A Future Beyond Capitalism: Debunking Second Thought Part 2

In this second part on a future beyond capitalism debunking Second Thought, I refute his arguments on the exploitation, his misinterpretation of what wealth is and his deeply flawed view of workers owning the means of their own production.

Second Thought, in other words, believes in workers co-ops, but if you analyse socialists arguments on workers co-ops they speak about personal ownership, which again, defies everything communal ownership stands for.

He then mentions about unemployment claiming that it is somehow beneficial for capitalists and the minimum wage and yet again, people like Second Thought fail to acknowledge that minimum wage workers are not supposed to get paid much higher than they currently are based on market value, they're entry level jobs. Once you argue about skilled labour, the argument is turned over on its head and capitalists have to compete for skilled labour.

I acknowledge we live under a corporatist system, he doesn't, he thinks this is capitalism. Whilst there is a level of exploitation, it is the capitalist system that can reduce that problem.

His argument on a future beyond capitalism he talks about increasing prices of goods and services, but fails to acknowledge the private sector has had the backside ripped out of it through strong government regulation. This also relates to his ignorance to think he can argue with the laws of supply and demand, which is proof he doesn't understand what prices are.

Second Thought then makes the fallacious argument that if workers are not getting paid enough then no one would be able to afford to buy anything. The truth is, this is overly simplistic, he doesn't understand that each individual company have their own niche of who their target market is. Whilst there are companies who sell expensive goods, their target market would be aimed at the higher end, those who have a lot of money to spend, there are a variety of others who sell cheaper goods.

He doesn't acknowledge the fact companies can only sell if they have a consumer base there who are willing to part with their money in exchange for such goods. If nobody was able to afford such goods, the company would be forced to reduce their prices as they are not selling such goods.

Even if you go down the road of his argument, his socialism would be left running the printing press which would drive inflation soaring through the roof, which is laughable, as I pointed out, there are consequences for his actions and this is the prime example of the difference between his theoretical nonsense of socialism to the real world of socialism in practice.

He then has the audacity to touch upon the booms and busts that were caused by the artificially low driven fixed interest rates, which has nothing to do with capitalism. As I've mentioned, socialists like to pretend to you that socialism has no presence whatsoever in today's mixed economy and that all the problems you face today are all the fault of capitalism. The funny thing is, he concedes that the banks were issuing out cheap credit.

[adam]

i would not agree with 0:58, a voluntary transaction cannot be exploitative, because there is no coercion being used, but i can see the change/ur side based on the definition or meaning u have behind exploitation.

[thebourgeoiscapitalist]

Great video. The only part where I would disagree is that I don't think that Second Thought is purposefully ignoring economic reality, he is just completely ignorant.

[Seouldrift]

Monopolization goes against capitalism.

[masinissaibrahimi]

Had perhaps also another question about deregulation and privatization, when in 2008 the banks just gave loans to uncertified individuals, wasn't that deregulation?

[derrickjohnson]

Have you ever notice how after the federal reserve came to be these economic crisis have been happening ever since socialism ?
Have you ever noticed how we have 1 trillion market regulations yet we have poorer people and wages?
Have you ever noticed Scotty deserves more subscribers ?

[thanasis-_-]

1:01 the problem is that exploitation is a vital part of the capitalist system and not some form of corruption this is just how it works


Another thing is that wanting infinitely growing the the economy in a finite planet it's a bad idea

[Wolcik]

grocery shop employee is minimum wage and some people live there their full lifes - same warehouses and such - I would call this forver working class

[thanasis-_-]

3:00 you are putting things that he didn't send in his mouth

[eduardocajias]

Sorry, I am not an English speaking Native... So, I have a lot of difficulties to understand your Scottish accent.
I understand almost nothing about economics, but here is my question: Do you consider China's economic system capitalims, socialism or a mix of both?
As a Brazilian geographer I AM more interested about one thing: Can you confirm If your t-shirt is a Ranger Football Club? Why do you have tive stars on It?
In Scotland I admire most (since I was a child) Inverness city - because It is a city next to Loch Ness - so If I prefer a Football team in Scotland, It is from Inverness!
As you use a Ranger Football Club (I AM not sure about that): Are you glaswegian?
Excuse me If my questions sounds top much strange for you...
Anyway, thank you for your atention!

[sppoitier]

I'll have to fact check you comment about Hong Kong's minimum wage going up. However, you argument about prices going down if people can't afford it is only accurate in some instances. In term of buying a house or a car, prices for those a unaffordable. Instead of the market making changes to make them cheaper, they create a system that allows people to pay for these things on credit. This causes people to go into debt to get things they need.

[AshenOne_CR]

When I watched Second Thought, I thought they were just wrong, but in good faith and genuinely believes socialism will fix America. Now, I am having second thoughts about that. He wasn't wrong, he is dishonest

[derrickjohnson]

So let's say I start a business alone, no workers.And I build robots(with my own hands)to have 90% autonomy.Then my products sell for billions, so buy the labor theory of value I deserve all that money.Fruits of my labor.So did I beat socialism by following the rules ?!!!!

[coopsnz]

Franchise owner loses 45% profit to Corporation , government takes the rest = 5% net profit for franchise owner fuck all profit

[coopsnz]

Small and medium business owners net profit fallen decades same as franchise owner , not gone up ) btw a corporation doesn't have business owners it has shareholdrers that are part owners

[coopsnz]

Producer tax more, the consumer tax more decades = higher prices Blame Government not capitalism

[thanasis-_-]

I don't know why people like this video this guy misunderstands and put words is second thought's mouth

[jaxamilius]

"corprotism is because of socialism" - Scotty.... you are losing it bro

[acestro]

Another Objective law question, I know it’s totally random, but could I get your take on it? Is Objective law unenforceable? Is It unenforceable because enforcement is action and action is based off of individual value judgements. Aren’t these inherently subjective?

[Anti-CornLawLeague]

How can a person be ideologically consistent in supporting immigration restrictions, yet opposing minimum wage laws? I support both because I’m ideologically consistent. I’m a “statist” or a “collectivist” or whatever.

[Saber]

You do realize that Hong Kong isn’t a capitalist economy right?