The dirty secret of capitalism -- and a new way forward | Nick Hanauer

Neoliberal economics is evil.

Is it me or did one of his principles for the new economic model, that markets unconstrained by social norms or government regulation, more or less contradict what he said earlier on about laws and regulations not being a viable solution to mitigate the flaws of capitalism?

I spent a lot of this talk saying aloud things like, "Thank you, Captain Obvious." It's interesting watching someone like this finally coming to the correct conclusions and thinking that these conclusions are going to be as new to others as they are to him. I never studied economics, so I didn't need to be deprogrammed, I guess. However, I'm glad this exists, and I hope some people who need to hear it do and that they understand it.

The problem with words like “capitalism” or “socialism” is agreeing on what they mean. Capital is actually an asset even though it’s commonly thought to mean money. Pure capitalism is trading one asset, such as a skill, for another asset, usually money, which is merely a representative of an asset. This is the simplest and most primitive economic system. There is nothing inherently good or bad about it. It never exists in its pure form but is always tempered by more or less socialism.
Socialism is the application of government control to manipulate capitalism and not, as some people believe, a mechanism to redistribute wealth. If it was, the dirt poor people in socialist countries like Cuba would not be in such dire straits.

I like where he says its all wrong because science, but presents no evidence.

A villain straight from Atlas Shrugged, genuinely terrifying, absolutely no substance or argument, resorts to feelings and doesn't actually make a single point. I challenge you to find one.

The reason I retired early. Work was going nowhere. I did my time. I could have worked 3 more years but why? To make somebody else richer? Like Mr. Musk said GO f yourself. Now after cov*d seems my pay scale has gone up. Who cares? You screwed me for 30 years, F off I LOL when a CEO says he's working 120 hours a week. While somebody else is making their food. Picking up their kids,mowing the lawn. Driving them or picking up with other people doing the labor. So it's so fuckin easy to do 160 hours of work. When you are making 2k an hour. To pay for what the rest of us have to do because you keep OUR wages down. I would love to pay somebody to mow my lawn so they could go out and BUY your products. But you have decided to Raise prices{Greed} and not make more jobs that could buy your product. That is called inflation.
Recession is the bottom 80% waiting for their paychecks to catch up to YOUR greed.
Stay well

This man is a being of light and of infinite perfection.
But if this strawman-neoliberalism of his is so unfair and evil, why doesn't he return all of those ill-gotten millions? 🤔

I have never had a problem with corporations and CEOs making money. It is the ones who want to steal it I have a problem with. Banks, insurance companies, cable companies and my all time favorite the utility companies. Just to name a few.

Good luck with changing anything in the US. Corruption pays

We could have an economy full of non greedy saints and still have the same underlaying problem of a non functionalist system, I agree that economics are a human convention (props for that) so what change is he proposing besides a salary raise?

"People are not paid what they're worth: they're paid what they're able to negotiate".

doesn't that mean that they ultimately can create more value if they are able to negotiate better?

If it weren’t for capitalism he wouldn’t be important enough to listen to. He would be just another person

Organized greed will always find a way to exploit the masses.

“Capitalism is just broken right now so let’s slap a new coat of paint on her and she’ll work just fine” As long as our society is capitalist, any form of regulation will only be temporary bandaids that will inevitably be pulled off at a later date when the population that fought for those regulations are either dead or content and their children are unknowing to their communities previous struggles against the ruling class. As nice as it is to hear a capitalist show a shred of human decency and empathy, ultimately a system based on infinite growth is not sustainable in a finite world.

이익 추구의 자유냐 상호호혜의 원칙이냐..... 갈등이 있다면 중용이 답이지 않나 생각해보는데 ..... 아닌가 상호호혜의 원칙의 기반해서 이익 추구의 자유가 보장되는 거겠군....그럼에도 불구하고 안되는 경우들이 있긴 할 거 같은데....

Rich get richer poor get poorer

Some of what he says makes sense.

The minimum wage increase allowed other workers to participate in the labor market. NOT participate in the consumer market.

But, being a sociopath is the core virtue of a capitalist.

Unfortunately, he is wrong. Humans are selfish by nature. Also very cruel.

Capitalism = someone has to be oppressed or exploited for it to work !!!

If we want new economics all we have to do is choose to have it? Really? JFC, one of the most ridiculous things I've ever heard. Thanks billionaire, what have you done to "choose to have it" since 2019? Nothing I'll bet.

He's right, but look at the date. This was 4 years ago and nothing has changed. In fact things continue to get worse. TED talks are the biggest waste of time, they accomplish nothing. If this guy really wanted things to change he would seek office or get behind candidates who will make changes. But what has he done?

