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AskProfWolff: What is the difference between market socialism and centralized socialism?

29 091 views | 1 Mar. 2019

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Shandhi

>old socialists didn't think about bottom-up organising
Yeah sure go ahead and completely ignore the anarchists, Wolf.

JJ SOFT

My question is how do you deel with the democratic part when you know that we have now allot of political streams in society. Like Liberals, conservativs, nationalists etc. As a treu democrat but socialist i aknowledge the fact that other groups have differenent vieuws on life. But it seems akwoard.To have this ounder a socialist umbrella. I know there is one exemple of it the Chinees communist party. They are so big that it is hard to imagine that everybody thinks the same. How do they manage different point of vieuws within the system? And i do know about the blockparty's in Eastern Europe so that system did not work.

John Doe

peasant revolt of 2019

Sir Switch Crookington

State Socialism is not true socialism IMO. Unless the "state" is comprised of worker councils, and and worker unions, which they never are. It's really State Capitalism

Bruce Snyder

Neither market or centralized socialism works, so lets create worker (employee) controlled businesses within capitalism and that will help the inequality component. Worker/owners would presumably vote themselves a living wage and lots of bennies (health care, pensions, maternity leave, etc.); the money to pay for all this would have been hoarded by a few über-wealthy individuals/owners/investors in the current system. One of America's greatest heroes/industrialists-- Henry J. Kaiser would be proud.

Nicolaus de Silentio

The forces in capitalism that push for inequality and monopoly are always primarily the banks. Once they have a Central Bank, they have achieved monopoly and can inflate money to create inequality via Cantillon Effects.

TankMarko

My parents are actually from Yugoslavia but i actually agree more with state socialism...
(If anyone has any question about Yugoslavia i'll try to answer as many as i can)

Snipview

The correct question is "what is the difference between "market socialism" and what we already have? LOL!!!!!!

Gabriel Castro

China is market socialist but there's also 5 year plans

Koala Koala

So this would basically be Syndicalism. The different facilities should be democratically organzied, owned and run by their workers. Labor unions, not the state should improve the communication between different workplaces and they might support workers who want to found a new factory or want to produce a new invention etc.


The big difference to classic market socialism would be that not only the distribution and allocation, but also the production and inner structure would be in the hands of the workers. And also labour unions would rather play a supportive than an interventionist role

San Miguel TV

Thank you Mr. Wolf.

Moisés Mendoza

Mr Wolff, are there any schools that work as a cooperative? If not how can anyone open one?

M. M.

The difference is that only centralised socialism works

Nick Batina - composer

You’re a genius dude. I need to go over this further since I’m not sure if I’m super down for a few parts of this, but I might be missing something soooo ?? stay safe, and I hope you’re doing well, this is really ringing true to me at the moment lol

existential. anarchist

Socialism from below isn't really a new idea. But i understand you're talkint to a specific audience.

Benjamin Knob

Prof. Wolff often doesn't seem to be aware that Yugoslavia was a market socialist country of the "new" type he describes. The workers met in democratic councils to make decisions about production. They could even vote themselves pay raises and mark up prices to rip off consumers if they wanted to. It must be noted that, although it wasn't as great a disaster as most centrally planned economies, Yugoslavian socialism suffered from chronic problems with inflation, unemployment and a balance of payments deficit.


In one Q&A post, Prof. Wolff does acknowledge the experiment in Yugoslavia, but argues that government interference from above was the main problem with it. Many economists disagree with this assessment and in fact claim that the exact opposite is the case. Yugoslavia had initially combined market socialism with elements of central planning by regulating investment through 5 year plans. But it was when the government began deregulating enterprises and decentralizing investment decision making that an element of deep volatility was introduced and Yugoslavia plunged into economic chaos, eventually resulting in the dissolution of the nation itself.

Siberius Wolf

Was a damn useful answer. Good stuff.

Milan Draganic

There are so many different types of market type of socialism

Jean Hunter

Socialism isn't communism or fascism. "Fascism begins the moment a ruling class, fearing the people may use their political democracy to gain economic democracy, begins to destroy political democracy in order to retain its power of exploitation and special privilege." ~ Canadian, Tommy Douglas (Scottish-born Canadian Baptist minister who became a democratic socialist politician)

Joseph Ehlers

"The Paris slums are a gathering-place for eccentric people--people who have fallen into solitary, half-mad grooves of life and given up trying to be normal or decent. Poverty frees them from ordinary standards of behaviour, just as money frees people from work. Some of the lodgers in our hotel lived lives that were curious beyond words." - George Orwell

Early models of free markets trace their roots to the work of Adam Smith and the theories of classical economics, which consisted of proposals for cooperative enterprises operating in a free-market economy. The aim of such proposals was to eliminate exploitation by allowing individuals to receive the full product of their labor while removing the market-distorting effects of concentrating ownership and wealth in the hands of a small class of private owners.

