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The Complete Guide to Socialism vs Capitalism (Myths Explained) — Transcript

by John Stossel · 3,840 words · 666 segments · language en · Watch on YouTube

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0:00The new book, It's Okay to Be Angry
0:02About Capitalism.
0:03>> People eagerly find fault with
0:05capitalism.
0:06>> If capitalism works, if this is the best
0:08we got, why does it seem to give such a
0:12raw deal?
0:13>> A raw deal. Is that what we get? I hear
0:16that often
0:17>> in capitalist society. The people who
0:19work the hardest make the least amount
0:20of money.
0:21>> We can either have extreme wealth
0:24inequality or we can have a fair
0:27economy. Many people are upset about
0:29America's big differences in wealth and
0:32they say socialism would just be better.
0:35Socialism is the way forward.
0:40>> It's time to take a closer look at the
0:42socialism these people want.
0:45>> THIS IS WAR.
0:47>> WE ARE COMMITTED TO transforming our
0:48society into [music] one based on
0:50freedom, equality, and solidarity. The
0:53belief that socialism will bring that is
0:56why it's now as popular as capitalism
0:58among young people.
1:02Another big reason is oddly this
1:0490year-old linguist Nome Chsky.
1:09Students study his work in class and
1:11colleges pay him up to $30,000 to speak.
1:14>> Thanks very much.
1:16>> Yet for generations, Chsky misled
1:18students by calling capitalism a
1:20grotesque catastrophe.
1:23>> [cheering]
1:24>> I thought the fall of Soviet communism
1:26would put an end to such nonsense.
1:28Surely everyone would now see the
1:31catastrophe is socialism. [cheering]
1:34But no, socialism has come back strong.
1:37So in this video, we'll bust five myths
1:39about socialism and even more myths
1:42about capitalism. We start with
1:44socialism and the claim that that wasn't
1:47real socialism.
1:51the Soviet Union. This was about as
1:53remote from socialism as you can
1:55imagine.
1:55>> It's absurd to say that the Soviet Union
1:58was remote from socialism.
2:00>> Economist Ben Powell reminds us that
2:02when the Soviets made private business
2:04illegal,
2:05>> that's about as close as the world ever
2:07saw to the pure socialist end of the
2:09spectrum.
2:09>> But whenever socialism fails, people
2:11always say that wasn't real socialism.
2:14It doesn't prove anything about
2:16socialism in other countries. Working
2:18people have to be in control of
2:20production. The Soviet Union is the
2:21exact opposite of that. Working people
2:23had no control over anything.
2:25>> But that's the problem. That is what
2:27socialism inevitably delivers.
2:30>> Socialism means abolishing private
2:32property in the major things that go
2:34into production and replacing it with
2:36some form of collective ownership. In
2:38practice, this means state ownership and
2:41control. And the Soviet Union had an
2:43abundance of that. Of [music]
2:46course, the Soviet Union is now gone.
2:49So, some say there is no true socialist
2:52country that exists today. But there is.
2:54Look at Venezuela. Just eating is a
2:57luxury.
2:58>> When I say socialism created hardship
3:00there, people trash me in my own social
3:03media. Read a book. Venezuela is not
3:06socialist. Think a bit. I'll do better
3:09than that. I'll listen to the politician
3:11who wrecked Venezuela.
3:15Because capitalism is tyranny, Hugo
3:18Chavez said his government must take
3:20over businesses.
3:28>> That's socialism. The socialists turned
3:30the richest country in Latin America,
3:33the nation with the biggest oil reserves
3:35in the world, into the poorest country.
3:38>> But it's not clear that that crisis has
3:40anything to do with their socialist
3:41policies.
3:42>> That's myth two. Venezuela's failure has
3:45little to do with socialism and a lot to
3:47do with poor governance. Some of
3:49Chavez's programs could have been
3:50sustainable if he pursued a sound
3:53economic policy.
3:55>> Yeah, some of his policies could be
3:56sustainable if he had a sound economic
3:58policy called capitalism.
4:00>> Why does it have to be capitalism?
