The Morality of Capitalism (by Jeffrey Tucker)
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Uploaded by Nielsio on Dec 1, 2011
More videos on morality at: http://vforvoluntary.com/morality
June 4, 2010
Sources:
http://www.fee.org/media/the-morality-of-capitalism/
http://www.youtube.com/watch?v=OWpr_gOpf6I
POSTED WITH PERMISSION FROM LAWRENCE REED (FEE.ORG) - 12/05/2011
- 57 likes, 3 dislikes
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Top Comments
All Comments (25)
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I hope he gets more famous so suits like that can come back!
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At 16:17 I looked after my mobile phone lol
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Jeff killed this talk... learned a lot. Respect for upping this.
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@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.
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@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.
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Real capitalism is a beautiful thing.
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@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.
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@rustyrusky Seems we're operating from two very different places. Enjoy your profits.
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16:28 haha! this was kinda magic...
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Great video, but he needs to go a suit size down... lol. Off topic observation
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another tucker video.... YES!!!!.... best dude eva!!!
AnarchyEnsues 3 months ago 14
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.
rumco 3 months ago 8