Some of the early advocates of free markets in 17th-century England were called “Levellers.” These radicals, who emerged during the English civil war, wanted to abolish the monopolies held by the big merchants and aristocrats. They saw the prospects of greater equality that might come from opening up to ordinary workers opportunities for manufacture, trade, and farming one’s own land. In the 18th century, Adam Smith was the greatest advocate for the view that replacing monopolies, primogeniture, entail, and involuntary servitude with free markets would enable laborers to work on their own behalf. His key assumption was that incentives were more powerful than economies of scale. When workers get to keep all of the fruits of their labor, as they do when self-employed, they will work much harder and more efficiently than if they are employed by a master, who takes a cut of what they produce.

Politics can be boiled down to policy of stewardship/ownership. It was once about who can own humans, land, then machinery, though today it is becoming increasingly about ownership of information. Instead, it should always be centered on owning yourself and your own means of support. Maybe some socialists just want to take advantage of other people's hard work and use the State to gain power, but the sad truth is that capitalists set that standard.

"As soon as the land of any country has all become private property, the landlords, like all other men, love to reap where they never sowed." - Adam Smith

For the capitalist mode of production to emerge as a distinctive mode of production dominating the whole production process of society, many different social, economic, cultural, technical and legal-political conditions had to come together. State government is not inherently opposed to free markets or private property, but is, in fact, necessary to their very existence. Consumer protection laws are a basic pillar of economic freedom and private property rests on a regulatory infrastructure.

The current structure of capital ownership and organization of production in our so-called ‘market’ economy, reflects coercive state intervention prior to and extraneous to the market. From the outset of the industrial revolution, what is nostalgically called ‘laissez-faire’ was in fact a system of continuing state intervention to subsidize accumulation, guarantee privilege, and maintain work discipline.

Most such intervention is tacitly assumed by mainstream right-libertarians as part of a ‘market’ system. Although a few intellectually honest ones like Rothbard and Hess were willing to look into the role of coercion in creating capitalism, the Chicago school and Randroids take existing property relations and class power as a given. Their ideal ‘free market’ is merely the current system minus the progressive regulatory and welfare state - i.e., nineteenth century robber baron capitalism.

The problem with capitalism, as it's currently practiced, is that it separates society into two distinct groups, and the power lies squarely in the hands of the owners. Not only can the consequential centralized proprietorship stifle the economy, sometimes purposely, the detachment of proprietorship that takes place, along with division of labor, merely furnishes people with the opportunity to be lazy and afraid of risk as well as willfully uneducated and unskilled.

"The economic principles of Modern Socialism are a logical deduction from the principle laid down by Adam Smith in the early chapters of his “Wealth of Nations,” — namely, that labor is the true measure of price. But Adam Smith, after stating this principle most clearly and concisely, immediately abandoned all further consideration of it to devote himself to showing what actually does measure price, and how, therefore, wealth is at present distributed. Since his day nearly all the political economists have followed his example by confining their function to the description of society as it is, in its industrial and commercial phases. Socialism, on the contrary, extends its function to the description of society as it should be, and the discovery of the means of making it what it should be...Half a century or more after Smith enunciated the principle above stated, Socialism picked it up where he had dropped it, and in following it to its logical conclusions, made it the basis of a new economic philosophy...This seems to have been done independently by three different men, of three different nationalities, in three different languages: Josiah Warren, an American; Pierre J. Proudhon, a Frenchman; Karl Marx, a German Jew... That the work of this interesting trio should have been done so nearly simultaneously would seem to indicate that Socialism was in the air, and that the time was ripe and the conditions favorable for the appearance of this new school of thought. So far as priority of time is concerned, the credit seems to belong to Warren, the American,—a fact which should be noted by the stump orators who are so fond of declaiming against Socialism as an imported article....It was at this point — the necessity of striking down monopoly — that came the parting of their ways. Here the road forked. They found that they must turn either to the right or to the left, — follow either the path of Authority or the path of Liberty. Marx went one way; Warren and Proudhon the other. Thus were born State Socialism and Anarchism." - Benjamin Tucker; Individual Liberty

https://porkupineblog.blogspot.com/2006/05/myth-of-socialism-as-statism.html?m=1

Daniel Mitchell

Vietnam has adopted a market-socialist approach and that has worked out great for them.

