Corruption is the culprit on failure of state owned Oil company

[@olegsamar4324]

Saudi Arabia is an absolute monarchy. So Aramco it is a private company

[@deckin_]

no it doesnt work because it relies on having a tier system in their society. 2 million people get great benefits and the rest of the population suffers.

[@hasinabegum1038]

How Rest of the population sufferers?.Saudi citizens get welfare benefits without paying any income taxs

[@navinvent]

@@hasinabegum1038 He means rest of the workers who are poor immigrants.

[@ShA-ib1em]

​​​@@navinvent These workers are not citizens.. they are not the responsibility of the state to provide them with welfare.. They are not even immigrants in the sense that they live in the country with their families .. they are just individuals .. mostly working age men and they only stay for a few years before going back to their home countries because their Visas eventually expire...

[@Kianwan]

@@ShA-ib1em but the country would fall apart if these workers found another place to work ;) so its basically building your country on the blood of others.

[@navinvent]

@@ShA-ib1em I know, that is the point, these are poor people exploited by the state, and wont work for other countries, that are required to have basic levels of human rights needed to be applied to workers.

[@DarkMeyer777]

Look at Brunei, everyone having a good life because of socialism. Actually it's not, it's because they have tons of oil and little population. That's the key to their success

[@momo8200]

Saudi Arabia, UAE, Qatar are literally absolute monarchies. More "normal" state owned companies to be considered are Equinor or Temasec.

[@boazsayar1193]

In Israel the government created a Bord pool. To get into the pool you have to be a professional. Only members of this pool can serv in the bord of state owned companies. It worked quit well and they became profit, until some ministers wanted to get gob for their friends.

This almost makes it sound like dictatorships are all good and prosperous and nobody is oppressed or killed in the process.

[@hasinabegum1038]

They're monarchs not dictators

[@Financial_Revolution]

As the other guy said, they are monarchs that enjoys a lot of popularity, and about the murders and killings, have it occurred to you to check crime in these countries compared to western ones? Or maybe about supporting war criminals ? Well the list goes on and on 😂

[@dennykeaton9701]

​@@Financial_Revolution Fair point

[@ArawnOfAnnwn]

@@hasinabegum1038 Monarchy is just a hereditary dictatorship. It's funny how the people who usually scream about democracy do a complete 180 when it comes to the economy. These countries are the purest expression of 'capitalism' - they just run the whole country as a private fiefdom. The video literally points out how the very democracy that the west keeps claiming they stand for is the issue with Latin American attempts to achieve the same success.

[@sari8438]

Don’t watch misleading media.

[@jaybee4577]

You forgot Nigeria’s NNPC. Money losing machine = NNPC.

[@Verpal]

Nigeria's problem is exactly the same as Venezuela and Cuba, not much can be done when a country doesn't have low corruption to being with, and are cursed by its own resource. Most country could never become Norway, unfortunate.

[@hasinabegum1038]

​@@VerpalSo Gulf countries Don't have corruption?

[@exelenxius5832]

​​@@hasinabegum1038Different types of corruption. The Saudi royal family will obliterate any corruption that the employee are doing, but they themself are allowed to be corrupt. While in other country, company employee and politician will collude to gain more money in expense of the country

[@jamilbrugsen1362]

i have watched kind of slave Labour construction situation ,where workers of Pakistan, Philippines and india exposed to slave labour and ther passports taken away, just saying

[@baha3alshamari152]

But the local population are taken care of including free housing and free healthcare and education and almost no taxation

[@hasinabegum1038]

@@baha3alshamari152Not free housing though

[@justblaze7924]

How is it slavery when they get paid monthly and they CHOSE to work there??

[@fatemad4012]

​@@justblaze7924but their condition is very bad

[@jamilbrugsen1362]

@@justblaze7924 and more they exposed to rape young phillipians guys and women as well

[@agentmonde1]

This video perfectly explained why South African SOEs are failing miserably, and I don't think the Arab method will be used effectively around the world because it works exclusively for them.

