Are the 'Extreme' Economic Systems Totally Pointless?

This video was made possible by our Patreon community! ❤️
See new videos early, participate in exclusive Q&As, and more!

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
Karl Marx and Frederick Engels were philosophers, political theorists, and economists responsible for writing the communist manifesto, which is today probably the most widely recognized text outlining a system for a communal economy.

An economy where work is done to fulfill the needs of one's community rather than to satiate personal desires. An economy where goods and services are distributed by needs rather than by means.

An economy where people could not rest on the laurels of being land or capital owners to get by without ever needing to contribute any personal effort.

This system lies in direct contrast to the other extreme of the economic spectrum which is Laissez-Faire Capitalism.

Laissez-Faire fair literally translating from french to let it be or leave alone pretty much sums up this economic system. It advocates for leaving capitalism alone entirely to do it’s thing because no government can allocate resources as efficiently as the free market.

Both of these opposing theories are very extreme and for what its worth don’t exist in any modern economies anywhere around the world today, despite what some nations might have you believe.

So what are the economic arguments for and against a communist economic system?

What are the economic arguments for and against a completely free market?

And finally

Are there any examples of these extreme systems actually working throughout history?

Enjoyed the video? Comment below! 💬
⭑ Enjoyed? Hit the like button! 👍

Follow EE on social media:
#Communism #Ancap #Economics

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

EE Fan Exclusive Offer:

▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀

ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏

The video you’re watching right now would not exist without the monthly support provided by our generous Patrons:

Morgon Goranson, Andy Potanin, Wicked Pilates, Tadeáš Ursíny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas

[EconomicsExplained]

Thanks as always for watching :D This video was requested by the team over on Patreon. If you want to have your say on what video is produced next please consider supporting the channel.

[Deshammanideep]

Before finding this channel I was poor. After watching the EE videos, I stayed poor but now I understand how entire economy works.

[EconomicsExplained]

I am already scared of this comment section.

[savishra]

Last time I was this early, feudalism was the dominant "economic system."

[davec]

It's so refreshing to hear someone talk about two sides of a political scale without ranting

[prashmithkumar]

>Psychic Profits
>A sense of pride and accomplishment

EA has entered the chat

[abdelrahmanwael]

The best economic system is the original economic system. Reject your five year plans and your platinum credit cards. Return to monke

[economicsinaction]

2:36
*"It must be remembered that we are still figuring this all out"*

Every economists get out clause

[jackjedi]

You have objectively discussed the two most extreme economic systems without insulting a political party or pushing your own agenda. I am impressed by your dedication to explain these topics without allowing your own emotions to interfere.

[Lord_Falcon]

Liked the bit on subjective value. Lots of people buy branded products in a supermarket when often the generic version is made in the same factory using the same ingredients and it costs half the price. Saves me lots of money compared with the average shopper.

[stijnhs]

Vietnam: "I'm a communist country!"

* Goes to Saigon's district 1 at night * :
SUPERCAR BONANZA

[slitbodmod]

Economics Explained: What has more value, a vintage Lamborghini Mura or a Toyota corolla?
Me who doesn't know anything about different kinds of wine: The second one?

[MrChainrule]

"You hated the stupid government so much that you became a stupid government" love it!

[fhz]

20:45 In the words of Rick Sanchez: "You hated the stupid government so much you became a stupid government".

[CarrollLiddell]

The solution, is to eliminate desire.
- this message was brought to you by The Bhuddah.

[pickleproductions]

'Are the "Extreme" Economic Systems Totally Pointless?
' *Jreg disliked that*

[Atite_Lometen]

There is a Russian saying "I'm gonna pretend I work and you gonna pretend you pay me"

[CHEFPKR]

I feel like both have things that work for them. However, being able to constantly strive for more is something humans need imo. For necessities (medicine/Healthcare) there should be regulation. But if I want to work for a Porche, I should be able to.

[shotelco]

Re: the perfect Economic System - “There are *_No Solutions, _* there are _only_ trade-offs;
you try to get the best trade-off you can get, that's _all you can hope for.”_
~ Thomas Sowell

[Itsmellsfishy]

‘Your motivation is to do the bare minimum without getting fired’

Who told you!?