Virtusoroca

Totally agree. Socialism is not about abolishing markets for products, but labour market. It disolves the oppositions labour x property, wages x profits. Its all about workers ownership, with or without markets.

Malik Moin

Keep up the good work professor. It's sorely needed.

A suggestion: Try to place better thumbnails on your videos. Believe me, the present ones aren't flattering

Garrett Frugé

It's simply that “market socialism” is a fairly broad and somewhat amorphous idea. Throughout the decades there have been numerous theories proposed and experiments brought forth which contain many variations in the degree of state involvement as well as how much “Laissez-faire” a socialism pursued via some degree of market forces would/should entail. Mutualism, for instance, is highly Laissez-faire in its approach. Titoism combines an element of central-planning along with worker self-management. The governments of China and Vietnam also refer to their economies as “market socialist”, and Cuba allows for a degree of individual proprietorship and self-employment.

My own preference is something combining Titoism with Guild Socialism operating within a market framework along with a regulatory system with VERY clearly-defined powers. This is a means of hedging against the state becoming too arbitrary involved in the economy.

That's a very rough overview of my own economic views, it didn't fully or satisfactorily explain everything, but it's just to throw a little bit out there in hopes of enriching the conversation.

Domingo De Anda

Great explanation, thanks.

FeelingVeryAttackedRN

I love how socialists can have debates among ourselves when it comes to various theories and praxises, but I always feel like the cause of socialism is weakened by the optics of not presenting a unified front. Obviously this is an issue in capitalist countries at large and especially the US, where socialism is apparently anything that the right doesn't like, and anything that the left doesn't wanna spend money on, but I feel like even if people were receptive to socialism to begin with its not clear from socialists or dem-soc people what the ultimate goal is. Like sure populist programs which benefit society such as universal healthcare, universal higher ed, universal childcare/pre-K etc are good and reasonable and worth fighting for but thats not really within the realm of correcting the problems inherent to a capitalist system which make us want to call ourselves socialists. I guess what I'm asking is what is the singular major thread which binds us all together, so that we can first establish this thing in society and from there move to discussions of markets vs democratic planning, or nationalization of resources vs private run worker coops etc. I dont think that the binding thread is strong social programs and thats what annoys me a bit about which lips I see the word socialism on right now.

Patricia Farrow

"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." Thomas Jefferson

CyanTeamProductions

I say a vanguard party is to plan the basic direction of the country. While in each workplace the means of production is democratically controlled by the people who work on it. They meet what the state tells them too, but if there is a problem there can be another state apparatus. No markets needed, but you have a new democracy aspect.

Ultan Mahon

Market Socialism killed the USSR

kofee sala

We have run out of isms. Pure socialism failed some 30 years ago and socialism under capitalism has also failed miserably e.g. in South American countries. Frankly speaking, most of us are basically naked apes wearing nothing but just yellow vests begging for a piece of the pie from the elusive rich and the shrinking middle class.

Adil

This kind of socialism, especially with democratic planning, is fairly old. It goes back to the 60s, and arguably back to large segments of the Marxist left in the 1930s. I personally don’t think you can have any socialism, old or new, without democratic planning.

Snipview

Sure, try to introduce democracy in the American enterprises and you will destroy them and America. Just look at the huge circus in Congress. LOL!!!!!!!!
The ONLY thing which has made America great, and has prevented the Direct Democracy to destroy it, other than the Constitution, are the American corporate dictatorships. Fool around with these and you will destroy America, the same as you have destroyed half the world and have killed 100 million until now with the previous stupid ideas.

JAB Initials

The small minority/state officials can be elected representatives or delegates of "soviets"/worker councils. So it's not like there are unaccountable government officials dictating everything from the top without any accountability. If they're not organizing production effectively, in spite of all of the technology we have today in the 21st century (unlike communists had in the past), then they don't deserve to be in charge. They're removed through a democratic process. Problem with market economies is that it creates another mode of production based on profit accumulation, competition, which undermines progress in the long-term. People get accustomed to the competition, amassing profits and production depends upon products being profitable before they're produced notwithstanding a product's usefulness and benefit to society.

A product or service may not be profitable but it may still be useful, needed, a benefit to society. In a centralized communist economy in our modern age with all of our technology (computers, automated systems, robots, artificial intelligence..etc), people could work much less and still have a very high standard of living. We just need to organize society and production in a way that meets people's needs and wants without markets or the pursuit of profits.

