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What Capitalism Gets Right – and Governments Get Wrong | Katherine Mangu-Ward | TED
Is capitalism a good thing? Journalist Katherine Mangu-Ward makes the case that “weirdos” left alone to innovate and explore far-out ideas in a free market system are our best hope for the future. She asks us to reconsider our qualms about capitalism, failure and corporate death, analyzing the recent history of General Motors and Facebook…
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Benjamin Henderson
September 6, 2022 at 1:39 pm
Libertarian BS.
Benjamin Henderson
September 6, 2022 at 1:41 pm
This opinion is trash that only applies on paper.
G L
September 6, 2022 at 1:50 pm
Extremely superficial…
2LegHumanist
September 6, 2022 at 1:56 pm
The private sector can’t do everything. Keep looking at Elon, but this time notice the amount of government money his companies rely on.
The moon landing brought endless innovation and paid for itself 10 times over, but it was so expensive and took so long to break even that it couldn’t have been funded if profit was the motive.
Most people credit Apple with the smart phone, but the key hardware that made it possible (the multi-touch screen) was developed by the DoD.
Most people think of high-risk start up ventures as the domain of venture capitalists, but VC money is only available for projects where the risk is quantifiable. They’re OK with a 1 in 10 success rate because the 1 success pays for the failure. But you can only do that if you can quantify theorist. VC money won’t touch totally uncertain projects, those are always government funded. 99% fail, but the 1% that pay for all the failures 100 times over.
How fucking ignorant would we be if we left all the pure science up to the private sector to fund?
Libertarianism is a very simplistic political ideology that doesn’t take a lot of thought to poke holes in.
gimmedimmy
September 6, 2022 at 2:06 pm
This was not a good Ted.
The way to save humanity is education. It’s educating our populations better about how to look after the world and pushing forward developing nations in the same way.
It’s definitely not this rose-tinted garbage and putting up on a pulpit “weirdos” like Elon Musk, who is one of the worst examples capitalism. I’m all for electric cars and space travel but beyond that public image Elon Musk is a silver spoon from a family fortune built on blood gems and diamonds and who pays workers in his Tesla factories at industry minimum; who illegally threatened to take away the stock options of his employees if they unionised; and who manipulates stock prices and has committed securities fraud. He’s also endorsed Ron DeSantis and signed on with deals with Greg Abbott, so he’s deep in bed with red state politicians who are themselves totally beholden to fossil fuel lobbies and who push far-right policies like abortion bans.
Rachael B
September 6, 2022 at 2:22 pm
Came to look for a comment here suggesting a replacement for the current Capitalist system. We are currently witnessing the possibility of Fascism and Socialism in this country and its not fun to think about either.
Sylvain Duford
September 6, 2022 at 2:26 pm
Seems to me that this is one of the most idealistic, one-sided and short-sighted TED presentations ever.
Lucas Godoy
September 6, 2022 at 6:53 pm
I completely agree. I’ve watched many TED presentations and this is the worst by far. Very surprised to find this kind of narrative here.
gastarbeiter1
September 6, 2022 at 2:30 pm
Funny how wrong she is after only 1.30 seconds. Capitalism had nothing to do with new concepts about hygiene and how illnesses develop and spread. The average life expectancy made such a huge jump because newborns and their mothers would have a much higher probability to survive and get healthy again. That was not capitalisms we have to thank for here.
At the same time factories forced children to work and made people work to death for almost nothing…because there were enough poor souls they could throw into the mines. What made that stop? i don’t think it was capitalism and certainly not libertarianism. It was laws.
no the only question here is, does she do this on purpose and thinks the audience is dumb enough to fall for it, or does she really believe this bullshit herself?
gastarbeiter1
September 6, 2022 at 2:36 pm
2:03 Geoengineering? And why are capitalists doing this right now? Hmmmm……
gastarbeiter1
September 6, 2022 at 2:38 pm
Yeah really weird people and really weird stuff happens..like destruction of the planet if unchecked but hey, sounds quirky when i say it right?
Camilo Barbaric
September 6, 2022 at 2:54 pm
What I’ve never seen a Libertarian Capitalist discuss are Monopolies, and the abuse of power they exert. In the end it’s money iquals power to an extreme. Why can’t capitalism evolve from a more competitive model to a collaborative one. And in stead of thinking in terms of individualism vs The State, why not think in terms geografical and identitary communities.
jishcatg
September 6, 2022 at 6:55 pm
Government is a monopoly.
Sean Vassar
September 6, 2022 at 3:10 pm
I was rooting for her but this was not the talk I was looking for.
Илья Горих
September 6, 2022 at 3:16 pm
Capitalism will die, communism is our future
Electrofilm (official)
September 6, 2022 at 3:19 pm
Socialism is our future.
Capitalism is mother of socialism.
Aaron Anderson
September 6, 2022 at 3:27 pm
Recommended reading
The Road to Serfdom by FA Hayek
The Fatal Conceit by FA Hayek
Basic Economics by Thomas Sowell
Economics in One Lesson by Henry Hazlitt
Camilo Barbaric
September 6, 2022 at 5:14 pm
Libertarian capitalism was already tried… in the wild west.. and we´ve all heard stories about how that was like
Marc DeVinney
September 6, 2022 at 5:45 pm
Kudos Katherine for having the courage to challenge the popular narrative of successful people being the problem, especially here in the TED environment! I am amazed at how the comments, while railing against “greedy” CEOs, completely miss the point about how the alternative of having even more problems with government-run “enterprises”. 🤦♀️ Worse, they misunderstand your point about how capital should be allocated and who gets to decide winners and losers (that would be consumers rather than politicians). My bet is that most of these folks weren’t around to see the human costs of government-run enterprises by the most powerful (and the most wealthy!) during the Soviet era.
Musa
September 6, 2022 at 5:49 pm
It’s slavery with extra steps
ASDF
September 6, 2022 at 6:36 pm
The comments here are aweful. Everybody is free to emigrate to a communist country and have an awesome time there. Just leave us with your marxist BS alone. I mean do you really believe that you would be better of without capitalism? Without fertilizer, tractors and trucks (which are like the most capitalist products ever) we wouldn’t even have something to eat. Just look how the people lived bevore the 2nd industrial revolution if you don’t believe me.
c . nanashi
September 6, 2022 at 7:34 pm
by definition , capitalism prioritize profit over humanity
succeeding innovations aren’t the result of putting profit over anything . succeeding innovations are the result of the understanding of a need and it’s applicability
the problem is trying to analyse an economical system on a social scale
a conservative government will of course contrast with a capitalistic approach (U.S.A.)
but taking a look at many northern europeen countrie’s government might offer a very different conclusion
very limited analysis of a idea . once again , a westerner won’t be able to properly conduct an efficient analysis if the angle of analysis is exclusivly from the perspective of a ”developed country”. the impact of capitalism is way beyond the economical and social situation of those so called ”developed countries”
another thing which isn’t deeply discussed is that capitalism do not care for mutual progress
it feeds on pure competition
competition isn’t bad universally
but there is some forms of it which actually becomes extremly harmful
collaboration is a way more efficient approach for a social environment , but also for what we call being human .
economy shouldn’t use humans
humans should use the economy
and that will only be viable if collectivly we start prioritizing humans over profit
because then capital won’t be enough to corrupt .
Jayesh Mavani
September 6, 2022 at 7:45 pm
It’s an all illusions ,truth of word capitalism ❤️❤️🥳😂😂
irondemon1989
September 6, 2022 at 7:46 pm
This whole talk is cherry picking.
Felipe Garcia
September 6, 2022 at 10:24 pm
She thinks her self smart, funny, but it’s almost sad to see her taking those turns trying to save something that is doing us so bad.
Tonatiuh L.
September 7, 2022 at 12:05 am
Capitalism and goverments are not opposites duh.
Aidan Aldrich
September 8, 2022 at 2:03 am
Capitalism at its core is unregulated markets. Government tends to regulate markets thus diluting capitalism
Aidan Aldrich
September 8, 2022 at 1:35 pm
@Tonatiuh L. I would love to put that to the test. Let’s overthrow our rulers and see what happens
Gage
September 7, 2022 at 1:05 am
No. TED, You should know better.
