The Morality of Capitalism (by Jeffrey Tucker)

[itsmoreeasy]

I hope he gets more famous so suits like that can come back!

[Dualspec]

At 16:17 I looked after my mobile phone lol

[WhyDoINeedThis0]

Jeff killed this talk... learned a lot. Respect for upping this.

[Hashishin13]

@Shadi1007 Historically you have been proven wrong. The medieval traders couldn't get any one state to enforce laws as the king would either have different laws or weigh in on the side of his merchants as the country would benefit. So to enforce contracts the traders set up merchant courts who were impartial and fair because if they weren't they went broke very quickly. There were no police or enforcement as disregarding the courts would end your career as a trader.

[Hashishin13]

@Shadi1007 In reality nobody even owns 1% of a countries wealth, unless they get help from that countries government, or are it in the case of monarchs. Governmental abuses are far more grievous and inescapable as well as magnified compared to market abuses. If you own 15% why wouldn't the person go work for any of the other 85%? The leftover 85% is likely broken up into many firms, some of these need labor and will compete with each other to win your labor, which increases your wage.

[shadowbankers]

Real capitalism is a beautiful thing.

[vanraizen]

@Shadi1007 That's why he mentioned multiple vital aspects of a market economy: cooperation, emulation and competition. If you take only consider cooperation then yes everything falls apart. Competition alone is good enough to solve your worker condition problem.

[AngeloNoel]

16:28 haha! this was kinda magic...

[diggb5]

Great video, but he needs to go a suit size down... lol. Off topic observation

[marcabela]

An interesting reply to offer when addressing the argument of "discrimination" is that "private businesses CANNOT pick customers" hence the incentive to see nothing but a "customer to please" instead of an Asian? a White guy? a Black guy? is diminished back to zero. One cannot be "greedy" and "racist" at the same time, it does not add up.

[marcabela]

If anyone caught the question asked around 0:22 could you post it on the video as capture? It's a bit too hard (using YouTube) to catch what the question was about - and we loose the pleasure of listening to the answer...

[RicksPrintshop]

He appears to be using the excuse of enterepreneurship as a valid reason to operate without a moral conscience. He advocates doing what's profitable should take prescidence over doing what's right. The example of the guy buying the land cheaply and digging up treasure on it (knowing the treasure was there) was perfect.

Humanity can never move forward spiritually, morally, or ethically while this kind of 'buyers keepers, loosers weepers' behaviour is considered acceptable.

Just my £0.02 worth

[rustyrusky]

@RicksPrintshop If your opinion ain't worth squat, why not keep it to yourself? What's your point?

Profitability is one of the highest virtues. Imagine the individual human wouldn't do what is profitable. How long do you imagine would it take to wipe out the entire race? If preserving/improving ones own life is not virtues then nothing is.

Doing the opposite of profiteering, operating on loss and waste, strikes me as completely absurd. There is no moral justification for that.

[RicksPrintshop]

@rustyrusky Seems we're operating from two very different places. Enjoy your profits.

[rumco]

Some people hate money because it allows economic calculation - profit and loss. They think of profit as evil because they cannot achieve it themselves. In a barter economy, no one really knows whether they're gaining or losing wealth, everyone's poor.

[snedie69er]

@rumco

Nothing wrong with making profit, it's how you make it, and what you do with it that people often see as evil.

Nazi Germany and Communist Russia (Stalin) are perfect examples of what a nation experiencing economic boom's can do with profit. The USA is a modern example of this, with the proliferation of nuclear weapons and military power. China is also another good example who are just getting to the point the USA is just falling from.

[Loyal2Liberty]

Hasn't Tucker been doing a lot of work with the Catholic Church lately? I thought I heard him on NPR recently.

[natritious1]

@Loyal2Liberty all knowing wikipedia says hes a convert and that "Tucker recently spoke to the National Catholic Register about the importance of sacred music" interesting, I never thought an advocate of laissez faire would be a catholic but then again why should it matter?

[rumco]

@Loyal2Liberty Yes. He loves sacred music.

[AnarchyEnsues]

another tucker video.... YES!!!!.... best dude eva!!!