The Soviet Union did well until it began to "reform" / "Perestroika" . The problems started in the 1950s with Khrushchev, the anti-revolutionaries/revisionists, they hated Stalin and began to "reform", implement decentralization to the Soviet economy. It took more than 20 years for those reforms to collapse the Soviet Economy, that's how robust socialism is. Gorbachev's radical reforms in the 1980s is what finally collapsed the Soviet economy.

I may not always agree with you professor but I still appreciate your work. Thank you for advancing socialism, I learn a lot from your videos.

Blanket cc

I'm a Market Socialist

ユーネ / Yuune

democratic decentralized planning is the best socialist system.

Alien NATION

Great job explaining it prof wolff. My only criticism is that I think we still need a planned economy when it comes to major industries, especially the energy sector. If you leave it to market forces oil will still be king.

You do need certain industries to be planned to avoid the negative externalities that come from their business practices. Renewable energy won't develop fast enough under a market system, even if it is socialist in nature because the drive for profits leads to businesses doing what's right for them and their employees but perhaps not what's good for our society in the long run.

A mix between planned economy and what you talk about is probably better.

TheAtheistPaladin

How you deal with inequality in a market is you have customers and the workers decide the rules of that market, so they all make a system that is rational for all parties involved. This way power is still decentralized and in the hands of the people.

issa osama

Thank you professor for your amazing explanation. I hope you pass your knowledge to as many people as possible so we can all carry on the torch.

Gerardo Rodriguez

Are Scandinavian countries socialist or capitalist?

Smizoke Mizark

Imagine if the majority of companies were worker co-ops that’s socialism

mark reynolds

is market socialism the same as national socialism?

rick lomar

That was a muy bueno question. :)

Environmental Coffeehouse

Do you think academia should revamp the model it operates under? President, Provost yadada...ruling class and the working class at the university causes inequality within that system.

jz Hz

Your very wise.

Black Orchid

It's not even upto shareholders. I wish it was. It's solely up to the board.

GodOfCows

This guy, for some reason idk, sounds like he's always irritated.

Red Doctor Productions

What about decentral planning?

Ronnie Ray Avila

Work our Riot let the Commonwealth tremble about the Proletarians.

Stephen Godfrey

Hello based department? I'd like to file a claim

Bryan Guevara

I love this dude

G Kuljian

Now how do we overcome the Pavlovian response many have to the very word "socialism" which has been so demonized by the media? I am seeing people I respect, who are intelligent, and yet who curse socialism, mistaking it for the ills which capitalism actually brought us.
Thank you for answering our questions! This has been a great period in history in which so much quality learning and innovation is taking place.

Amal Jyothis

A private company which is owned by the workers(aka cooperative) within a market economy makes sense. Which is essentially capitalism, but more egalitarian and more competitive. Govt should provide basic service, maintain regulations while keeping the market relatively free, maintain a military and impose reasonable taxation. This system won't be hostile to private individuals starting their own business and companies(unlike market socialism which requires the every company to be a cooperative),but it will promote business be it cooperative or private(private ownership is fundamental to freedom)

ユーネ / Yuune

markets are antithesis of socialism

Rob Moffit

How to steal or have a vote in someone elses earned property. Lol.

Nes Danziger

Market socialism is based

Laurie MtnGalPal

I believe Marx was more for the "new kind" of socialism, not state or centralized socialism? correct?

Peorhum

How about a video on Nazism being socialism... or not? I have heard many on the right claiming so and a quick video explaining Nazism versus socialism would not hurt.

Libertarian Leninist Rants

So basically your "new Socialism" as focus on the microeconomics is compatible with both market and planned socialism

Steph Barton

If society has no say wouldnt that me Authorian state capitalism not socialism? I feel the best way to do planned socialism is cut in local worker representation, like unions. so the power is decided by communities.

S3N7RY

didn't actually describe how democratization of the workplace is actually beneficial. It was just an assertion.

Michael Mappin

Thank You from Canada!

Wolfgang Alas

Is there any value in comparing new socialism with anarchism?

Eric Harman

Thank you for another great video today Professor Wolff!

SteveScapes

Some things got to stay state capitalist. Wouldn’t save America if Blue Cross Blue Shield turned into a Co-op

Adolf Stalin

hey I'm poor as hell and I live in your hometown, Youngstown. wanted to ask a specific question, how did growing up in Youngstown change your views on capitalism and to what extent?

