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What's Wrong With Capitalism: Minimum Wage Debate Part 8 - YouTube
Channel: Libertarian Scot
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so at least am i naive eyes but it looks
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like is that millions of people in this
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country don't have enough money to
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securely afford food housing education
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and healthcare well a few million others
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are like constantly gorging themselves
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on golden pizzas or something but I'm
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guessing it's even worse than that
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because it's not just that some people
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don't have enough money to meet all
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their needs it's that they have to be
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poor while other people are rich and
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since people compare themselves to
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others that leads to all kinds of
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additional anxieties and resentments and
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social tensions I can speak from Faust
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and experience that when I went through
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a period when I was rock bomb I stupidly
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did the same thing and I don't blame
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anybody else for that I actually blamed
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that on self neglect I failed to
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acknowledge the positives about myself
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this again is a problem with an
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individual and their own mental health
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it's not a rich person who makes you
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feel you know so down about yourself I
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know many people who have far less money
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and are perfectly happy and are you know
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full of self-confidence they don't feel
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I care in the world about what other
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people on you have your own
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responsibility over what you do with you
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know in life it's not their fault that
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you are poor it's not their fault that
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you are you know feeling so don't you
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have a life full of choices no what I do
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stand in defense of people such as
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yourself or government standing in the
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way through the economy basically
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prohibits much opportunity for the less
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fortunate to have more opportunity to to
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get out of the mess that they ran and
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it's the fault of all the socialist
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government interventionism now I'm not
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going to sit here and point the finger
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and say Orwell this is your fault no I'm
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not going to do that because I'm going
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to be reasonable about this
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this unfair system allows government to
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pick and choose winners and losers so as
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a result of not loving under a
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capitalist system the thus unfair system
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gives advantage to the big corporations
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meanwhile it uses the big heavy bit of
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government regulations and it wears down
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the smaller competitors meanwhile these
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people these big corporations are given
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special interests favors you know
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because the lobby didn't have paid off
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the politicians and they get away with
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what they're doing people comparing
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themselves to other people that's their
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own fault it's nobody else's fault they
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need to actually take responsibility
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over their own life to improve their own
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mental health and you can even you know
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seek out people who are psychologists
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who would tell you this it's a grave
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mistake for you to you know set and
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project the blame off onto other people
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if you are the one setting in the
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possession of comparing yourself to
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other people and continuing to go down
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at that frame of mind set you're the one
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that's who's gonna end up miserable and
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that's not anybody else's fault but your
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own this is a study of capuchin monkey
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that shows if you reward one monkey for
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a task with a delicious grape and a
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monkey in the adjacent cage with a
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shitty hue cumber the monkey who gets
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the cucumber loses his shed and if you
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do this to humans for long enough they
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start building guillotines well that's
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just how it looks to me I could be wrong
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I mean I'm not an economic theorist and
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honestly I don't really understand how
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the economy works
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I don't even check my own bank account
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balance very often I make the video as I
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sway to the card so look if I'm wrong
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and capitalism is good actually just
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leave a comment and I'll be happy to be
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proven wrong but before you do that
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let's get some of the more obvious
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objections out of the way income
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inequality exists because not everyone
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does the same jobs some people work
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harder than others and those people
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deserve to make more money
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well the sweatshop workers work really
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hard and they barely make any money at
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all and a lot of people who work minimum
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wage have to work multiple jobs just to
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sustain themselves and their families
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it's actually a ton of work and they
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barely make enough money to survive
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those countries who currently go through
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working and these sweatshops is
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equivalent to what the British people
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had to do in order to get to where we're
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at today that is to say that at one
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period in our history our people had to
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go from you know walking on the
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agricultural landscape with practically
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nothing working for dot per wages then
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went on to working and the factories
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working for hard hours and and poor
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conditions the fact that he's actually
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paid substantially more and continuously
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year and year oh the living conditions
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the working conditions were continuously
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improving their working hours were
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reducing because again as more
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technology would be invented you would
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see multitasking you would see you know
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things been done at a quicker rate for
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example you could contrast people
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walking in the fields in the
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agricultural landscape in the seventeen
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hundreds using their hands and contrast
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that to the type of stuff that you have
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today the machinery that you have today
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it's remarkable how much these machines
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have reduced working hours in many
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regards they enable people to improve
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the material standards of living so the
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point I'm getting out here is the fact
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that if it wasn't for those sweatshops
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they wouldn't have been able to improve
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the material standards of living and
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wealth and that is what these extremely
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pure countries of having to go through
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you know if it doesn't have access to
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that they wouldn't be able to get to
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where we are at today I understand that
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it's not exactly wonderful but see if
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they doesn't have that they'll be dying
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of starvation and it's not a case that
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you can just go from A to Z overnight
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the minimum wage argument is destructive
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later explained the earlier about the
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$15 minimum wage it's quite funny
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actually because you actually gave an
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example to say that you
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would never buy the pizza for $2,000
