I appreciate your separation of Marx’s critique of capitalism and communism in the beginning of the video. One might come about communism from the critique of capitalism but communism isn’t strictly the critique of capitalism. I do have to say you were very reductive in a lot of this video and although you are trying to teach the basics your explanations tend to lean away from the fact that these things Marx claims the capitalists do are very natural consequences of the capitalist mode of production.
Adam Smith's Wealth of Nations is in the public domain and can be downloaded from Project Gutenberg and searched. Smith used the word 'invisible' six times but only once as "invisible hand". It is really curious that we hear about 'invisible hand' so much. Smith used the word 'education' EIGHTY TIMES. We are not told that. Search for "and account" and you will find multiple instances of "read, write, and account", not "read, write and arithmetic". Double entry accounting was more than 300 years old when Smith wrote Wealth of Nations, but 50% of Brits were illiterate and public schools did not exist. The United States could have made accounting/finance mandatory in the schools since Sputnik. Wouldn't that have helped everyone best serve their own self interest? But we do not hear these people propagandizing us about the "invisible hand" advocating mandatory accounting because that makes their invisible rip-offs easier. Adam Smith never used the word 'depreciation'. He mentioned paper money being depreciated one time. Marx talked about 'depreciation' a number of times, sometimes regarding the depreciation of machines. Consumers did not buy automobiles and air conditioners and televisions before 1885. But it is OK! Our brilliant economists don't talk about the depreciation of under engineered consumer trash today either.
Marx was born 30 years after Smith died, and rose in response to serfdom, (corrupt mionorchs), where the only two classes were aristocracy and serfs, basically. One thing that's not commonly remembered, today, and something that I think is important to know, is that Marx was a fan of Adam Smith. Smith offered a very balanced, reasoned and equitable alternative to serfdom. it's the only example of Marx's opinions I can back btw.
Marx was himself an idiot Or call it intellegent idiot or knowledgeable idiot But his theory is very static Smith understood entrepreneurship well and importance of capital too. A man from 18th century and it's a big deal. He understood consumer sovereignty Marx ignored consumers and kept his workers propaganda alive. His surplus value and Economic development theory is very static and ignores entrepreneurship and consumer sovereignty. Marx solution to problem was even more stupid with an collective approach that has led to many destruction
LIBERAL ANTHEM This Polish prog-rock piece contains the line "Let chants exalt Adam Smith": ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-YaA3BXdvDuE.html.
The only people who aren't actually workers are the unemployed or the benefit crew as I call them, I'm confused because most Marxists seem to always use them as the crux of the problem with capitalism, so he sets out his stall as workers Vs non workers and yet here we are in the 21st century with millions of non workers all created by capitalism?.
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He was working as a Satan appointed and not a God appointed prophet under the guise of a philosopher. He was projecting into a future that was slipping out of his prediction thus the boom in middle class. Except a man is given wisdom of the future by God he has no clue what is to come, cell phones, internet, color television etc. I prophesy to you, that doctrine of the Jew which has haunted civilization and governments worldwide is about to be obliterated and burried by a chosen prophet. Matthew 12:42
I think people dont read Adam Smith so everyone misinterpret invisible hand😁 Then we have issue with monopolies? Who will stop merchants conspiring together, bribing government? Actually lobbying is allowed in usa. How division of labour/dumbing down of workforce for the sake of productivity..😏
I'm pretty sure that Smith used the term 'invisible hand' once in Wealth of Nations. The fact that neoliberals have made it central to their interpretation of Smith's work says far more about modern capitalism than Smith's work.
Duh why would you not want to improve??? Of course you want more production and of course you want to thrive. No I don’t agree with reducing wages and upping prices, but I do agree with wanting to expand
The overproduction/underconsumption problem isn’t relevant in today’s economy because the middle class has grown tremendously in past decades. If this wasn’t the case then it would be a problem (just like in the 1800s). If companies are “overproducing” then you either expand into new markets if there’s demand for your product. If there’s no demand for your product, then you halt production. There’s no such thing as overproduction because it clearly can’t go on forever.
Overproduction occurs naturally as the market fluctuates. Idk what you mean by “halt production” but have you never seen a grocery store throw out expired food? That is overproduction and if this happens on a large enough scale without prices accounting for it ( if they even can) than inflation occurs.
A lot of Marx's theory seems to hinge on the "Overproduction/under-consumption" mechanism, but this is cancelled out by capitalism because if there isn't a demand for the goods then the business owners will not want to make a loss by trying to supply it. Overproduction can be a small issue but it is more of an issue for the businesses than anybody else. This theory reeks of somebody who doesn't know how business works. Oh wait...
Actually back in Marx's time period the wealthy were the the rich nobles/clergy men from feudal times, and the middle class were the Bourgeois private business owners.
Evolution Economy A free open market that evolves thru time is the best working model. Martxism, Socialism or Communism didnt work they tried it and failed. Current world ecocnomy is gobalised its too complex and modern for Martx.
Yet the underlying tension between employer and employee remains. I'm not sure it is too complex for a Marxist to explain if you are not a capitalist propagandist.