Seekarr

This is literally one of the best videos on a view into the direction of Western society over the next few hundred years. If socialism occurs in the West, it will be market socialism mixed economy using the social democratic processes we learned from capitalism such as progressive and estate taxation, VAT/GST, and perhaps even UBI. I can also see a sort of market-based election of entrepreneurial ideas exist, we have crowdfunding and Patreon today for entrepreneurs, these sorts of mechanisms can further develop into key economic features cutting out the need for capitalist investment - and therefore, capitalist ownership.

Libertarian Leninist Rants

You should have Paul Cockshott in an episode of Economic Update

Tevž Črnič

Yugoslavia intensifies

SlavMarine

Lived in both systems. Was born and grew up in one, and now live as an adult in another.
From a personal point of view and from a personal experience, Capitalism, Socialism and even Communism, they're all good systems. But there's always one problem emerging in all of them. The people in charge. Humans are almost always subjected to corruption. Those who are not, usually pop up from time to time on that political spectrum, but are a minority and are always .. well .. "removed" from those positions by the majority.

All in all, systems are good but people in charge either are the problem, or they become a problem eventually.

Iris Bos

Thanks for the explanation!

Brazilian Wonder

One vote per each individual in a large organization equate too many cooks in the kitchen. Not all can be experts on a subject up for decision, and more, cant stay nimble to move fast through simple decisions one-two individuals could more effectively make. I prefer the concent of wider representation in BOD’s, such as in Germany, with members carrying super-votes on environmental, social, and labor matters.

Gibran Elias

I’m glad and surprised to know that you acknowledge the ironic maintenance of a powerful minority in last century’s socialist experiments, not unlike the capitalist elites so heavily criticized by socialists.
.
This, explicitly said and condemned, might help depolarize the debate between supporters and detractors of “socialism(s)” and clear things up (I, for one, had Never seen any pro-socialist speaker Explicitly recognize and/or criticize that). You’ve really gained a lot of new respect and interest from me with just these few words...
.
That said... wouldn’t cooperativism (voluntary) + intercooperative solidarity (voluntary) + few regulations against monopolies (democratically voted/approved) result in the same net benefits, without the need for centralized power/control over the means of production by the state (and the many resulting infringements on individual/private economic freedom)? If not, then why?

Thomas

I’m trying to understand but I keep getting tripped up on doubting the workers ability to make decisions beneficial to the business. For example, in a highly technical workplace which has extremely well educated engineers and relatively less knowledgeable manual laborers. Should these peoples votes be held at the same value? If those at the bottom want something that the engineers know can’t be provided, or won’t be beneficial, couldn’t they be overruled? Couldn’t this doom the company?

I’m trying to understand. If someone who actually understands this could please address these points, that would be greatly appreciated.

Mehmet Âkif

Imagine this being your Zoom class.

D McD

democracy has no place in a company .if the workers can decide what the company should make why did they not start their own . they did not because they can not

stormtimedoor1138

This response kind of ignores the syndicalist tradition that grew out of the libertarian socialist/anarcho communist schools of thought which developed throughout the 19th and 20th centuries and which served as the foundation for the decentralized yet fully collectivized work places which flurished in Catalonia during the Spanish Civil War. Maybe it's just a branding thing (Rick knowing that anarchism has a certain taboo nature to in the pop culture lexicon), but I think it a disservice to the cause to ignore the ideas of people like Proudon, Kropotkin, Chomsky, and Bookchin. Wolf is describing a similar concept of socialism, but it's not 'new', just surpressed.

buddhangle

Thanks for the lesson, prof!

Rubarb51

Richard Wolf is a CRAZY insane wack job Market Socialism is Still EVIL Exacly like China Capitalism is the correct Economic System of Private Ownership and Owning Your own Weath through Innovation from the Individual 328 million Americans CANNOT literally Publicly Run the Means of Production in Every different Field of Work Even with NO State Socialism with NO State Ownership Do you know how Chaotic that would be ? Let's see ... Are ALL the Employees and Cast Members at The Disneyland Resort and Disney World Resort going to literally Run both Both resorts with No Management Bosses Supervisors ? How Stupid What about alll Technology Companies So Bill Gates Should be Forced out of the Company He Built Steal his Weath and ALL the Microsoft Employees are going to just publicly Run Microsoft Really? Same with Google Facebook and Amazon? Really? How Stupid The Private Sector CANNOT be Publicly Run like Our Republic Government voting and electing people in and out with Those Evil Socialist Union's because at the End of the Day someone is going to be in charge That is a Fundamental Law of Nature

Mats Holmberg

But what about the environment? What about the climate collapse? In this day and age we will HAVE TO resort to a planned economy - planned according to what is environmentally sustainable.
I also wish "new socialists" would focus more on trying to achieve a fair society where working 8 hours a day is required. Work should be a voluntary and not mandatory.

