3min chapter

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#303 – Steve Keen: Marxism, Capitalism, and Economics

Lex Fridman Podcast

CHAPTER

The Failure of Socialism With Donald's Corn

I think Marx, the failure of socialism with Donald's corn I captured beautifully. This idea already called demand constrained versus resource constrained economies. And capitalism is demand constrained. What happens under capitalism is that you have 15, 20 companies producing automobiles. They are all trying to capture as much of the market as they can. The variety of goods in capitalism is overwhelming. That just doesn't happen in socialism.

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