Is This the End of Capitalism: Debunking Late Stage Capitalism

You'll often hear the question: 'is this the end of capitalism?' It derives from the argument on late stage capitalism, which as Joe argues from what others claim, apparently capitalism goes through crisis through booms and busts and eventually it results in the end of capitalism.Show more

As I have argued numerous times before, most people don't seem to understand what capitalism is and what it is not. As I provided in the video, the definition of capitalism is as follows:

"an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market"

Again, as I have argued numerous times, you cannot pull capitalism outside of individualism to correlate it in any shape or form to that of collectivism and individualism defines the free market. As I covered in this video, the cause of the booms and busts was nothing to do with capitalism, but as always, the critiques love to project the blame off elsewhere. Quite convenient given the fact it was socialism through all the controls over the economy that resulted in the problems they complain about.

I could have went on a whole tirade about the economy being down to a question of scale and socialism's presence, identifying what is socialist and what is not, but I felt I got the main message across clear. Joe doesn't seem to comprehend the fact that capitalism is not corporatism. The system with which we live under today is corporatism and one simply cannot point the finger and blame it on capitalism for what is the fault of government intervention in the economy.

If people are looking for real world solutions to problems, they will sit up and listen to the arguments, they will acknowledge that capitalism is not responsible for the crisis, but the fault of government intervention in the economy. Sadly, we've been telling these people for years now and it falls on deaf ears.

This is something I have never understood, why complain about problems in today's economy if you're not willing to listen to real world solutions to problems? I didn't go into detail on corporatism in this video, but simply addressed the point that we do not live under a capitalist system and it is so vitally important to understand what capitalism is. Even if they use the argument and say that capitalism is the early stages of corporatism, they are wrong.

You can find both my videos debunking his argument on the robber barons myth and the antitrust myth here:

• Robber Barons Myth:
https://www.youtube.com/watch?v=e_Izbn5j_9Q

• Antitrust Myth:
https://www.youtube.com/watch?v=HC9KNt8-T4g

I could address separately the countless nonsensical garbage arguments on the industrial revolution, especially the myth Joe claimed about wages and wealth desperity, but I shall leave that for a separate video. The problem you find with people like Joe, they are well meaning, but they just don't understand the economic history that contradicts their narrative, especially on the erroneous claim that without government regulation the sky caved in. You should ask him how good a job the OHSA did with workplace injuries.

On a final note, you can thank socialism thanks to the income tax through forced redistribution of wealth to finance social security, the welfare state, all the free goodies and the fractional reserve banking for today's woes of being unable to get by, or even for restricting quantity of supply and increasing demand, because that is precisely why folk struggle to afford things such as education, etc.

Joe is a fine example of what happens when you allow the state to own the education system.