Tiger Style

I'm mad confused lol That doesn't sound new at all. Obviously it's not a planned "socialist" economy or traditional market socialism, but that sounds pretty close to what Luxemburg and other Democratic Socialists, Autonomists, Libertarian Socialists, anarchists, etc have advocated for a very long time. It's pretty close to what I've advocated for decades only without traditional government and instead using councils, immediately recallable delegates, etc. I'm not seeing what's new.

Corvus

I'm not sure I find the last answer that clear.
If myself and others run a cooperative, wouldn't it be in our best interests to gain market dominance? I don't see why humans working for a cooperative would benevolently advocate for antitrust regulations on themselves, just as I don't see why capitalistic corporations would.
Can someone explain how a co-op economy would somehow avoid the same pitfalls, if at all?

Heb59

Prof Wolff, you readily accept that co-op system is not problem free. One such problem that could occur is conflict within the masses when they do not agree on the decision. The majority of masses could impose their will on the minority. It would be a dictatorship of the majority. On the other side, within the ranks of the masses there could be an individual or a small group who are persuasive, charismatic, manipulative, and shrewd and who end up imposing their will on the masses. It seems that "class warfare", "inequality", and "class envy" could exist in co-op system just as it exists in Feudalism, Capitalism, and State Capitalism.

ThunderKhajiit Kitten

I feel like luxury items could still maintain a market system. Anything that is necessary for human life such as healthcare, housing, utilities, education, prisons etc shouldn’t operate under a market system.

Bung

Poggers in the chat for dialectic materialism. YEET THE RICH

Nes Danziger

Market Socialism explained- workers owning the means of production in the form of worker co-ops

Green Energy

Hi Jeff Merkley; JEFF I MADE A MISTAKE WITH THIS POST AND THOUGHT IT WAS A ODD SEX POST AS YOU DEMOCRATS LOVE OFF SEX FOLKS BETTER THEN REGULAR FOLKS. I SEE IT IS FOR FAIR PAY FOR WOMEN AND I 100% AGREE WITH THAT. IGNORE THE REST OF MY RANT. You democrats are sure for gentrification. You hate folks that are normal and love folks that have so many different letters representing what type of sex they enjoy or what part of their sex organs they chop off. How about normal people Jeff? Why make normal families be forced to learn all these different exotic sexual types? Then you democrats want to teach this in public schools and have policemen walk though the schools shooting their weapons to get kids used to being shot at and to the Police STATE. THEN YOU UNITED STATES CONSTITUTION HATING, war mongering, corrupt, DEMOCRATS want to disarm LAW ABidding Oregonians. TREASON, TREASON, TREASON IS ALL YOU DEMOCRATS OFFER. Treason & Election Fraud & Election Crimes is all you democrats ever have to offer.

What is the market

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What is a Market Economy?

109 301 views | 12 Jun. 2018

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Juan Cortez

im here cause im slow

Aidan Winegar

this guy should be at a mentail hospital

CHRISTOPHER BORMANN

I am here because I have two make I diary of someone in a market economy. I'm probably going to fail:)

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um weird name but its ok im ready

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YOu look like my social studies teacher

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Skallager K.

Corona: 4:54

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When you realize you have to pay for the guided notes

My money: you do not have the facilities for that big man

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i hit 100 subscribers!

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great video

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hi

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i am here because it is informed

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thank you mr sin

Seeromanie Persaud

POV: you are sent by the teacher from online school

Lance Hitchcock

I would add to the explanation of disadvantages, such systems do produce sufficient basic needs it is just that due to uneven distribution of income, not everyone can afford those goods & services. However, this potential for low quality of life does act as an incentive to strive per Adam Smith that we act economically out of regard for self interest.

Also, when mentioning the uneven distribution of income, you should note this is a function of all economic systems and not just capitalism. For instance, in Middle Ages Europe (a tradition system) you had a wide range of wealth levels from nobility to serf. Likewise in the Soviet Union (command system/socialism) you had the wealthy party leaders and a range all the way down to the average citizen.

LeviAckermanIsBae:3 Xd

Oof Nice video

Aleksei Nekhaev

Excellent content! I'm using your videos and the notes for my Social Studies lessons with Grade 8 in Thailand. Thanks a lot!

Rafay Memon

this gave me the exact answers to my assignment lul thx

JumpySkull Rabbits and Horses

Final's tomarrow

冯Vincent

for next week's debate … the finale exam is the debate between market economy and planned economy...