4:01Oliver is saying if he just managed it
4:04better. It's a story about epic
4:06mismanagement. Or here's how El Jazer
4:08puts it. Economic policies have failed
4:11to adjust to reality. That's the nature
4:13of socialism is for their economic
4:14policies to fail to adjust to reality
4:17because economic reality is evolving
4:19every day. It's millions of
4:21decentralized entrepreneurs and
4:22consumers who are making fine-tuning
4:24adjustments to this
4:25>> in our capitalist society. When CO hit,
4:28>> what did we start seeing? Millions of
4:30entrepreneurs adjusting without
4:31government orders of how to deliver
4:33their products and services.
4:35>> Servers have switched roles to delivery
4:36drivers while bartenders have turned
4:38into sales reps. restaurants, installed
4:40the heat lamps, expanded patios, did
4:43delivery.
4:44>> Although reporters complained about the
4:46absence of federal direction, no central
4:49authority could possibly direct all
4:51these individual adjustments in
4:53thousands of different places. In fact,
4:56federal direction would have prevented
4:58all that.
4:58>> In a market economy, the great thing is
5:01everybody's little adjustments gets
5:03tested and we get to see what works.
5:05Blockbuster video. [music]
5:07>> Blockbuster was great, but then people
5:09were offered something better. TV shows
5:11and movies at your command. By contrast,
5:14>> in a socialist economy, you get a
5:16one-sizefits-all adjustment, and you
5:18miss out on this learning process where
5:20some entrepreneurs copy others when they
5:22see things successful, and they stop
5:24doing it when it's not.
5:25>> For example, East Germany's socialist
5:27planners pushed these Trabons.
5:30>> They said the cars were great.
5:34But it was a terrible car, hard to drive
5:38and it spewed pollution.
5:40>> Even when West Germans were building
5:41Volkswagons, BMWs and Porsches,
5:46East Germans were stuck with Trabants.
5:48>> In a socialist economy, every one of the
5:51minor adjustments needs to be commanded.
5:53One mind who has to know all of those
5:54teeny adjustments, communicate it down,
5:56and get everybody to do the right thing.
5:59That's impossible. No government
6:01department can manage millions of
6:03individual decisions in prices. When
6:05they try, shortages occur and money
6:08loses value.
6:10>> If you work the whole month, you can buy
6:13one a hamburger.
6:14>> Here's another excuse for Venezuela's
6:17failure.
6:17>> Oil prices plummeted in 2014 and Maduro
6:20failed to adjust.
6:21>> Vox made this video called the collapse
6:24of Venezuela explained. In the whole
6:27video, they never mention socialism
6:29once. They blame falling oil prices.
6:32>> The oil price is a complete distraction.
6:34There's plenty of countries around the
6:36world that depend on oil revenue. When
6:38oil prices went down, they people there
6:40didn't start losing weight. That just
6:42happened in Venezuela.
6:43>> Some people respond to my videos by
6:45saying, "People in Venezuela and Cuba
6:48struggle not because of socialism, but
6:51because of our sanctions and embargo.
6:54They certainly don't help the people,
6:56but it's an afterthought as a reason for
6:58their suffering.
6:59>> In Cuba,
7:00>> they drive around 1950s US cars, but we
7:02don't have a blockade on them. There's
7:04no US Navy destroyers preventing Kia,
7:07Fiat, or whoever else around the world
7:09from sending them cars. The reason for
7:10their suffering is they have an economic
7:12system that can't deliver.
7:14>> Here's myth number three. Socialism does
7:16bring good things. if it's democratic
7:19socialism.
7:20>> The examples of failed socialism that
7:22critics use are not socialist
7:23democracies but authoritarian states.
7:26>> Democratic socialists denounce [music]
7:28all that. The key word for them,
7:29democratic. They believe that both the
7:32government and the economy should be run
7:33by the people by [music] way of the
7:35ballot box.
7:37[screaming]
7:40>> But Venezuela's socialist was elected.
7:46They can start off democratically
7:48elected and then once they centralize
7:50control over the economy, it becomes
7:52impossible to democratically unelect
7:55them. Now Maduro rules while ordering
7:58state employees to vote for him or they
8:00lose their job.
8:00>> Maduro blatantly buying votes.