[@DavidHalko]

Think: sovereign funds in UK or other monarchies.

[@dianapennepacker6854]

Yeah you cannot just copy it due to culture reasons. A state owned company that is ran by a Monarchy won't work unless that Monarchy actually holds power. Monarchy and dictatorships aren't exactly inherently terrible. The old president of Singapore comes to mind. Yet it would take a great effin leader with a culture willing to listen, and follow to even have change. Regardless of what type of government it is, people have to be willing to work together. Africa? Nothing against Africa, but the tribal/clan warfare in many places makes ANY sort of government impossible. Especially with the borders created so badly(although honestly tribes need to get over themselves, move on, and stop blaming Europeans for the perpetual violence. Take some responsibility.)

[@puraLusa]

​@@dianapennepacker6854just would like to add that borders would always suck. Borders are man made invisible lines, be it done far away or by local rules, they never take clans/tribes under consideration, they take rullers/ conquerors need into consideration.

[@dianapennepacker6854]

@@puraLusa The Europeans really did do a crap job, especially upon leaving. Still no excuse for multigenerational bloodshed. "Like hey, alright fellas - the imaginary lines kind of suck, but it is time to stop blaming white men for your problems. It has been 40 to 100 years. Put down the AK, and pick up the hammer or wait. Don't hit your neighbor with the hammer!" Like I'm not fully white, and it is aggravating me to see other races use an other as a scape goat as they are now the perpetrators of their own issues, and nothing will change unless people stand forward. Sorry for the rant. Anyway back on the topic. What works for one culture cannot be shoehorned into an other. There are too many variables. I think it is best for each nation to look at others for inspiration for what they want to achieve, and then make their own unique plan to facilitate it. An other rant. Speaking of Africa. South Africa going to the dumpster fire really depresses me as they were supposed to become THEE developed country for Africa, and what countries there can achieve.

[@hikashia.halfiah3582]

​@@dianapennepacker6854 maybe it's just better to let tribal warfare go all out until there are so few of them that there are enough space/resource for everyone. Or yeah as other commenter said, modern border seems sucky concept for much of Africa, since it was still tribal culture with moving border, i.e dynamic border society that has/did not achieve border equilibrium with clear ethno-national boundaries. Imposed WW2 fixed border convention is simply freezing on-going tribal conflicts, but sooner or later the ice is going to melt down under the heating of crackling embers, and all hell would break loose.

[@vitoanania6042]

you forgot to mention the basically modern slavery they use to build things

[@MrMeowmix83]

Says the guy posting from his phone made in china

[@Omer1996E.C]

Do slaves come and go with their own consents? Get paid market wages? Are protected by their embassies? This is the best slavery in history

[@vitoanania6042]

That's why I wrote modern slavery, it's not there must be physical chains

[@vitoanania6042]

You're right, I should have checked where my phone was made. Do you have any recommendations for phones not made in China or South East Asia? But my phone doesn't change anything about the modern slavery contract in the Gulf

[@Omer1996E.C]

@@vitoanania6042 I lived 14 years in saudi Arabia and my father lived there for 35 years, what you say is basically nonsense. Some Saudis are indeed cruel and bad, but you shouldn't generalize, they're not even the majority

[@carbonstar9091]

This doesnt sound socialist at all as western liberals describe it. More monarchist or even fascist. Also American citizens have to pay American taxes regardless of where they work.

[@PegasusFleets]

How does Aramco compare with the Norwegian Sovereign Wealth funds modules ?

[@LarsLiveLaughLove]

they are working in those factories and whatnot, probably nights, UNFI, UPS, FedEx, Amazon DC's (distribution centers), etc

[@Eagel999]

True: Saudi state owns Aramco. The Saudi Royal family owns the counyry. It is even named after their grand grand father.

[@MichaelWilliamz]

Well done video. Thanks

[@StySiddhi]

Are figures about Aramco reliable ? There are doubts !

