Edward Stuart, Professor Emeritus of Economics, examines the core differences between capitalism, socialism, and communism, debating their historical outcomes and contemporary relevance in China, the United States, and the Korean peninsula.
- 0:00:00 - Introduction to Prof. Edward Stuart
- 0:01:11 - Difference between Socialism, Social Democracy, and Communism
- 0:03:53 - Social democracy vs Welfare State
- 0:04:32 - What is State Capitalism? And does that characterize China?
- 0:08:05 - Is China successful economically, because of Capitalism or Communism?
- 0:12:50 - Does Stalin's regime deserve praise for raising literacy, health care, employment?
- 0:20:30 - What about Mao? (same question as above)
- 0:23:23 - South vs North Korea on Capitalism vs Communism
- 0:34:39 - Why North Korea will collapse economically and politically imminently
- 0:35:50 - Not "real" Communism: Why equality doesn't happen in Communist societies
- 0:40:03 - Difference between economic collapse and a Depression
- 0:41:03 - Conditions for Depression and current US predicament
- 0:54:22 - US tariffs on China and economic growth/protection
- 0:59:23 - Is the US economy headed toward another Depression?
- 1:01:51 - Why printing money doesn't always lead to inflation
- 1:04:15 - Hyperinflation and how to paradoxically solve it
- 1:08:14 - "Communism has killed 10's of millions?" True.
- 1:09:41 - "Capitalism has lifted more out of poverty than any other system?" Partially true.
- 1:13:55 - Can slavery be blamed on Capitalism given it needs voluntary exchange? (+ an economics joke)
- 1:19:30 - What is "black envy" vs "white envy"? Does Marxism lead to "black envy"?
- 1:29:21 - Edward Stuart's biggest differences with Richard Wolff
- 1:30:58 - Where you can find more from Prof. Edward Stuart
- 1:31:33 - Bonus: Economics vs. Physics
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