Common Myths About Capitalism: Refuting Hakim

In this argument on common myths about capitalism refuting Hakim, I respond to his arguments that you will commonly hear about capitalism. Socialists will always use the same old arguments about the boom and bust cycle, exploitation of labour or something else regarding special-interest favours, but as I have pointed out numerous times before, capitalism is not corporatism nor is capitalism the early stages of corporatism.

In correlation to my video, the definition of capitalism is as follows:

"An economic system in which the means of production and distribution are privately or corporately owned and development occurs through the accumulation and reinvestment of profits gained in a free market."

Another definition of capitalism:

"Capitalism, also called free market economy or free enterprise economy, economic system, dominant in the Western world since the breakup of feudalism, in which most means of production are privately owned and production is guided and income distributed largely through the operation of markets."

This important point Hakim completely ignores, instead, in his argument he references points from Karl Marx and Friedrich Engels and even on today's economy whereby opportunity is few and far between. As I have explained time and time again, you can't restrict the market by use of government and then blame capitalism for the cause of the problems we have today. We live under a mixed economy and not a capitalist system. Whilst there may be elements of capitalism present today in a mixed economy, capitalism is being strangled half to death via all the socialist government interventionism.

Hakim laughably addresses in one of his audacious claims that capitalism results in the common myth of using up the world resources through over production, again, you can find my arguments on the economic calculation problem which address the argument for why only capitalism can allocate resources efficiently. The history of Hong Kong and Singapore are there for all to see such evidence that the most efficient economies are those which are strongly capitalist, not socialist.

*Economic Calculation Problem:*
• profits and losses: https://www.youtube.com/watch?v=mVbbFVKWdhI
• variety of options: https://www.youtube.com/watch?v=bFoqXD_o6Wc
• fuller explanation: https://www.youtube.com/watch?v=Zjzofn0qzQ4

There were some other arguments he made, but I cut out much of that due to the length of the argument and covered the basis of his erroneous arguments. One such point I cut out was on 'class antogonism' which I could upload separately if requested. It's based on a silly argument to claim what the capitalist wants, but economic reality doesn't permit it and competition and the choice from workers enables them the opportunity to work elsewhere. Again, the lack of opportunity today is not because of capitalism, but because of this mixed economy.

All-in-all, I covered the main arguments made by Hakim and his final point is really just trying to correlate capitalism, again, to corporatism. The financial crisis of 2008 and this credit system based on nothing of real true value, not backed by capital is precisely the problem. This problem is created via the absence of a capitalist system, not the fault of capitalism.

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