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| Name | Capitalism vs. Socialism | 5 Minute Video |
| Video Uploader | Video From PragerU |
| Upload Date | This Video Uploaded At 04-03-2019 10:00:03 |
| Video Discription | Decades after capitalism seemed to have triumphed over socialism, politicians are once again arguing about the merits and drawbacks of these opposing economic systems. Why are we still having this debate? Andy Puzder, former CEO of the parent company of Hardee's and Carl's Jr., explains the misconceptions that keep the debate alive. Donate today to PragerU! http://l.prageru.com/2eB2p0h Check out Andy Puzder's book 'The Capitalist Comeback: The Trump Boom and the Left's Plot to Stop It": https://amzn.to/2UbEf0V To view the script, sources, quiz, and study guides, visit https://www.prageru.com/video/capitalism-vs-socialism VISIT PragerU! https://www.prageru.com Get PragerU bonus content for free! https://www.prageru.com/bonus-content Join Prager United to get new swag every quarter, exclusive early access to our videos, and an annual TownHall phone call with Dennis Prager! http://l.prageru.com/2c9n6ys Join PragerU's text list to have these videos, free merchandise giveaways and breaking announcements sent directly to your phone! https://optin.mobiniti.com/prageru Do you shop on Amazon? Click https://smile.amazon.com and a percentage of every Amazon purchase will be donated to PragerU. Same great products. Same low price. Shopping made meaningful. FOLLOW us! Facebook: https://www.facebook.com/prageru Twitter: https://twitter.com/prageru Instagram: https://instagram.com/prageru/ PragerU is on Snapchat! SHOP! Love PragerU? Now you can wear PragerU merchandise! Visit our store today! https://shop.prageru.com/ JOIN PragerFORCE! For Students: http://l.prageru.com/2aozfkP JOIN our Educators Network! http://l.prageru.com/2aoz2y9 Script: Capitalism versus socialism. We can sum up each economic system in one line: Capitalism is based on human greed. Socialism is based on human need. Right? No. Wrong. So wrong, it’s exactly backwards. And I’ll prove it to you. Been on Amazon lately? Each of the thousands of products Amazon offers represents the work of people who believe they have something you want or need. If they’re right, they prosper. If they’re wrong, they don’t. That’s how the free market works. It encourages people to improve their lives by satisfying the needs of others. No one starts a business making a thing or providing a service for themselves. They start a business to make things or provide services for others. I speak from personal experience. When I was the CEO of the company that owns Carl’s Jr. and Hardee’s restaurant chains, we spent millions of dollars every year trying to determine what customers wanted. If our customers didn’t like something, we changed it—and fast, because if we didn’t, our competitors would (pun intended) eat us for lunch. The consumer—that’s you—has the ultimate power. In effect, you vote with every dollar you spend. In a socialist economy, the government has the ultimate power. It decides what you get from a limited supply it decides should exist. Instead of millions of people making millions of decisions about what they want, a few people—government elites—decide what people should have and how much they should pay for it. Not surprisingly, they always get it wrong. Have you ever noticed that late-stage socialist failures always run out of essential items like toilet paper? Of course, this isn’t a problem for those who have the right connections with the right people. Those chosen few get whatever they want. But everyone else is out of luck. Venezuela, once the richest country in South America, is the most recent example of socialism driving a prosperous country into an economic ditch. Maybe you think it’s an unfair example. I’m not sure why, but okay. We’ll ignore the fact that leftist activists celebrated it as a great socialist success—right up until it wasn’t. But what about Western European countries? Don't they have socialist economies? People seem pretty happy there. Why can’t we have what they have—free health care, free college, stronger unions? Good question. And the answer may surprise you. There are no socialist countries in Western Europe. Most are just as capitalist as the United States. The only difference—and it’s a big one—is that they offer more government benefits than the U.S. does. We can argue about the costs of these benefits and the point at which they reduce individual initiative, thus doing more harm than good. Scandinavians have been debating those questions for years. But only a free-market capitalist economy can produce the wealth necessary to sustain all of the supposedly “free stuff” Europeans enjoy. To get the “free stuff,” after all, you have to create enough wealth to generate enough tax revenue to pay for everything the government gives away. Without capitalism, you’re Venezuela. For the complete script, visit https://www.prageru.com/video/capitalism-vs-socialism |
| Category | Education |
| Tags | PragerU | Prager University | Dennis Prager | Andy Puzder | Capitalism vs Socialism | Capitalism | Socialism | Venezuela | Free Market |
