Are the "Extreme" Economic Systems Totally Pointless?
This video was made possible by our Patreon community! ❤️See new videos early, participate in exclusive Q&As, and more!➡️ https://www.patreon.com/EconomicsExplained▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀Karl Marx and Frederick Engels were philosophers, political theorists, and economists responsible for writing the communist manifesto, which is today probably the most widely recognized text outlining a system for a communal economy. An economy where work is done to fulfill the needs of one's community rather than to satiate personal desires. An economy where goods and services are distributed by needs rather than by means. An economy where people could not rest on the laurels of being land or capital owners to get by without ever needing to contribute any personal effort. This system lies in direct contrast to the other extreme of the economic spectrum which is Laissez-Faire Capitalism. Laissez-Faire fair literally translating from french to let it be or leave alone pretty much sums up this economic system. It advocates for leaving capitalism alone entirely to do it’s thing because no government can allocate resources as efficiently as the free market. Both of these opposing theories are very extreme and for what its worth don’t exist in any modern economies anywhere around the world today, despite what some nations might have you believe. So what are the economic arguments for and against a communist economic system? What are the economic arguments for and against a completely free market?And finallyAre there any examples of these extreme systems actually working throughout history?Enjoyed the video? Comment below! 💬⭑ Subscribe to Economics Explained 👉 https://bit.ly/sub2ee⭑ Enjoyed? Hit the like button! 👍Q&A Streams on EEII (2nd channel) → https://www.youtube.com/channel/UCOTgNyfQG4vVP5sCXrJaS4g✉️ Business Enquiries → [email protected] EE on social media:Twitter 🐦 → https://twitter.com/EconomicsExFacebook → https://www.facebook.com/EconomicsExInstagram → https://www.instagram.com/EconomicsExplainedDiscord → https://discord.gg/MJGcTH6#Communism #Ancap #Economics▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀EE Fan Exclusive Offer:Sign-up for Acorns! 👉 https://www.acorns.com/ee (after registration, Acorns will deposit $5 in your account to help you get started with investing!)▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ECONOMICS EXPLAINED IS MADE POSSIBLE BY OUR PATREON COMMUNITY 👊🙏Support EE by becoming a Patron today! 👉 https://www.patreon.com/EconomicsExplainedThe video you’re watching right now would not exist without the monthly support provided by our generous Patrons:Morgon Goranson, Andy Potanin, Wicked Pilates, Tadeáš Ursíny, Logan, Angus Clydesdale, Michael G Harding, Hamad AL-Thani, Conrad Reuter, Tom Szuszai, Ryan Katz, Jack Doe, Igor Bazarny, Ronnie Henriksen, Irsal Mashhor, LT Marshall, Zara Armani, Bharath Chandra Sudheer, Dalton Flanagan, Andrew Harrison, Hispanidad, Michael Tan, Michael A. Dunn, Alex Gogan, Mariana Velasque, Bejomi, Sugga Daddy, Matthew Collinge, Kamar, Kekomod, Edward Flores, Brent Bohlken, Bobby Trusardi, Bryan Alvarez, EmptyMachine, Snuggle Boo Boo ThD, Christmas