Anupadma Radhakrishnan

Good sir thanks

jose7060 jose7060

696 likes

Bhing Marrie Claire Untal

it has a 4 economic question not only 3

Noora Noora

Thanks..!!!?❤

Anne Hinde

is this chanell just for videos to help with school,or can you use this channel for homeschool?

Bee Moo

i am here because i have exams tomorrow :"""")))

The Unveil

rather than make students pay for youre notes make youre own websites where you can show youre notes and give ads on youre website then the viewers will be happy and you will earn youre money from ads

JESSICA ABAM

You need to make a video on functionings of the market economy

Charlie Kopp

I am sad this tAKINg up my recomended

Maddisyn Genereaux

What is the best economy for this corona virus and for the people of the USA

I’m the default Guy

I am here bc I have a test soon :)

NO NO

I’m tryna do my homework hurry up

Koll Messer

this is the worst video

Russel King Cadiang

what is the different between market economy and market system?

Eva Youngblood-Bisbee

Me: Looks a channel name

Channel name: Mr. Sinn

Me: ???

Charlie Kopp

I am sad this tAKINg up my recomended

Raffy Apatan

I have a presentation tomorrow.-.

hAppY

Thank you so much

Bitch flavored guts

Online school check

HUGO CHAVEZ

SOCIALISM IS BEST
GOD BLESS MADURO CASTRO EVO

Sharifah Fitrah

Hi, may i know the answer oh key issue regarding of economic which best alternatives, best choices n etc. I need an explaination of it

Yabathehut

This is soviet territory now

James Hamn

This pretty darn cool man

Grâce Okogo

Thanks for the video. please do you have any ideas about What are the similarities between the social networking site and a market?

G G

I'm not a communist or "anythingnist"?? But what "free market" actually means is free for the rich to behave how they want and with impunity! Time it died !

Romita Roy

Corbin spends his entire income on the consumption of two goods X and Y. Explain what would happen to the equilibrium consumption of two goods, X and Y, if (a) income doubled and all prices tripled, (b) all prices doubled and income tripled, and (c) all prices and income doubled. In each case, show the effects when both goods are normal goods and when one good is a normal good and the other an inferior good

Sir please answer this. I have to submit it in a couple of hours. I beg of your help Sir

Uyen Duong

Same lol

Elliot Snyder

Bru they make us watch THIS!?!?!?!?!?!? HOW does that make sense?

MusicAddictz

I'm here cuz i have exam tomorrow:'(

oscar armas lopez

That video was so helpful to me

Awn ammar

Hi miss mona

Emily Xu

i'm here cuz we have online learning rn and my teacher has a million links to your videos that we need to watch

CL Exo

I’m doing homework now my mom knows about homework cuz virus and my teacher sent it to her oof

Yoselinn Aquinos Marcos

i have a test on online school and the 4 videos were urs and they help me pass thx u

Riad Nassri

you are absolutely and 100% useless. Now help whatsoever.

Chinglaen Shana

Honestly, I'm not an eco student. I'm here just to know what it is?

Daniel Zavala

oogabooga monment with the boys sheeeesh

Jayden Miller

im going to be smart now thank you mr. sinn

Varleet

Союз нерушимый республик свободных сплотила навеки единая Русь

Emily DeSanti

I'm here because my teacher has a TON of links to your videos that we need to watch in order to complete our task

Elijah Coletti

thees vids help me so much thanks

Game app Reviewer

Who else here because of an essay

Joaquin Valencia

eye andrew best class h1h3

Ivory Hauschildt

is your whole life sin beacuase your name says it

aright2lucidity

If you choose the “red pill” then this is the truth. We are all slaves to a system called “the market”. We all work in a job that pays taxes that feeds this market. Who benefits from these taxes? The ‘World bankers’. The ‘world bankers’ is there real title (some call them the illuminati, Freemasons ,etc, but in reality they are the ‘world bankers’ AKA the 1 percenters, they secretly control all of the worlds resources and economies. This system runs every western country, you , your neighbours, your town , your entire country borrows money from these world bankers to stabilize your economy. the interest incurred is at such a high rate it is virtually in-possible to pay off Hence why your leader( be it a president or prime minister) has one main priority, reduce the deficit using any means necessary (war, new legislation, corporate greed) to pay back as much borrowed money as possible , this is why anyone who avoids taxes is labelled a fraud, and is tried and shamed publicly. Your country worries a lot about unemployment rates not because people are jobless, but because some people figure out working tax- less jobs is better than paying taxes to the government Yet somehow people are so ingrained into this system. So dependent on it, so much time and money invested in it , that they will fight tooth and nail to keep it running. Mean while the bankers run a separate program in your mind called ‘media’. This is done to help you accept there system. The ‘media’ provides sports, movies , celebrity news, gossip to keep your mind idle in hopes of making you passively and subconsciously accept their system. While keeping the masses divided by supplying you with ‘the news’. ‘The news’ is a mechanism whereby humans are kept divided on opinion and in trust. The more news you watch the more likely you are to lose faith in humanity. To lose trust and grow animosity towards other humans. This insures the masses will never unite...JFK signed executive order 11110 that abolished the Federal Reserve, a private central bank and returned the issuance of currency directly into the US treasury....6 months later he was dead in Dallas...Now they are running END GAME on you, are you ready for what they have in store.

