The one part where this video's way off the mark is in claiming that Smith didn't support taxing the rich at higher rates than everyone else. He did discuss the risks of capital flight, and likewise how vanity can be used by society to take control of the rich, but he also EXPLICITLY calls for progressive taxation in the Wealth of Nations (emphasis my own):
Book 5, Chapter 2: "The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, IN PROPORTION TO THE REVENUE WHICH THEY RESPECTIVELY ENJOY UNDER THE PROTECTION OF THE STATE."
In fact, he later adds: "It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something MORE THAN IN THAT PROPORTION."
@djan959 Says:
It is incomprehensible that you're talking about an 18th century man having anything to do with the later Mass society that you are describing. Why don't you give an understanding of Adam Smith and barr your application
@flintinsects Says:
Socialism is based.
@hugomith1041 Says:
I would like a better explaination of Jean jacques rousseau to better understand the comparison between his and Adam Smiths believes about consumer capitalism.
@Juliana_Evelyn Says:
Que vídeo incrível! ❤😊
@carlhartwell7978 Says:
All very interesting, just missing his selflessness in discovering that tea and buttered bread do not brew well together! Or so I've heard!
@RitamBuchwald Says:
Adam Smith sounds a bit like a proto-social democrat.
@The_memez420 Says:
Wild theory 🔥
@Zagirus Says:
"In the untouched wilderness of innate ambition, where courage roars louder than the winds and the law of the jungle is written by the unforgiving claws of destiny, Adam Smith, enshrined in the majestic aura of a regal lion, strides across the savannah of enterprise with a dignified grace, his mane glows like a crown of pure gold, symbolizing the radiant success that comes from the sweat of one's brow. Each step he takes imprints the legacy of unfettered opportunity and the sanctity of individual achievement upon the earth, his growls the hymns of market freedom and competition's pure doctrine.
Every chase, every triumphant kill under the scorching sun, reflects the core tenets of his existence: that prosperity is forged by one's own claws, that the spoils belong to those who dare hunt for themselves. In this realm where nature's unforgiving law dictates the survival of the fittest, Smith's feast is a hallowed celebration of meritocracy, a sacred ritual where the fruits of labor are savored in their earned glory.
Yet, within the dark and deceitful shadows that plague the untouched corners of the vast savannah, a figure emerges that is both foreboding and out of place – Karl Marx, the ghost of collective despair, creeps with the stealth of disillusionment, his presence a blight on the lush landscape of innovation. His philosophy, a morass of dependency and entitlement, seeks to strangle the vibrant life of autonomy and merit, to redistribute the spoils of the hunt without the sweat of the chase. In the whispers of the wind, his doctrines spread like a pestilence, aiming to corrupt the natural order with the falsehood of utopian equality.
His vision, dreary and monotonous, threatens to leech the color from the world, proposing a landscape in which the lion lies down not with the lamb, but as the lamb, denying the essence of its nature. This apparition of equal misery rails against the very laws of nature, against the survival of the fittest, pushing instead for a survival of the most numerous. It represents a chilling specter of uniform mediocrity, where the exhilarating chase of aspiration and achievement gives way to the lethargic shuffle of complacency.
Nonetheless, despite his attempts to blanket the world in the fog of his malaise, Marx remains a ghost among the tangible triumphs of the individual, unable to fully extinguish the fire of ambition that burns within the heart of the savanna, as Smith's roar, a clarion call to the spirits of ambition and self-reliance, pierces through Marx's murmuring shadows. It is a battle cry, celebrating the victories won by claw and tooth–by wit, will, and work. For in this primal savannah, success is not a gift to be doled out but a prize to be claimed by those daring enough to hunt their dreams under the sun of free enterprise." – Andrea Zanzotto
@TorianCJ Says:
4:09 this is not the ‘Christian’ answer. The Christian answer is the biblical answer, which is to wisely steward your wealth through investment and industry, and to honor God, you parents, and to care for the poor, the widows, and the orphans.
@donthatethegame42 Says:
The pic of Trump after saying the rich "desire honor" sure didn't age well.
@WishfulWanderers Says:
Overcoming the issue of buying quality products is a complicated one:
When companies don't pay quality salaries, how are consumers meant to buy quality products?
It's pretty similar if you look at it from the other side - if consumers don't buy quality products, how are companies meant to pay quality salaries?
I think both of these issues boil down largely to human greed - trying to get as much as they can from their economic power.
Yes people near the bottom now have to buy cheap products to make ends meet, but if you had to reset the economy, I think you would find people buying cheaply relatively quickly in order to extent their economic power.
An important factor is people do not trust that companies price fairly - buying cheaper products ensures competition in the market space.
Consumers need to be confident that companies are pricing fairly.
Another important factor is marketing - companies intentionally market the pros of their products but not the cons. This leads to consumer being misinformed. And consumers battle to find the correct information as who will fund this? Certainly not the companies selling the products.
@JackMillenia Says:
😂
@Honeybread-ox5ho Says:
Repent and trust in Jesus you will be saved I love yall and God bless
@Ashpds Says:
thanks for amazing content
@eduard5524 Says:
He was an out thinker.
