Capitalism and Socialism: Crash Course World History #33

CrashCourse
6 Sept 201214:02
EducationalLearning
32 Likes 10 Comments

TLDRThis video explores the history and impact of capitalism as an economic system. It discusses how mercantile capitalism laid the foundations for investment and risk-taking. The video then explains how industrial capitalism dramatically increased productivity through innovations like the agricultural revolution and division of labor. However, it also criticizes the system's downsides like inequality, poor working conditions, and child labor. The video also introduces socialist thinkers like Marx who offered critiques of capitalism's flaws. It concludes by examining open debates about whether principles of socialism should regulate modern capitalist societies.

Takeaways
  • 😊 Capitalism is an economic system characterized by innovation and investment to increase wealth.
  • 👨‍🔧 Industrial capitalism relies on investing capital into machines and technology to increase production.
  • 🌾 Agricultural improvements and enclosure led to economic growth in 16th century England.
  • 🏭 Working conditions in 19th century factories were awful - long hours and bad pay.
  • ✊ Labor unions and socialism arose in response to problems with industrial capitalism.
  • 📝 Marx critiqued capitalism's conflict between workers and capitalists over production.
  • 😠 But purportedly Marxist states often abandoned worker empowerment quickly.
  • ❓ Debates continue today over whether socialist principles should regulate free markets.
  • 🏦 Government-run businesses like mail delivery contrast with privatized airport security.
  • 🤔 To what extent should we temper capitalism for collective well-being?
Q & A

  • What were some key factors that led to the development of industrial capitalism in Britain?

    -Key factors included: Britain's dominance of seaborne trade and colonies, a half-century of civil unrest weakening regulations, increased agricultural productivity and lower food prices leading to more disposable income to buy consumer goods.

  • How did enclosure help spur agricultural productivity in 16th century Britain?

    -Landlords privatized common fields held by multiple tenants for centuries, kicking out tenants to make farming on the enclosed land more efficient and productive.

  • What core values had to develop in Britain for capitalism to take hold?

    -The capitalist values of taking risks, appreciating innovation, and believing that investing capital could lead to profits needed to become widespread.

  • How did the concept of 'individuals' and 'careers' change to enable capitalism?

    -The word 'individuals' began applying to persons rather than just objects, and 'career' no longer referred only to horses' racing lives, but to occupations.

  • What were some responses of workers to the awful conditions of 19th century industrial capitalism?

    -Workers organized into labor unions to push for better rights and conditions. Some also turned to socialist and communist theories for alternatives to capitalism.

  • What is Marx's concept of 'class struggle'?

    -Marx saw ongoing conflict as inherent in class relations, arguing this struggle makes classes become conscious of themselves and their distinct interests.

  • What was Marx's main criticism of capitalism?

    -That by basing economic relations on competition rather than shared interests, capitalism abandons natural human tendencies towards collaboration.

  • Why did industrial capitalism triumph over socialism?

    -Primarily because industrial capitalism has greatly increased material well-being and access to goods and services globally, even if it continues to spark critique.

  • Where does Marx still matter today?

    -In debates on whether and how much to regulate capitalist competition to protect public well-being - issues like healthcare, pensions, public services.

  • What main question remains open according to Marx's perspective?

    -Is capitalist competition natural and beneficial, or should collectivist systems regulate markets for the common good?

Outlines
00:00
🎥 Introducing the video on capitalism and economic history

John Green introduces himself and the video topic - capitalism throughout history. He jokes around with Stan and his past college self about capitalism being good or bad. He promises to disappoint both capitalists and socialists with his analysis. He brings up the industrial revolution and how it transformed capitalism and society.

05:06
🏭 Enclosure movement and the agricultural revolution in Britain

Green explains how the agricultural revolution in 16th century Britain increased productivity and living standards. He highlights the enclosure movement which boosted outputs but impoverished tenants. This also freed up labor for factories. He argues all this created a capitalist culture and mindset in Britain.

10:10
☭ Marx and the history of socialist thought

Green contrasts capitalism with socialism. He traces socialist thought from early French thinkers like Saint-Simon and Charles Fourier to revolutionary thinkers like Blanqui. He explains Marx's historical analysis of class struggle within capitalism and cómo he advocated for revolution while empowering workers.

Mindmap
Keywords
💡capitalism
An economic system characterized by private ownership of assets and means of production, where investments and businesses are operated for profit. The video focuses on the rise of industrial capitalism and its transformative impact on economic production, as well as critiques from socialist thinkers.
💡enclosure
The privatization and consolidation of commonly held land in England to increase agricultural productivity. This boosted food production but also impoverished many small tenant farmers.
💡productivity
The efficiency of production measured by the ratio of inputs to outputs. Increasing agricultural productivity through enclosures and better farming techniques was a key driver of industrialization in England.
💡consumerism
The cultural orientation promoting acquisition and consumption of goods as sources of satisfaction and markers of status. As discussed in the video, rising consumerism spurred economic growth in capitalist systems.
💡socialism
An economic system where production and distribution are shaped by cooperative and social control rather than private capital accumulation. Two contrasting varieties discussed are revolutionary socialism and utopian socialism.
💡class
Fundamental social groups defined mainly by relations to systems and forces of material production in society. The video emphasizes the class conflict between capitalists who own productive capital, and workers providing labor.
💡surplus value
Marx's concept for the value created by workers which exceeds their wages paid by capitalists who profit from this excess. Highlights Marxist critique of worker exploitation.
💡collective well-being
The video suggests capitalist competition should be balanced with systems protecting community welfare, as per socialist principles e.g. healthcare, pensions etc.
💡rational actors
The assumption in classical economics that individuals logically calculate choices to maximize personal benefits. Criticized for not capturing human complexity.
💡consciousness
In Marx's view of class dynamics, the collective awareness of a social group's identity and interests forged through shared struggles.
Highlights

Capitalism is an economic system, but it's also a cultural system characterized by innovation and investment to increase wealth.

Industrial capitalism relies on investment of capital in machines and technology to increase production of marketable goods.

Lower food prices increased disposable income to consume more consumer goods, incentivizing more efficient, cheaper production.

Fewer people needed to work in agriculture thanks to increased productivity, providing labor for factories and industry.

Capitalism required a change of mindset valuing risk-taking and innovation, and seeing consumption as economically beneficial.

Enclosure privatized common land, increasing productivity but impoverishing many tenant farmers.

Industrial capitalism brought awful working conditions - long hours, low wages, monotonous work.

Socialism began in France as a reaction to problems with capitalism, with Utopian and Revolutionary branches.

Marx saw class struggle between capitalists wanting cheap labor and workers wanting fair pay as driving history.

Marx criticized capitalism for replacing egalitarian collaboration with conflict.

Marx aimed to empower workers with a more attractive socialism than elitist visions.

Industrial capitalism has brought material prosperity, but socialist principles still regulate markets differently.

Debates continue where capitalism and socialism compete - healthcare, pensions, public services.

Marx still relevant in questioning if competition good or needs systemic checks for collective well-being.

His ideas still guide debates about government's role in services like mail, security, education.

Transcripts

Browse More Related Video

Capitalism and Socialism Crash Course World History #33

Capitalism: Is it here to stay? | A-Z of ISMs Episode 3 - BBC Ideas

HISTORY OF IDEAS - Capitalism

Reactions to the Industrial Economy [AP World History] Unit 5 Topic 8 (5.8)

What is Capitalism? Capitalism Explained | Pros and Cons of Capitalism? Who is Adam Smith?

Is capitalism actually broken?

Rate This

5.0 / 5 (0 votes)

Thanks for rating: