Why do all countries become capitalist and socialism loses? | State Price
The history of humanity has seen many attempts to build a so-called "just" planned economy that would implement the ideas of a socialist society and gradually transition to communism. This occurs when the state, rather than the market, determines how many and which specific goods and services are needed by the population, as well as their cost. The USSR, Cuba, Venezuela, North Korea, communist China, Laos, Myanmar, Vietnam, and several African countries have built planned economies. However, these efforts ultimately ended in tragedies.
In some places, this led to the dissolution of countries like the USSR, in others to decline and terrible poverty, famine (such as in North Korea, Laos, Myanmar, Cuba, Venezuela), and in some cases, communist governments were forced to shift their economies from socialist to capitalist tracks to save themselves from decline (as in Vietnam and China). Eventually, the latter managed to achieve significant economic success, which was even labeled a "miracle." However, it will truly become a miracle when they abandon the political dictatorship of their communist parties.
In this video, we will examine in detail why countries ultimately resort to capitalism (or a market economy) if they wish prosperity and well-being for their residents.
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00:00 Introduction
03:02 Planned and market economies
06:10 Why different economic systems exist
08:08 Advantages of capitalism
10:15 The role of international organizations
12:46 Poland
18:34 Latvia
26:53 Czech Republic
33:41 India
41:20 China PRC communist China
47:16 USA and the world in general
52:06 Conclusions
#economy #socialism #capitalism
