Name: Why Capitalism is The Best System We Ever Had
Uploaded: 2020-08-07T19:10:06.000Z
Duration: 4 min 54 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The superlative

If you take a look at the global wealth distribution, the richest 10 percent own 86% of all the

wealth while the other 90% owns the rest.

In fact, in the last 10 years, the number of billionaires has doubled with a new billionaire

In 2018 alone, the wealth of world billionaires increased by 900 billion dollars.

When you take a look at such numbers, it seems like Capitalism has created the most unfair

These giant corporations care about nothing but to make money at the expense of others

That might be true to a certain extent but believe or not, despite all of its weaknesses,

capitalism is the best system that we have ever had.

for much of human history, the entire world was living in extreme poverty.

And for thousands of years, that didn't change.

The entire world were farmers except for the king and the people around him and that was

the case in every other country but with the industrial revolution and the rise of capitalism

And in the next couple of centuries, we have made more progress than in the last thousands

In fact, According to the world bank, in 25 years from 1990 to 2015, over a billion people

lifted themselves out of extreme poverty and the global poverty rate is now lower than

It's is one of the greatest human achievements of our time.

And by 2030, the world is aiming to end extreme poverty for good.

Since the fall of the soviet union, more and more countries embraced free market and opened

themselves to the world which gave billions of people all around the world an opportunity

However, No matter how hard we try, there will always be wealth inequality as long as

there is a free market because there will be competition.

People are different, some are willing to work 40 hours a week while others 80 and some

don't want to work and bing watch on Netflix.

Not everyone is smart enough to build a prosperous carrier.

Not everyone is ready to put the time and effort to become financial literature to make

In fact, some people are simply careless and would easily get into debts that they will

On the other side, you might be born in a wealthy family and your path to success and

Freedom is great if you are disciplined, smart and wise because you will easily be ahead

of everyone else but if you are not, you probably will have a mediocre life.

However, the only alternative option we have is socialism.

I mean, it sounds great and noble, that's probably why so many people find it appealing,

but in practice, it has always been a disaster.

Whenever the government intervenes in the economy and tries to distribute the wealth

fairly, it ends up hurting the very people it intends to help.

Even in the most Capitalistic country in the world, the united states.

Once upon a time, education was very affordable in the United States.

However, the government wanted to help more people to get educated so that they can get

So it started providing aid and student loans to everyone who wants to go to college.

That seems like a noble thing to do, just imagine how many people will be lifted out

of poverty, nonetheless, it ended up hurting the students and ordinary people.

When colleges realized that government is helping these 18-year-old kids to pay for

college, they started slowly raising their prices.

In fact, they began to build fancy buildings, giant stadiums to attract more students which

But that didn't matter because the government was ready to pay for everything anyway.

Fast forward to today, college is so expensive that most people who go to college end up

becoming poorer because they will have to pay back their student debt for years to come.

Especially when you can't even default on it.

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Thanks for watching and I will see you guys in the next one.