Rishabh Pathak

You saved my Exam??

What is the market

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WHAT IS THE STOCK MARKET? | The Stock Market Explained

29 467 views | 11 Mar. 2020

What is the Stock Market?

What is the Stock Market? | The stock Market Explained. In this you are going to learn what the stock market is and how it works. Here we breakdown how to invest in the stock market even for beginners.

You will learn how the stock market works, what is a market crash, what is a market bubble and how to use the stock market to make money.

This will be like your personal investing 101 class where you will understand what is a stock and why people invest in them.

If you are looking for a stock market for dummies, then look no further, this video will teach you the basics of how stocks works.

? Watch these top trending videos to learn more about investing:

► Investing for Beginners: https://www.youtube.com/playlist?list=PLkxByrIbVCSpPXBJ4VJoqU2QHVJKZfpfj

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? Make sure to subscribe to The Better Men Project for more business and money videos: https://www.youtube.com/c/TheBetterMenProject?sub_confirmation=1

Bok Choy

Good video. It totally shows exactly what a fake investment the stock market is lol.... Get into real estate!

Talking life

Thats my man, where have u been?

Akshay Gopal

Yeah...it was a useful video..very informative for beginners... keep it up bro.

Maftuh Clipson

Iam first

Annabelle Morgan

who is here for grade 8 math learing how to invest money

MR. ZERO to INFINITY

Perfect time to answer “What is the Stock Market!” A place to lose a lot of money if you don’t know what you’re doing? Haha ?

Alae Larheribi

This channel is so underrated ? Thank you buddy, keep it up

Ilyas

Why doesn’t Amazon or Tesla split their shares?

The Better Men Project

What do you guys think of the new animation style? 
Dig it? Not a fan? let me know in the comments.

1TalldrinkH2O

Another great video and very timely. Thank you!!
We needed these level headed facts to keep us on track during this temporary worldwide economic crash caused by the Covid-19 virus.

The bird flock

hey will you please do another free online class!?!

WIlis matrix

Thank you for the explanation, simple and crystal clear

DARTHZAMLON #1

Great videos for the youth

S. Singh

I think now the title should be “what was the stock market “ ?

Mr Cornejo Teacher of English

Very good job. Congratulations. I would have split the video into two. It is a little long.

ShoesMagoo

How exactly are the share prices determined, do they accurately reflect the real monetary worth of a company, and how are these exchanges recorded and overseen? How are they kept track of? Who oversees or regulates the value of shares and the value as they relate to the worth of the company? What mechanisms are used to facilitate the exchange? Is it all just 1's and 0's done electronically?
What exactly does a company lose when they sell a share? How is the lost value measured? I mean, they get money in exchange but what is the practical cost of not holding that share? It seems like they get free money in exchange for some non-company individual to be able to merely claim ownership over a potentially insignificant or significant part of the company, and if the company fails then the investor suffers in the loss but the company could have succeeded or failed anyway. Where does the investor who purchases a share stand in terms of ownership, influence, etc. of the company? Is it really just gambling?

deborah ezekiel

stock market trade is very profitable but it do require much experience to start it ,as well you can use a mentor like robert_uptowntrades on lG to help you invest, it's profitable it's what I'm into and it pays off my bills !!!

Meet the Woo

Very good explained
Keep it up man?

Luis Lopez

Love the new animation!

TeluguBullionaire

From a long time I'm your loyal Subscriber
You inspirated me to make passive income streams so I started a new YouTube channel and business, job etc thank you a lot bro

Mo Younesii

I appreciate what you do here.
You weren't very active recently. Is everything alright man?

Ilyas

How does a company make money from the stock market after they go IPO?

MAHHIN GAMING GATE

Man I love how you make this whole thing so simple thanks ?

Iqbal Ghiffari

its me UUM student, haha