Comments by "Michael Mappin" (@michaelmappin1830) on "Capitalism is good. Let me explain." video.
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You just described capitalism! Capitalism is about capital accumulation for the purpose of extracting wealth from labour and resources.
Capitalist by up apartment buildings, houses, grocery stores, railroads, electrical companies, Etc. Then they charge people as much money as possible for access to those goods and services.
Capitalist companies maximize profit by getting workers to produce as much as possible while paying them as little as possible.
Socialism is the worker ownership of the means of production. They own it collectively, socially. That way the workers actually own the product of their labour and get all of the wealth of their labour produces.
For example, here are two socialist companies in the United States https://youtu.be/-VdbFzwe8fQ
If most of our GDP were coming from worker-owned cooperatives, then we would have a socialist economy. A capitalist economy is one where most of the GDP is coming from privately-owned companies that utilize wage labour for profit. Too many capitalist companies cause serious problems in the economy. For example, one of the central goals of Economics is to achieve equilibrium. But the goal of put the list companies is to maximize profit. Profit is maximized by getting workers to produce as much as possible while paying them as little as possible. But that creates a situation where the workers cannot afford all of the goods and services that they produce. If consumption slows down, people get laid off. People that get laid off can't consume. In order for the economy to expand, you have to be increasing the purchasing power of workers. Not doing everything you can to decrease it for the purpose of profit maximization. So, the more successful a capitalist company is, the less purchasing power workers have!
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