What is this alternative economics that would deal with global warming?

It does have a name... It's called Islamic Economics

Communist propaganda. They forced everyone in the society to "cooperate" until everything colapsed in ruins.

3 years since this was released...where's the ground swell? where's the reform? how are we holding the top accountable for undermining all this? how do we even?

The results of competition, at all levels of society, pale into insignificance when compared to the benefits of cooperation, for all levels of society, if only we could be shown this, taught this, instead of being fed the hog-wash that competition drives positive change... ... ...

“All billionaires are evil”
I had this belief until today and it seemed unbreakable, but this video broke it.

This man spoke truths I always knew existed, but that so many people chose not to speak. This is a brave man.

Only rich can speak like that

Greed Happens.
The bad apple in the barrel eventually corrupts more and more.
Correction or copying or cooperation all might follow.
Worker Pay? Ha. Prices rise as pay rises. Got it.

I liked the quote "People are not paid what they're worth: they're paid what they're able to negotiate." I think it directly points to the need for organized labor.

He makes some good criticisms of certain prevalent assumptions in economics, especially the neoliberal branch. However, he unfairly demonizes the field as a whole. The staunch neoliberal economists like Milton Friedman do not represent the entire field. For example, economists are actually pretty split on the minimum wage question. This is because the evidence is fairly mixed. He cites one single example of the restaurant industry and Seattle's minimum wage, whereas economists look at a wider body of evidence from many instances of wage changes and the impacts on many industries.
While I agree with many of his criticisms of neoliberal economic assumptions, I just want people to know that there are lots of economists doing empirical and theoretical work that does not rigidly follow neoliberal dogmas.

When Ebeneezer Scrooge meet the three ghost he is just one more! He say Right thing! still he just an other Leftovers! Why you might ask! This kind of speech is older when civilisation itself! If he work for a better economic school it is just one of the layers of human behaviour! It's much more to do to make society right! He is from a city how gone berserk for drifter's (Seattle)! And now he speaks! The first point is we all must want a society for all mankind otherwise this is only more crap of same Chicago-school how destroy the economy in South America in 1970's! We must start with Jesus words in Mathew seven : twelve "So in everything, do to others what you would have them do to you, for this sums up the Law and the Prophets." Otherwise we always begin from zero! And the economic system is still corrupt and the different one Leftovers Rich man can do is put a finger in a glass of water and see the big cavity he left a few nanoseconds after his finger is gone from the glass! And why Jesus it's only one of many wise voices we have heard from in the history of mankind how say this! But do we listen? If Greed is Mammon on Aramaic! /Mikael PS. So if we want have corruption to lead our will in this way it's bad as CCP's capitalism in China the only thing how matter is a membership in right party that is still a way to feed the one percenters to be more rich! If the goal is the best for us all! it work. It doesn't work when a few rich want a better World, that called fascism! DS.

The free market capitalist ideal is simple and attractive to many. The communist ideal is simple and attractive to many. They are easy to get people excited about. To me the reality is far more gray and neither is a good fit for the real world of today. The pragmatic approach is to use regulation to keep capitalism in check, unions etc. Social programs act as a check on capitalism also where we don't want a profit motive to be involved in decision making. But I think it is true that a market can lead to innovation, I just don't believe any market is truly free or that it ever should be.

i wish i had him as my professor, he's so rich in knowledge

He sounds boring and telling lies.

And now look at Seattle. Swing the needle too far in either direction too quickly and the model breaks.

''YES, I agree that it's Cooperation and Delegation of Tasks that is cause of our prosperity as a specie. Not Selfishness. Greed isn't "good". We share our INVENTIONS and built on successes of others :) All inventions were made to make our lives easier and more pleasurable, not to just make money. most inventors are paid little or no money. They usually get cheated and usually have to beg for investment.

Ignorance is big business.

$15 per hour and $15,000 per hour is still a very large difference which I simply do not buy in to. Not now, not even after this presentation. Greed is still greed, no matter how you package it.

The people,s Republic of China is one of the few countries where the government works for its, np😅😮 where you should work for your government.

who hurt him?

The Christian Nationalism crowd loves capitalis. Funny..the only time Jesus lost it was against the greedy..the OT is full of God's hatred of greed we see in Christian circles today.

Please add Bangla subtitle as well.

Beautiful truth.

i definitely think he should pay the workers more.
Be the example of paying people extremely well.
Show how they contribute to the economy and community.
He could do that and still be incredibly wealthy.