@matyldas.594 Says:
Feels like today’s reality has thrown his ideas to trash
@Hhenryarero Says:
Rich should be taxed Highly
@Hhenryarero Says:
Do what you can do best 👍👍
@Hhenryarero Says:
Kenya Adopted New system of Education,CBC
@Hhenryarero Says:
Education System of Africa
@Hhenryarero Says:
Jack of all trades and Muster of None
@RextheRebel Says:
Capitalists do no, I repeat, DO NOT, serve the people what the people want. Capitalists, through advertising campaigns, consumer vanity and propaganda, sell products that they the people THINK they want in order to be respected. Worse though, capitalism creates a system of dependency where there is no alternative choice at all.
@nurjahanblaskar6105 Says:
Everything Adam said is already being followed in the modern world except the optimistic part
1.Specialisation - made people's job meaningless and tiresome
2.Consumer capitalism - goods are being produced for elites but surplus wealth is not being used for hospitals or charity (but for wars)
3.How to treat the rich - elites are always awarded the highest honours , they're are all over the textbooks we read. And still decorated people put their workers under hazardous conditions.
4.Educate the quality of consumer demand - masses buy things after reading ingredients properly but no matter what they're subjected to false gimmicky ads , biased researches, and judiciary helping out corps when they're confronted in courts.
@OmowaleAgbelusi Says:
God bless your soul sir❤
@RelaxingSleepMusic-qf2lp Says:
Fascinating dive into Adam Smith's political theory! Concise and informative. 👏 #AdamSmith #PoliticalTheory
@sketos_d Says:
Adam Smith > Karl Marx
*By far*
@yossarianmnichols9641 Says:
Nothing of his "main points" exist in the economy today. Remember in his time only a small fraction of the populace voted for the House of Commons. There were income requirements that excluded the workers. The British did not remedy this until after the first World War. Karl Marx understood the system better than Adam Smith. Credit Adam Smith with his criticism of British Mercantilism, one of the many irritants that motivated the American war of Independence.
@rollthetape88 Says:
really bad harmonic ringing on the recording heard on headphones. Sounds like a poorly isolated mic stand or boom arm.
@oliverwatson311 Says:
Krik caud ae
@ElectricChaplain Says:
3:00 lol Rousseau and Smith were arguing about this about two hundred years before people were leaving the USSR and it fell partly because they couldnt get luxury goods. They could still afford hospitals and welfare though, like Cuba.
Says:
Will this ever be possible? Considering the lymbic brain of the human creature. Consciousness needs to accelerate
@ping7979 Says:
"Kirkaldy" is pronounced "kirk-oddy" :)
@calvingrondahl1011 Says:
I agree with Adam Smith. Entice the Rich into helping others. Karl Marx would rather mass murder most of the planet and came close to it. 😊
@snoozy04 Says:
If Adam Smith knew Trickle-Down Economics is widely used, he would be furious.
@johnhricko8212 Says:
welp, maybe capitalism or socialism aren't bad in a world that is a balanced version of both. But we don't. Extremism is the problem. (...and guess which one is crushingly dominant?...) The Chinese now know the advantages of capitalism, but the west treats socialism like a poison, and like weed, the governments treating it as something to fear.
@mikeyt1754 Says:
Video was less than 7 minutes. What stood out most for me was "the rich are vain narcissists."
That sounds about right.
@Valhalla88888 Says:
Hume, Smith, Black, Napier, Maxwell true leaders of human endearment 🏴🏴🏴🏴🏴
@Valhalla88888 Says:
As Voltaire said 'we look to Scotland' for our discoveries and inventions😇
@s3lfFish Says:
Why are there no anarchists present on this channel considering the importance of this movement on every social movement that came after including communism ? (and considering the movement has led to almost every social rights we have from hollydays to strike to vote to women's rights, to the work day of 8h and so on).
@fknowlegde1670 Says:
IM IMPRESSED BY HOW GOOD YOU ARE MAKING TH ANIMATIONS.....
@emmaccode Says:
Adam Smith made me a socialist
@johneonas6628 Says:
What utter tripe
@psikeyhackr6914 Says:
The depreciation of durable consumer goods does not exist in post-1900 economic theory. Of course Adam Smith never owned an automobile since he died in 1790. Educated people in the 21st century are not supposed to know how to apply algebra to economics.
@d3f3j16 Says:
I’d like to know too why he burnt lots of his writings before dying, maybe he thought it was saying too much
@emanuel___9577 Says:
What a shity narrator 🤦
@graemecreegan6749 Says:
He was born in Kirkcaldy (Kir-caw-day)…
@spencer1980 Says:
The free market is a method for crowd sourcing innovation, taste, and optimization. It really can't be beat in that regard.
Capitalism is a model of ownership. It does not work, and a free market cannot exist inside it.
@kryptoid2568 Says:
Adam Smith cared about human life and happiness and fulfillment, and so do I. So I help his cause by totally denying that a free market can fix anything.
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