The Problem With Socialism: A Response Explaining Why Socialism is Flawed

I had a recent comment asking why socialism is a flawed economic system and felt this was the easiest way for me to convey in a response explaining why socialism is flawed. Bearing in mind I have covered more extensively on subjects like the economic calculation problem, you can watch my videos which explain that problem more extensively, so left much of the argument out in this particular video.Show more

This is just a brief explanation behind why socialism is flawed, otherwise, the video would have far exceeded an hour or more. You can learn more about the economic calculation problem in my 3 main videos:

• Profits and Losses: https://www.youtube.com/watch?v=mVbbFVKWdhI
• Variety of Options: https://www.youtube.com/watch?v=bFoqXD_o6Wc
• Extended Explanation: https://www.youtube.com/watch?v=Zjzofn0qzQ4

In this video I explain pretty much why socialism is a contradiction to the market. It is important to understand that when speaking about the market, you're talking about the opposite of economic control, so the opposite of the market is economic central planning. Socialism is NOT about leaving the market be, it never has been, otherwise, socialists would accept the laws of supply and demand. As I explained, central planning is a very big part of what defines socialism.

However, for the purpose of this video I didn't go into too much detail on definitions, rather, I just wanted to explain the flaws of socialism, such as the disastrous consequences of their price controls above or below market value, being faced with the economic calculation problem and knowledge problem, as well as the serious inflationary problem they are faced with when running the printing press.

There are a variety of other problems I may have cut out such as for why the socialists had to build a wall to keep people in from fleeing the country, but it is pretty self-explanatory. People are free to ask questions on such things as they freely wish.

The main thing to understand is that regardless of socialists arguing in favour of Libertarian, democratic or market socialism (whatever they wish to call themselves), the problems they are faced with in the real world economy are unavoidable. All the good intentions they have are faced with dire consequences.

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