8:03>> They put food aid stations next to
8:05polling places and you get rewarded with
8:07rations if you vote correctly. Now
8:09democracy there is a sham.
8:11>> It always becomes authoritarian. Always.
8:13Everywhere you try socialism, that's
8:15what you get.
8:16>> Why?
8:16>> It's hard to exercise political freedom
8:19if you don't have economic freedoms. If
8:20you're dependent upon the state for your
8:22livelihood, you lose your ability to use
8:24your voice to oppose them because you
8:26can be punished.
8:27>> But unfortunately, people don't realize
8:29that when they're promoting democratic
8:31socialism.
8:32>> Democratic [music] socialism is your
8:34kids public school.
8:35>> It's the researchers and scientists paid
8:37with our taxes.
8:38>> It's our interstate [music] highway
8:39system.
8:40>> We're not purely capitalist. There are
8:41some industries that are
8:43governmentowned, operated, and
8:44controlled, socialized, if you will.
8:46It's no accident that when you look at
8:48these and think about things that are
8:50inefficiently done and underperforming,
8:52our public education, our congested
8:54streets, these socialized industries
8:57don't work well.
8:57>> But what about Norway? It's as socialist
9:00as they come.
9:01>> Instead of Cuba or China, think [music]
9:04Sweden.
9:05>> Myth four, socialism does work well in
9:08Scandinavia. But Scandinavian countries
9:11are not socialist.
9:12>> Sweden isn't socialist. Volvo is a
9:14private company. Go to restaurants,
9:16hotels. They're privately owned. Markets
9:18organized the vast majority of of
9:20Swedish economic activity.
9:22>> But Sweden did have a period in the
9:241970s and 1980s when we had something
9:27that resembled socialism, a big
9:29government that taxed and spend heavily.
9:31There were waiting lines to get health
9:33care. People couldn't get the pension
9:35that they depended on for the future. At
9:38that point, the the Swedish population
9:39just said, "Enough. We we can't do
9:41this."
9:41>> So Sweden cut taxes and cut government
9:44spending.
9:46They privatized trains, sold state-owned
9:49businesses.
9:50>> When I talk about democratic socialism,
9:53I'm looking at countries like Denmark.
9:54>> When American politicians wrongly called
9:57Scandinavia socialists, Denmark's prime
10:00minister came to America to refute them.
10:02>> Denmark is far from a socialist planned
10:05economy. Denmark is a market economy.
10:08>> In fact, Denmark today ranks higher in
10:11economic freedom than the US
10:13>> with much freedom to pursue your dreams
10:15and live your life.
10:16>> Finally, myth five, socialism is
10:19completely different from fascism when a
10:22congressman said
10:23>> the potential is out there for another
10:26Hitler socialist like Hitler to come
10:28along.
10:29>> Another congressman said he was wrong.
10:31>> It's the Nazis that's terrible, not the
10:33socialists. They were Nazis who killed
10:34Jews. And I get offended when you
10:36compare socialist to Nazis. They were
10:38fascists.
10:39>> It's true that fascism and socialism
10:42aren't exactly the same, but they do
10:44have a lot in common.
10:45>> They both replace market decision-making
10:47with command and control. While
10:49socialism abolishes private property and
10:51replaces it with state ownership.
10:53Fascism leaves private ownership in
10:55nominal terms at least, but replaces
10:57decision-m with state control and
10:59orders. As an average person living your
11:02life, whether under socialism or
11:03fascism, you lose your autonomy, your
11:06control over your own future. Only under
11:09capitalism do you have the freedom to
11:11say no. Entrepreneurs offer you their
11:14services. They offer you employment. You
11:17can say no and choose a better path for
11:20yourself. You don't get that same type
11:21of choice when someone else is planning
11:23the economy.
11:24>> Powell and another economist wrote a
11:26book about socialist countries. We went
11:28to socialism 2018, [music]
11:31the biggest gathering of young
11:33socialists, and they pointed out lots of
11:35problems in the United States. Problems
11:37with migration, with war, with policing.
11:41The problems they were identifying were
11:42the product of bad government that the
11:44US is giving them, not capitalism.
11:46>> Socialism appeals because it promises
11:49fairness and equality.
11:51>> Resources should be allocated to those
11:54who need them. They hear the preaching
11:56of socialism about equality, but they
11:59don't look on what it actually delivers.
12:01The history of humanity is of poverty,
12:04starvation, early death. This was true
12:07throughout our history until very
12:09recently. In the last 20 years, we've
12:12seen more humans escape extreme poverty
12:14than any other time in human history.
12:16And that's because of markets,
12:18>> right? Free markets, capitalism, that's
12:21what makes us richer. But everywhere
12:24people trash capitalism.
12:26>> No system has redistributed wealth from
12:29the poor to the rich as effectively as
12:31our own.
12:32>> I call it slavery by another name.
12:34>> We covered the biggest myths about
12:36socialism. Now we'll bust seven myths
12:39about capitalism.
12:40>> No one ever makes a billion dollars. You
12:43take a billion dollars.
12:46>> That's myth one. Capitalists get rich by
12:49taking money from others.
12:51>> Jeff Bezos has what? $100 billion. Yeah,
12:54his wealth is making a lot of people
12:56poor.
12:56>> People assume that because they think
12:58>> we have a finite amount of money,
13:00>> a finite amount. So when they win, you
13:04lose. But that's not true because
13:07entrepreneurs create new wealth.
13:09Research shows that when they got rich,
13:12they only kept 2.2%
13:15of the additional wealth they generated
13:16for the economy.
13:18>> Economist Dan Mitchell. In other words,
13:20the rest of us captured almost 98% of
13:23the benefits.
13:24>> Today, Apple is going to reinvent the
13:27phone.
13:28>> Yes, Steve Jobs kept billions.
13:32But by creating Apple, he gave us more.
13:35So many new jobs. And he added billions
13:38to our economy. All by creating tech
13:41[music] that makes our lives better. I
13:43hope that we get a hundred new super
13:45billionaires because that means that
13:48there's a hundred new people who have
13:50figured out ways to make the rest of our
13:52lives better off.
13:53>> Let's abolish billionaires. This former
13:54labor secretary says entrepreneurs like
13:57Jeff Bezos would be just as motivated by
13:59say a h 100red million or even $50
14:02million. Oo, but he misses the most
14:06important fact about capitalism. I'm not
14:08giving Jeff Bezos any money unless he's
14:11selling me something that I value more
14:14than that money.
14:16>> Billionaires.
14:18>> No one deserves to have that much money.
14:20>> None of these zillionaires needs that
14:22much money.
14:23>> If you put a cap on how much money
14:25someone can make, are they going to
14:26continue innovating? No. Maybe you just
14:29decide to take it easy. You retire, you
14:32sell a yacht around the world, you're
14:33going to start consuming instead of
14:36saving and producing. When I say things
14:38like that, people call me a complete
14:40and tweet, "More money in the
14:43richest hands means money sitting in the
14:45bank doing nothing."
14:48But that's an ignorant view of banks. In
14:51reality,
14:52>> that money gets lent out,
14:54>> which allows other people to build
14:56businesses, buy homes, get educated,
14:59>> new machinery, tools, factories,
15:01equipment, technology. Still, we hear
15:04>> the rich getting richer and the poor
15:06getting poorer.
15:07>> That's myth, too. The truth is that the
15:10poor and middle class are getting
15:12richer, too.
15:13>> The economic pie grows. We are much
15:16richer than our grandparents and our
15:18grandparents were much richer than their
15:20grandparents.
15:21>> For thousands of years, the world had
15:23almost no wealth creation. Then some
15:26countries tried capitalism.
15:28>> You can see that per capita GDP is
15:30climbing and climbing and climbing.
15:32Capitalists helped everyone, including
15:35the poor.
15:36>> They do by bringing cheaper and better
15:37food to my supermarket. They do it by
15:40providing better goods and services.
15:42>> So high-tech, it could only come from
15:43Motorola.
15:44>> Look how communications changed. 25
15:47years ago, phones looked like this. Then
15:49we got the Blackberry, the iPhone.
15:51>> Way smarter than any mobile device has
15:53ever been.
15:54>> Now we have cheap smartphones. When the
15:57media say
15:57>> the middle class is in decline,
15:59>> America's middle class is in decline.