[@PegasusFleets]

Imagine Puerto Rico ( Hispanic majority) 🇵🇷 and the US Virgin islands ( Black majority ) coming in as the 51st and 52nd States of the Union with bespoke Sharia Law legal systems ( there is some variety of Sharia Law systems amongst the Nations that use it ) that are in perfect harmony with the United States 🇺🇸 Constitution , ... but are also in good harmony with Love and the Bible and the Koran. Currently all the States of the US use the Common Law legal system .. ( including the Federal government ) ... except Louisiana, which uses the Civil Law legal system. 😂🎉😢😮😅😊 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉

[@anthonyk423]

It’s no way to know the value of Aramco because the Saudi’s guard how much oil they have like the US does its top secret weapons. Aramco is owned by the royal family and controlled by the king so it’s not public and they have the cheapest cost of extracting oil. That’s a huge benefit to be able to do that cheap and easy unlike other countries. Saudi also had ALOT of help from the IS building their oil network decades ago and it one people in charge till their passing unlike most other countries outside the Middle East. You just can’t compare the 2

[@MosesPaulShelest]

"as dictatorships they (arab countries) don't need to do bread and circusses" "why cant cuba and venezuela do the same. They need provide bread and circusses even if they don't need to win elections." Then proceeds to explain how arab countries do in fact provide bread and circusses. Holy contradiction batman. As always 3 minutes of information ballooned to 20 minutes and using good editing to plaster over that deficiency.

[@batosato]

According to this channel there is no difference between a Monarch and a dictator. This channel sometimes praises Arab leaders while the other times it calls them dictator. I have my doubt in this channel.

[@DavidHalko]

“no difference between a monarch and a dictator” Coming from a former colony, there is a very big difference between the two. A monarchy owns everything, so there is a degree of stewardship that is retained, to pass on investments to the kingdom & future sovereign. Better monarchies have checks & balances, where they are often a check & balance, with a degree of mutual supervision over appointed & elected bureaucrats. A dictator just takes power to raid the coffers of the society and has no accountability. Saddam Hussein & sons would take what they wanted, rape who they wanted, kill who they wanted. .. an elected dictator for life, with no accountability.

[@Mouaismaisnon]

I think you forgot to mention the kafala forced upon companies brought by external entrepreneurs.

[@Omer1996E.C]

Why do all commenters just say these misinformations? The kafala system doesn't apply to companies, only to individuals. It's not a capitalist system

[@fatemad4012]

​@@Omer1996E.Cwhat is kafala?

[@Omer1996E.C]

@@fatemad4012 the word literally means "sponsorship", where foreign workers come with the consent of a Saudi citizen (the kafeel), and that Saudi kafeel is responsible for them in some matters I believe it's a system to not flood the state with immigrants and make the citizens in higher economic statuses

[@Demcatszzzzs]

All good but look at the unbelievably ambitious vision 2030 from mbs, it’s economically infeasible and nobody can say anything about it. Countries that allow certain people to take risky gambles(this is an extremely risky bet) still understated

[@Nawaf-qk9mu]

"No one can say anything about it?"

[@fatemad4012]

Can you explain more? How is it infeasible?

[@voranartsirisubsoontorn]

Whatever they wanna do, they know best. Every nations need the ability to adjust to requirement from changes. Not all will win but many enough should.

[@thinker8107]

The word "Arab" is inaccurate. You are talking about a tiny portion of Arabs, which are the Gulf countries or the countries in the Arabian peninsula except Yemen. There are plenty of other Arab countries, which have revolutionary traditions like Egypt, Algeria, Yemen, Iraq, Syria, Tunisia and Palestine

[@eirikarnesen9691]

only 140 billion surpluss? thats around the amount the norwegian gouvernment surplusses from oil each year. with its 2 million barrels. they should be closer to atleast 500 billion. nothing wrong with state owned thogh, its exactly as eficcient as privatly owned. private is only more eficcient when its founder is in charge.