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because you don't value the pizza for
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$2,000 there's this kind of sadness that
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sets in as they realized that the $2,000
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pizza isn't worth it at all
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to fully understand why a $2,000 pizza
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is not worth it you have to understand
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it in the context of capitalism the
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price $2,000 tells you the exchange
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value of the pizza and if you live in
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America you have an instinctive sense
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for what that means because you know all
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the other things you could buy with
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$2,000 will that's the same principle as
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you know if you raise the minimum wage
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to $15 no one's gonna value employing
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someone to flip five pound burgers or $5
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burgers for you know $15 an hour fifteen
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pounds never again it relates the supply
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and demand if you pray if you push the
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price up of the lower skilled worker the
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demand from the employer Falls the
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reason for why you're arguing for the
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increase of the minimum wage and I can
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understand why you would supporter but
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your argument for doing so is because
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well I look at the costs of living if
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you raise the minimum wage what our
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company is going to do in order to
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compensate paying for the minimum wage
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they're going to raise the costs of the
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goods and services aren't they or of
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course they will reduce walking errors
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they may you know do away with the fill
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time workers and get more part-time
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workers and although that may look like
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there's more employment and employment
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goes up what you see in effect has fewer
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working Evers employers will do things
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to compensate other ways to pay for that
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to be able to afford to pay for the $15
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or 15 pounds and ever hongkong never had
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the minimum wage up until 2010 as these
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city-states have among the worst income
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inequalities in the world what he's
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really basically saying is he's not
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interested in that improvement you know
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he doesn't pay attention to the very
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fact that the poor the bottom 20%
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today and the lakes of Hong Kong and
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Singapore are far richer today than what
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they were in the 1950s so he's not
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interested in that real world
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improvement another thing to point out
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I've mentioned this before when you talk
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about the wealth gap the bottom 20%
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today is not the same bottom 20% a
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decade ago or a decade before that you
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know over a time period the bottom 20%
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changes it's not fixed if you look at
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from 1948 when Hong Kong had an average
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household income of less than $900 per
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year to 1997 when it's at with an
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average household income greater than 37
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thousand dollars plus how did they
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achieve that with no minimum wage
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because the minimum wage is not a
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requirement it's not how you improve
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people's we're G's so let me get this
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straight you criticize capitalism and
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yet you yourself make money on the
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internet
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hypocrite much a few years ago I was a
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broke philosophy graduate student and
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when I criticize capitalism then people
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used to say why don't you stop whining
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and get a real job and earn a living you
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just present capitalism because you're
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too lazy to put in the work it takes to
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succeed so if people who are failing
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under capitalism cannot criticize it
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because they're just resentful and
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people who are succeeding under
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capitalism cannot criticize it because
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they're hypocrites then according to you
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is anyone allowed to criticize
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capitalism there's nothing wrong at all
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with that of criticizing capitalism and
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people are more than welcome to and at
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the end of the day there is no such
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thing as a perfect system and capitalism
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is not perfect it does have its false
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such as for example there's no such
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thing as and perfection and economics
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you will always have exploitation to
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some degree or another orchid option to
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some degree or another
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what isn't rational what is irrational
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is then turning to socialism for the
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answer to solving your problems you have
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argued for a system pertaining to money
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and people getting paid wages as far as
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I'm concerned because you are arguing
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along the lines to do with the minimum
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wage it's Erin I imagine that you are
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someone who does agree with a money
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based system but here's the issue where
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are you going to get the money from if
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you can't get it from the private sector
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because as far as I'm concerned you
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would wish to get rid of the private
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sector so if you get rid of the private
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sector where are you going to get the
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money from because you've only got the
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printing press and throughout recorded
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history every wheel that's attempted to
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run the printing press has resulted in
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hyperinflation that is a hundred percent
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it's not even a question of if but or a
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maybe is a hundred percent certainty
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that you would hit hyperinflation as a
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result of running the printing press you
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know lotta criticize capitalism but the
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problem is the falters you're blaming
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the wrong system you're actually blaming
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em the problems that you have to D on
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capitalism when the problems that you
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have today was to blame on socialism
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okay but I like stuff I like stuff too I
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think a lot of people have this
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instinctive fear that a capitalism goes
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so does everything we love I mean when I
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think of communism in particular I think
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of austerity scarcity conformity
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undrinkable victory gin the end of
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fashion all art required to be
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propaganda just an all-around nightmare
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situation for a person of my persuasion
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it is not for no reason at all that I
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have these anxieties since there was an
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aspect of that to some past communist
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societies but this stuff I'm worried
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about booze makeup art baths these
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things existed long before capitalism
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and they'll exist long after it
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capitalism has been around a lot longer
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than the name was going to be capitalism
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in its old form was known as meritocracy
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and capitalism and Mary regards has been
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around the argument since the days of
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the ancient Greeks when they argued over
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individualism and collectivism this goes
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way back to the days of Aristotle etc
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capitalism and its earliest form goes
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way back to when you first saw tree
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and the waddled because that's what
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capitalism s the idea of capitalism it
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sails didn't really come around in the
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18th century
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