16:01>> Well, they're right. But they miss why
16:03>> it's shrinking because more and more
16:05people are moving into those upper
16:07income quentiles.
16:09The rich get richer in a capitalist
16:11society. But guess what? The rest of us
16:13get richer as well.
16:15>> The average family today is almost a
16:17third richer than 40 years ago because
16:20capitalists compete to get our dollars.
16:23Of course, this assumes there's
16:25competition. But I'm told that's no
16:27longer true. In fact, I'm a miserable,
16:30selfish pig for not saying that
16:32monopolies destroyed the free market.
16:35Some Republicans and Democrats say
16:38that's why tech companies must be broken
16:40up.
16:41>> Calling Facebook, Amazon, and Apple all
16:43monopolies.
16:44>> But are they really monopolies?
16:46>> We do have monopolies. The government
16:48school system, the postal service,
16:51monopolies are almost always a creation
16:54of government intervention,
16:56>> blocking competition, for example.
16:58>> Keeping your phone system the best in
17:00the world.
17:01>> Government granted Ma Bell a monopoly on
17:03phone calls. And in 30 years, their
17:06phones went from this to well, just
17:09this.
17:10>> Always improving. That's the Bell system
17:13for you.
17:13>> A short phone call cost $17.
17:16Ma Bell got away with that because
17:19government banned competition. In
17:20>> a free market economy, it's impossible
17:23to have a monopoly because if somebody
17:25manages to get a lot of market share and
17:28they try to raise prices, new
17:30competitors are going to spring up and
17:32they're going to draw away the
17:33customers.
17:35[music and singing]
17:36>> That happened to Blockbuster. It charged
17:38late fees. Netflix promised no late
17:41fees.
17:43>> [music and singing]
17:44>> Blockbusters soon went out of business.
17:46But people say today's tech companies
17:48are uniquely powerful. No one can
17:51compete with them.
17:52>> I use Duck.Go as my search engine. I
17:55don't use Google. But guess what? Even
17:57if I used Google and Facebook for 10
17:59hours a day, no one's holding a gun to
18:02my head. They're they're obviously
18:04providing something of value. Heck,
18:05they're providing free search engines,
18:07free social media. Just 14 years ago,
18:10people called MySpace a monopoly. Then
18:13Facebook proved them wrong. Our
18:15government once called US Steel, Panama,
18:17IBM, Internet Explorer, and Kodak
18:20monopolies. That's something to consider
18:23next time you hear big tech are the
18:25robber barons of the 21st century.
18:29>> Robberons like Rockefeller and
18:31Vanderbilt. And we'll get to them
18:33shortly. But first, myth four. Free
18:36markets create unsafe workplaces. Only
18:39government through agencies like OSHA
18:42can stop that. I've had some show me
18:44charts showing, oh, look at how
18:46workplace fatalities have come down ever
18:49since OSHA was created. Well, I actually
18:52went to that same data source and I
18:54looked at the decades before OSHA was
18:56created.
18:57>> No wonder the bureaucrats don't show us
18:59that. Fatality rates were already going
19:02down just as fast. Why?
19:04>> As we become richer, we become safer.
19:08>> The wealth capitalism creates lets us
19:10afford safety devices and build machines
19:13to do the most dangerous work.
19:16>> In capitalist societies, we have cleaner
19:19water, cleaner air, better lifestyles.
19:23We need more capitalism because when
19:25people get rich, they can afford more
19:27safety. But before government protected
19:29us, I'm told unfettered capitalism
19:32created evil robber barons. Collecting
19:35great riches at the expense of [music]
19:37workers who toiled often in dangerous
19:39conditions for little pay. But little
19:41pay compared to what?
19:43>> When we look back upon factory life 100
19:46years ago, we think, "Oh my god, that's
19:47terrible." Because by our standards
19:49today, it is terrible. But compared to
19:51toiling for 14 hours a day on a farm for
19:54half as much money, that stage of our
19:57economic development was practically
19:59nirvana.
20:00>> Still, most people were poor while the
20:03robber barons amassed a huge amount of
20:05wealth. Folks like John D. Rockefeller,
20:07who created the oil industry.