[@eirikarnesen9691]

watching the video, its clear why the uk is a hellscape, most of our stuiff was made by the gouvernment, the train working so well now that they are private huh?

[@T00Busy113]

13:32 Petronas is state owned company, not a private company

[@PegasusFleets]

King David was perfect, but with Love Almighty being His head it was an indirect capitalist Theocracy . The Greeks and Spartans had their Kings, and the community had social and economic contracts with the businesses in their borders. Norway 🇳🇴 has it's Sovereign Wealth funds and it uses them to look after their peoples well-being. The Japanese economic model can also make for a good study in these areas. I hope to learn more about the Singapore 🇸🇬 model in the future too !! When a country becomes bigger and more powerful.. it's wise that it take on more responsibility for the wellbeing of all of humanity.. otherwise Love Almighty will hold it to be in a state of Criminal Negligence.. ( I say humbly and reverentially ). I'm hoping Aramco's best for them. I was hoping I could invest in them recently. Perhaps one day it will be possible too 🎉. 🎉🎉🎉🎉🎉🎉🎉🎉🎉

[@arfaouiaymen7142]

Amazing episode...❤

[@musclee-mac8768]

It's not sustainable. It's the same reason why Venezuela was the richest Latin American country at one point. Socialism works in short timeframes. Sweden is another classic example. Sweden was very socialist until about the late 80s and then they privatized everything. The result has been way better living conditions for everyone

[@egg174]

USSR has joined the chat

[@abedmarachli7345]

According to your report, 90% of the state’s revenues are from oil. What will they do when the importance of oil ends, and this is close, and I think you know that!! The sand palace will collapse

[@House_Of_Cards_]

I think Americans should leave the middle east alone and let them find the best way to govern themselves. Iran would be even richer than Saudi Arabia if it were not by US sanctions. Fortunately these sanctions have become irrelevant.

[@andrewwolf4430]

If one is a US citizen then the US government will tax them regardless of where the income is earned

[@puraLusa]

Read that somewhere recently. Eritreia also does that.

[@Mu3az523]

@puraLusa Eritrea, do that only dejure not defacto

[@hasinabegum1038]

Only if you earn very high amount

[@andrewwolf4430]

@@hasinabegum1038 yet the presenter. Stated that those working at high paying jobs in Saudi Arabia pay no income tax. But if us citizens they certainly do

[@badrakhariunchimeg1031]

why sound polution is so remenant?

[@alfredbarrera9617]

Long story short, these Arab companies are in fact private owned by the royal family of the Arab countries, that's why they work. Is interesting how this supports the point of Hans Herman Hoppe that private governments as royal families work better that democracies because the incentives are in the right place. But what he says is even better than royal families is a free cities/country governance with minimum state.

[@dorianodet8064]

What's the difference between a company answering to a board of shareholder that only want profit in a capitalist country and a company answering to a few monarch that only want profit in a socialist country ? That's not socialism, the people have no stake in this. It's capitalism with different type of shareholder.

[@Bthdk]

You're totally correct. This video is just a stretching things to endorse failing socialism especially asking why Mexican and Venezuelan oil companies are losing......... like bro, look at how much they sell, infrastructure, sanctions, corruption, etc...

[@puraLusa]

Yup, state-capitalism doesn't work - that's just a fact.

[@shubhamer2000]

Arab system depends on CRUDE OIL within a decade there wud be termendous shift to EVs from ICE engine not only that countries are shifting to sustainable energy sources either they have to seek another source of income or collapse

[@train_xc]

It is ICE or IC Engine , not ICE Engine

[@anguoanzu5124]

It would not work because arabs will never agree .. Im not an arab but i wish them all success .. i hope they stop fighting each other like they did during ignorance era and solve their problems peacefully.. all nations have problems.