Russ Ingram
September 7, 2022 at 1:56 am
Government intervention isn’t anti-capitalist, lmao. The State is a capitalist institution that occasionally violates individual property rights to preserve the objectively existing material system.
Telegram me👉PBDPodCast
September 8, 2022 at 5:17 pm
“Reach me☝️with the “
s.z
September 7, 2022 at 3:58 am
Isn’t this just “socialism is when no iPhone” with extra steps
YoomarXD
September 7, 2022 at 6:14 am
I honestly get her point: “capitalism is good for economy growth”.
Yes, it is, but that’s about it. It does not take in consideration a million other important factors such as environmentalism, mental health, wealth distribution, education, art and culture development, human rights, worker’s rights, public health, you know, important stuff that make us human.
No hardcore pro-capitalist seems to ever address any of these topics because they know they have nothing to contribute, on the contrary, it works as an hindrance.
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September 7, 2022 at 8:01 am
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September 7, 2022 at 8:01 am
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Jeff W
September 7, 2022 at 1:25 pm
I can provide answers for all of those if you’re actually interested.
Vishal Shanbhag
September 7, 2022 at 10:54 am
plant based meat ? really damn educated people are definitely not smart
Matias Camprubi-Soms
September 7, 2022 at 12:20 pm
Talk about COMPLETELY missing the point. It’s not capitalism itself that brought us the wealth she speaks of, but rather easy, cheap, and abundant energy, primarily from fossil sources.
Matias Camprubi-Soms
September 8, 2022 at 1:46 pm
@Aidan Aldrich this represents a further misunderstanding of the forces at work here. But, you also seem to understand philosophies of all sorts if you’re defending capitalism while using a symbol for anarchy as your profile picture.
Aidan Aldrich
September 8, 2022 at 2:46 pm
@Matias Camprubi-Soms I think we would define capitalism differently. You mean it in the way socialists use it. I use in the way capitalists use it which is more important, no?
Junior Chomsky
September 7, 2022 at 1:02 pm
Opened my eyes
Glatix
September 7, 2022 at 1:51 pm
We already tried unregulated capitalism. I don’t want to live in a plywood shack making 5¢ per 18-hour shift while my boss gets a mansion. I’d rather be in a union and force my employer to pay me what I’m worth. I’m tired of corporate shills trying to tell me that protective regulation is somehow the problem instead of corporate abuse.
Parmjit Kaur
September 7, 2022 at 2:04 pm
This channel helps me to increase my listening skill
David
September 7, 2022 at 11:41 pm
Was inflation part of that study?
Bet It Wasn’t!!
kree spence
September 8, 2022 at 2:52 am
Finally. Ted hits another home run. I’ve been waiting years to hear something so cohesive and apparent out of this- media group? Capitalism isn’t its own worst enemy- people are their own worst enemy and people run it all- as soon as we do better with each other, everything else will fall into place.
Baroness Elsa von Freytag- Loringhoven
September 8, 2022 at 5:59 am
This blithely ignores that unfettered capitalism is antithetical to democracy. Even Adam Smith advocated tempering it with humanitarianism.
Brian Palacio
September 8, 2022 at 6:44 am
Boooo is TED really featuring a lecture so dense they know someone like me-what I imagine is their target audience-will feel inclined to dislike and comment in dissatisfaction and thus create interaction and make money. And the timing, geez. I don’t want to hear bs about hearing people out. I hate this.
Tuulima Laiti
September 8, 2022 at 7:58 am
Capitalism has made corporate corruption much worse and it even penetrated government politicians/officials in the worst of the worst! Yes, greed and profiteering!!!
Mihail Tsankov
September 8, 2022 at 3:58 pm
Oh well… if you flatly refuse than you’re a hundred percent right… Totally.
Also sure it doesn’t coincide with other things… Not even one.
Viki K
September 8, 2022 at 5:54 pm
So, yes to capitalism, and no to governments? Good or bad, the governments represent people. So, yes to capitalism, and no to people who create the wealth and ‘feed’ that capitalism? What does in make? It makes jungle not a society of civilized humans.
이상진의 88세 쌩쌩건강 유투브
September 9, 2022 at 12:32 am
So if you’re a fan of corporate death, that means you’re a capitalist. Haha
Governments are against capitalism because they do not want companies to die.