20:09>> People still call Rockefeller a robber
20:11baron, but he wasn't born rich, and he
20:14didn't rob. Rockefeller got rich by
20:16inventing ways to deliver oil for less.
20:19>> John D. Rockefeller kept lowering the
20:21price. That's why he got more market
20:23share.
20:24>> No one was forced to buy his oil. And
20:26although the media implied that people
20:28suffered [snorts] to support the fat
20:30cats, the entrepreneurs innovations
20:33actually made almost everyone better
20:35off.
20:36>> In the 1800s, the era of the so-called
20:38robber barons. We went from agricultural
20:42poverty to a country characterized by
20:45middle class prosperity.
20:46>> Cornelius Vanderbilt was another tycoon.
20:49the anti- capitalist media called a
20:51robber baron. But he too was no baron.
20:54He was born poor. At age 11, he quit
20:57school to work on boats.
21:00Then he invented ways to make travel
21:02cheaper. He cut the New York Hartford
21:04fair from $5 to $1. His competitors
21:08didn't bother because they were used to
21:10friendly politicians giving them
21:12subsidies. That's not capitalism. That's
21:15corporatism. Only when politicians leave
21:18capitalism largely alone does it create
21:21wealth. Still, I hear that capitalism
21:24just isn't good for us.
21:26>> Capitalism is not designed to optimize
21:28our well-being.
21:29>> Does anyone still believe that cheaper
21:31iPhones or more Amazon deliveries of
21:33plastic garbage from China are going to
21:35make us happy?
21:36>> We're not buying iPhones and plastic
21:38garbage unless we think it's better for
21:40us than the dollars that we have in our
21:42bank accounts. Capitalism is the only
21:45system that gives people the liberty to
21:48make their own choices. I want liberty.
21:51>> However, now I'm told
21:52>> a robot is probably going to take your
21:55job.
21:55>> That's our last myth. Capitalism will
21:58take away everyone's job.
22:00>> 50% of the workforce being completely
22:03eliminated, as in no more jobs for them.
22:06For years, experts predicted employment
22:08will decline, but so far it's never
22:11happened. When markets are free, some
22:13people do lose jobs, and that's hard on
22:16them and their families.
22:17>> If I was a typewriter builder 30 years
22:20ago, the personal computer probably
22:23destroyed my job. If I was a candle
22:25maker, electricity destroyed my job.
22:29>> It's upsetting when any person loses a
22:31job. But overall, capitalism creates
22:35millions more jobs. When America began,
22:3890% of workers worked on farms. Now
22:40fewer than 2% do farm workers found
22:44better jobs.
22:45>> As long as our economy has the dynamism
22:47that free markets allow, we're going to
22:49see more job creation and higher income
22:52levels. And that's what makes the
22:53children and grandchildren of typewriter
22:56makers so much better off
22:58>> and steering on its own.
23:00>> Now truck drivers rightly fear
23:02self-driving trucks.
23:03>> Would you, Tucker Carlson, be in favor
23:05of restrictions to use this sort of
23:07technology?
23:08>> Are you joking? in a second. In a
23:11second. In other words, if I were
23:13president, we're not letting driverless
23:15trucks on the road. Period.
23:16>> Support the coalition of obsolete
23:18industries.
23:19>> But what would happen if politicians did
23:21block innovation? This parody lays it
23:24out pretty well.
23:25>> I used to have to clean people's
23:26toilets, empty them from the alleyway
23:28behind the house, and now flushing
23:29toilets and plumbing has taken away my
23:31job.
23:31>> Electricity has taken over my
23:33profession.
23:33>> Well, that sounds like Tucker being
23:35worried about driverless trucks. If we
23:37don't stop progress, how will anyone
23:38ever have jobs?
23:41>> Creative destruction does destroy, but
23:44what it creates is so much bigger, so
23:47much richer, and so much better for us.
23:50>> Better for most everyone, rich and poor.
23:53That's capitalism.
23:55>> That's something that we should be
23:56celebrating. No other system anywhere in
23:59the world has ever come close to
24:00capitalism's ability to generate mass
24:03prosperity.
24:06Thanks for watching. To help us defend
24:08free markets, please click that button.

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