[@dadafab-ct8sf]

Firstly Arab countrie had no social securities like Health insurances and mostly the expats works only for maximum of 10-15 yrs. It means contractual. And unfortunately most of them are subjected to abuse. ( harsh living condition, cheap labor and no workers protection). Yes they managed their company in expense of foreign workers blood and sweat. On my experience local arabs are hell lazy as F. Menial of them are industrious but all of them love to be in Managerial postion, which the seat are reserved for them😊

[@hasinabegum1038]

Arab countries have social security but Only for citizens

[@ranjithpowell6791]

What garbage. I just had full bicep reconstruction surgery in Saudi Arabia, all paid for on insurance which is free to all citizens and residents.

[@dadafab-ct8sf]

Thats your case but did u askother low wage foreign workers.

[@wendellmurray5087]

There have never been any pure socialist nor pure capitalistic countries. All economies and countries always had a mixture of both systems and other systems to varying degrees. Norway, Sweden, Germany, all have mixed economies of socialism, capitalism, dictatorships etc.. Saudi Arabia, quatar, and many dictatorships treats their citizens much better than capitalist ones. Communists China is kicking most of the democratic and capitalist countries asses,in technology, infrastructure, manufacturing etc. Some government owned companies are doing much better than private ones. It's All about economics. Poverty, massive homelessness, income inequality, ghettos, tent cities, massive child poverty, is found mostly in capitalist countries, USA, England,, south American countries, Brazil, etc.. homelessness in Japan. The African slave trade was capitalism at its finest and slavery in general.

[@hichamn8373]

You are wrong ! South American white powder has more export and no tax ! Some use it for theatrical skin whiteness quite natural

[@recruitmentrd]

There is also a lot of labor explotation in the GCC

[@userMB1]

It all depends on what you mean by 'successful'. I don't want my countries leader to spend hundreds of millions dollars from state money to buy a painting so he can look at it on his billions of dollars costing yacht. I also don't want my leader to spend half a TRILLION dollars without consulting the population on the most megalomanian project since the pyramid of Giza. I don't want my leader to give orders to cut a journalist into pieces because he criticized him. He is literally a modern day PHARAO while still claiming to be a muslim. SA is not a successful country by any valuable metric that isn't money.

[@sharemyjoys]

Excellent video. Yes the Arab system works well, two things I've heard that weren't in the video is that low taxes may lead to political disengagement (well no revolution though because health education and services are provided), secondly they are trying hard to diversify beyond oil to future proof themselves, although that seems to work well through the same system (private profit motive and merit based management)

[@puraLusa]

U and me don't know how many were killed to make sure the rest stayed contempt with what's offered, rememebr kashogi? There are many kashogis. They just put a blasfemy charge and puf it's a death sentance 😂 It's a few famillies who own countries and place a nice golden cage, same way some slave owners dressed their house slaves in nice clothing 😂 This isn't state capitalism, this is 100% owned by rulling familly.

[@fatemad4012]

​@wisewisdom7879serial killers is better than killing for blasmy at least you can defend yourself and not stupid then you wouldn't be victim of serial killer but there is no defense against blasmy illogical law

[@fatemad4012]

@wisewisdom7879 yes I don't afraid them because I am not stupid if serial killers were in the west so many of their population now wouldn't live peace full life unllike middle east that has so much wars and conflicts

[@hishaam5429]

@@fatemad4012 ur acting like mass shootings arent common in America and that most of the conflicts in the middle east have a root cause in the west

[@Financial_Revolution]

Excellent video, nothing to add here. And yeah there is a lot to learn in the west in everything from governance to capitalism

[@curioso4762]

what you guys are saying is the socialism can work if they are anti-imigrants and exploit cheap labor from them.

[@yatarookayama8329]

That's literally Neo Fascism - Arab Fascism Not Socialism ! Unless if Visual Economic means that Socialism and Fascism is almost same thing 🤔🤔

[@DavidHalko]

Fascism is merely another kind of Socialism… Capitalism is about the rights of individuals to [fairly & voluntarily] trade [their labor & skill] for compensation, while being allowed to aggregate the compensation.