Why do governments not like corporate death? Because governments do not want to lose control of the market, which is anti-capitalism.
Adalberto Estevez
September 9, 2022 at 5:11 pm
Did she just attribute the products of human ingenuity to a monetary system? Yeah she’s not bright.
Cat Bug
September 9, 2022 at 5:58 pm
Haha, socialists here coping.
TG beats
September 9, 2022 at 6:41 pm
in portuques porra
anao porraaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa
Alfredo Roccia
September 9, 2022 at 7:57 pm
Always the same wrong assumptions:
Capitalism = Free market
Capitalism’s alternative = State
And in the meantime, means of production are still in the hand of a few and workers/employee don’t have any freedom or democracy within their workplace, the place where they spend the majority of their adult life.
Greg
September 9, 2022 at 10:46 pm
These are ridiculous arguments, devoid of any fact except a correlation of selective stats over an arbitrary period of time.
“Nearly all companies fail. You know, like in a forest, where every tree is dead. In the FOREST.”
Emile Suringar
September 10, 2022 at 9:19 am
Amazing, even being weird and proud of it is now colonized by the capitalists. Talk about cringe…
This talk is wrong on so many levels. First of all, it’s based on a false contradiction. One of the mayor problems we face is specifically this: the misguided notion that there is only ‘government’ and ‘market’. Sure, neoliberalism has raised welfare and wellbeing in a post-war periods of growth. But research has shown that in the western world (the one she’s preaching to) more money and market stopped contributing to wellbeing and started eating up evertything else that’s important in life after the 60’s. Income differences start to derail and people get more and more alienated. Learn from history I’d say – for all similar civilisations before us it went down this way. It’s very simple. Natural and social boundries dictate that we cannot grow any further. We’ve already used up more ‘world’ than possible.
I like her notion about corporate death though. The banks should’ve died when they got gready. All company’s not ready for pollution rights and true princing should die. This is one of the things a controlled market is good at, but no – let’s bail them all out!
The end totally derails again though. ‘There are onyl two things in life: Market and govenment’, ‘Governments should stay in their lane and do nothing.’.. This just feels like 11 minutes of deregulation propaganda. And that in a world where deregulation has destroyed alsmost everything that has nothing to do with money. From healthcare tot public transporation and nature. Sorry Katherine, a lot of regulation is needed. One one thing we do agree though: in their current state ‘government’ should not be the one to create this regulation.
Alexander Zhivkov
September 11, 2022 at 9:05 am
Weird how a lot of people flee away from communist countries, and nobody flees from capitalist ones.
Invox
September 11, 2022 at 9:27 am
You know what wasn’t created by Capitalism?
Peniciline.
I cannot believe this person understands what she is talking about… Mixing scientific innovation with peaceful goverment and calling it Capitalism is a LIE!
China is the #1 Capitalist country in the world and has a communist goverment ALL over it.
Capitalism just enables you to be as rich as you can, that’s it. It does NOT fight proverty or provide a just or fair goverment.
What she’s really talking about is (even more) Market Deregulation, so big business pays (even) less taxes and only cares more about itself and not its fellow citizens, or the state of the nation, or even the world by that matter.
Abhay Bhatt
September 11, 2022 at 12:26 pm
This lady needs to learn something about the British adopting freely and extremely, the policy of lassie-fare, in British India.
What did that lead to? Famines, famines and more famines!
Economist Amartya Sen has shown in his Nobel award winning work that famines are not caused by shortage of food but due to lack of access to food.
Pure capitalism with minimalist government intervention is just a recipe for making rich richer and poor poorer. This lady doesn’t seem to have any idea about the asymmetry of power which exist between a corporation and employees, which often potentially leads to exploitation of employees.
And finally, pure and extreme capitalism would simply and eventually mean that we humans as a species will exhaust each other out of competition, while a tiny minority at the top would not only survive but actually thrive.
Human life can’t be only about survival or surviving; It is much much more than that. Otherwise we would be very much like animals in this regard. Humans are not animals – they are much more than that!
Charbel Tannios
September 11, 2022 at 4:54 pm
Thank you …great 👏👏👏
The Bread Knight
September 11, 2022 at 7:59 pm
Ma’am this is a Wendy’s