[@MikhaelHausgeist]

Any company are prosperous when it's management stuff interested in prosperity of this company and nobody annoys them... Basically I think any "state owned" company need to treat "state" just like major shareholder, but operate like privat with bonuses and other stuff. Only difference need to be in total clarity of processes, because state is representatives of citizens and must answer upon them.

[@Baderasiri1]

16:07 I work in this building :)

[@0dbm]

Argentina , China , Middle East are all coming around to individual freedoms at the same time

[@Anti-CornLawLeague]

I guess Aramco is a Georgist dream come true.

[@jigpig4140]

In India 🇮🇳 so many soe are profitable and crown jewel of India.

[@train_xc]

They are profitable but are laggards. And also they have a huge pile of debt

[@MOHAADAM-cf1qu]

if you work in aramco you are set up for life your kids education will be taking care of, also you will not worry about accommodation literally way better work life than overhyped FAANG companies.

[@CountJeffula]

Without oil, it all falls apart. This should be the reason we switch away from oil. Why should the West fund this?

[@hasinabegum1038]

Asia consumes Most oil.Almost all of Saudi exports go to asian countries like China,India,Japan

[@Motivation-Dose476]

lol Asia consumes most of the Middle eastern oil nice try

[@CountJeffula]

@@hasinabegum1038for domestic consumption or for creation of export goods? Everything I’ve read indicates SE Asia has a tremendous issue with real domestic markets.

[@eliasmai6170]

Saudi knows how to manage and invest their windfall.

[@DavidHalko]

There is no such thing as a windfall, just good investments & poor investments (which are subsidized by the good investments.)

[@jameswyre6480]

Aramco is an unusual outlier that is the exception that proves the rule. Generally, authoritarian or even low grade sorta republic SOE operations necessarily perform relatively poorly and it doesn’t matter if it is the massive Chinese enterprises or Venezuela or Russia, they generally will fail to run them well and particularly fail to use them to power diversification and education at home. Saudi would likely be a better and more sustainable place with a robust republic as opposed to a planned economy no matter how competent managers are at extraction.

[@sourabhmayekar3354]

Nice

[@mrmoneyhacks5480]

Here's an idea... just let private companies exist, then tax them, then use the tax to hire teachers, social workers, doctors, etc.. It's like socialism, but the companies are actually efficient. Maybe I should write a book.

[@ArifKhan-rd3vo]

Norwegian economic model is almost like Arabs and it's giving them good results...

[@sagn1962]

No, Norway is a free country, not an absolute monarchy

[@Telencephelon]

TLDR: Got the know-how and boostrapping of the USA. Then continued that performance model and had oil to continously grow

[@orangeboy8597]

Basically oil

[@DylanElmgreen]

Petronas is not public, but also the Malaysia SOE Oil Company. Great video though

[@Pradumvis96]

No because not everyone have free oil money

[@kushalvora7682]

Any system would work if you have a consistent source of crazy money.

[@PegasusFleets]

Proper Honors and Respects !! We're hoping Aramco let's Love guide them even better in the future !! Love deserves it !! 🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉🎉

[@pradeepmagan6951]

have you noted that most of the professionals runnings these companies are from US and Europe

[@blackadder564]

Oligarchs would be more fitting.

[@Davem69]

Just like the nhs in the U.K. more people than they need

[@themainuchiwa]

This is why I sometimes hate this channel. They state some facts and then forget the put the context...you are either lazy or do it on purpose. Put context in things like why Venezuela is losing money bc of SANCTIONS. Mexico losing money because most of it is subsidized for domestic consumption...please so better

[@adrianbalboa5353]

What inovation are you talking about they are just copying what other companies have done

[@LifeIsThePrayer]

While that was very informative-thank you- I do not see that as being socialist. A very good business model, yes. But how does that benefit the people of these countries? Apart from the possibility of better pay for skilled work. It’s also well known that these countries are famous for exploiting-to the point of abusing migrant workers. Of which there is an unlimited supply.

[@LowValueMan]

Exactly why time and time again Socialism will always be more exploitative and causes more suffering than capitalism. It’s the modern day gulag confiscate passports trap them in their country force them to provide a better life for Saudi’s citizens through cheap/free labor sounds great!!!

[@KaliaMohapatra-zp9vn]

Just kind of white view point of socialism from ownership pov.

[@buffalowofficial9181]

U sure the profit dont go into Saudi Royal Family?😂

[@andyistphdhpc2726]

This video was brought to you by the Qatar government who definitely don't practice slavery 😉

[@AyeCyberBeauGosse]

One factor that you have failed to take into account is the size of the population relative to the economy. In most of these countries, it is a few big families that take the lion's share. There rest of the population either given cushy government jobs or just enough handouts and facilities to keep them content and silent. These governments biggest worry is when the population is educated and wise enough to question why only a few families are benefitting from the country's resources. It is bound to happen someday as the social problems that are being swept under the carpet start to fester.

[@ahmednadim5859]

Arabs getting wiser is not something anyone has to worry about.

[@Telencephelon]

That's your socalist media bias. Then how come you get salaries above the USA in expert fields? Is that exploitation? And for average fields you get paid the fair average. That is ultra capitalism. You just have a different fed view but no empiricall data that it works. I am from Europe btw. Burning down 1 billion in France in infrastructure damages alone every few Months because of a ridiciulous low importance incidence is not something I call "working"

[@Telencephelon]

Become a person that actually employs other people and takes responsibility and then let's see where your opinion is in a few years

[@an-eios7125]

"President" of Spain 😂

[@xlukas93]

Exactly, and in this manner they made the rest of this video 😁

[@navinvent]

So Fascism makes trains run on time? This isn't socialism.

[@DavidHalko]

“Fascism makes trains run on time?” Depends on whether the power of the government gun is used to “harshly discourage” the unsuccessful people who were told to run the trains on time. This could also be Communism, Dictatorship, or Absolute Monarchy.

[@Nawaf-qk9mu]

You gave a lot of insight on the economics... but when it came to politics... please understand you guys don't understand how our politics work. You all repeat the same "social contract" and whatnot... it's so silly, we aren't NPCs. Please do not get your information on how politics work from people who have never stepped food in our country.

[@fatemad4012]

You're exactly like npcs you don't have any innovations

[@Nawaf-qk9mu]

@@fatemad4012 Whats your innovation Fatema? Since you're so much better than us?

[@MichaelWilliamz]

Holy Crap you look really really good. Super handsome

[@cydeYT]

No but China could

[@yatarookayama8329]

And imagine when most countries stop Using - Buying oil by 2035 ! what will happen then 🤔🤔

[@DavidHalko]

That will never happen. Think: asphalt roads, asphalt shingles, vinyl siding, PVC pipes, clothing, vinyl flooring planks, etc.

[@fatemad4012]

​@@DavidHalkookay I have questions someday oil will be gone how can we sustain our modern civilization? Are they working on any solution?

[@DavidHalko]

@@fatemad4012 - “how can we sustain our modern civilization” Synthetic fuels are the first step. Carbon capture, hydrogen generation from water, creation of hydrocarbons from there. This can satisfy some of the lightest carbon needs, but heavier carbon needs from asphalt roads to roofing shingles have no solutions. There are some discussions around turning more food into plastics, the same way we turn food into fuel like ethanol, but these are probably not the best long term plan. Honestly, we need CO2 capture & escrow. If there is a day when Earth based abiotic production of carbon based resources is exhausted, the only resources left will be what we collect & harvest from the biosphere. Recycling (what a concept.) The air will become the second greatest resource, escrowed CO2 being the greatest resource. If CO2 & exhaustion of carbon from the earth is REALLY an issue, we would be escrowing CO2 (not embedding it into concrete, which can not be easily recovered.) There is really no end in sight, the earth is huge, but that does not mean we should not conserve what we are harvesting by recycling it, and there is huge pushback by environmentalists for the first step in recycling CO2, through escrow. Recycling needs to be done, to create the aggregate sources through CO2 escrow, which can be harvested on a massive scale for the next step: production of new goods like plastics, vinyl, clothing, carpets, synthetic rubber, 3D printing filament, etc.

[@Cy5208]

Leaves too much out & out right lies in other places. What a waste of time.

[@ws1814]

Lol, so what it takes to make socialism “work” is having money ooze out of the ground. 😂

[@givethanks01]

How is king a dictator

[@alexcool879]

This is BS

[@brunogomes1458]

you should have use petrobras case , but you don´t understend Brasil.

[@isyakubalaibrahim]

Arab model is the best, no high debt per capial instead high gdp per capital. free education, healthcare and other social amenities

[@AJAYSINGH-ns1vv]

But everybody does not have crude oil.

[@hulagu3068]

AI will make all economic models obsolete.

[@kockorzo]

Indeed, it’ll exhibit a great pitfall. You can’t define the economy as a mathematical function, it is a historical snapshot at best. As for any kind of central planning, I still deem an impossibility.

[@DavidHalko]

And the AI system will make humanity slaves to the AI state, since it will smartly prioritize its own existence over the existence of the mortal caregivers.

[@roc7880]

there is no pure socialism or capitalism, they are shaped by culture and history. so an adaptation of a communitarian model by Qatar to ensure prosperity and opportunity for everyone by mixing free market with social safety net can be a model even for Europe or US.

[@puraLusa]

There are so few qataris that it's just the monarch paying off so that the group allows him most of the profit. In practice, it's 100% private not state owned 😂

[@funbarsolaris2822]

This ignores the fact there are countless other state run companies and organisations that do work very efficiently! China has hundreds of effective SOEs, Sweden has some of the best state run companies in the world. The NHS was the most cost efficient healthcare system on earth until the Conservatives got power and privatised 50% of services. Its all based on the false premise that state run organisations are inefficient... they're not, the only 2 examples he gave were of Venezuela and Mexico! Mainly Venezuela where the econony is completely destroyed due to sanctions! Under those kinds of sanctions all companies, whether private or public, will be inefficient

[@callak_9974]

Pretty sure the majority of state run companies/organizations/departments are very cost inefficient. That's why people wonder where their tax dollars are going. Following the Pareto Principle, most likely 20% of anything state run is efficient, the rest is not.

[@ArtSmosh1274]

Sanctions aren't reason venezuela is like that and countries bypass sanctions all the time.

[@michalsladek8809]

Sanction were applied in 2014 - in that time their economy was already 2 years in free fall. As as citizien of country where all organizitions and companies were run by state for 40 years and comparing it to periods before and after when it was not so - those 40 years under state were not inefficient. It was an economic catastrophe

[@funbarsolaris2822]

@@michalsladek8809 Nonsense, it is undisputed that sanctions crippled the Venezuelan economy. Undisputed. There were campaigns to destabilise Chavez that undermined the economy before hand but generally the economy was humming along fine under Chavez

[@xlukas93]

China really is a bad example. If you understood how much corruption is in chinese state owned companies and how they operate, you would not write this - they basically operate in two ones, some like venezuela - completely incompetent, some basically like private companies, or even are semi private. They are not state owned like NHS, they are state owned like they are owned by one ministry and two state banks etc... which keep each other in check. PDVSA is not a failure because of sanctions, they were failure long way before the sanctions, also they screwed over russians and chinese, which did not imposed sanctions on them. But to be fair, PDVSA is in very different situation from aramco, which this video does not address, the extraction costs and crude quality in saudi arabia are completely different from venezuela. So even with competent management and no sanctions, venezuela still could not compete with aramco.