How "filthy capitalist" sweatshops cure poverty
What would have happened if early modern Europe had minimum wages?
A common argument against capitalism is that it would lead to people being paid "too little". The people that live in underdeveloped countries would be "exploited" for their cheap labor and therefore they would never be able to become richer.
Tell that to our ancestors who lived in the early times of industrialization in the Western world. They worked for a couple of cents an hour, often facing the risk of injuring themselves or becoming extremely sick because of the poor working conditions. Yet, after many years, they succeeded in attaining middle-classhood.
Now, what if the factory owners were forced to pay their employees much more than they wanted?
Most of them wouldn't even be hired at all. Today, this is the problem that many people in developing countries could face if governments decided to implement a minimum wage law. In this video, Dr. Yaron Brook hits the nail on the head by explaining this to a class at the University of Exeter.
Normally, I'm not into using utilitarian arguments to advocate for free markets, but this video deserves an exception in my opinion. It's short, simple, and very clear. Just look at history and see under what circumstances people were able to lift themselves out of poverty. It was at times of less government intervention, not more of it. When we ran the equity experiment in the 20th century, it resulted in a 100 million people dying. Is that compassionate? Is that solidarity? I'll take capitalism over socialism anytime of the day. For the moral argument for free markets, check this video.
--> Click here if you want a cool banner like mine!
--> Previous post: Can you impose freedom on others? - Some thoughts after the Catalonian referendum
--> Join the Gold and Black Liberty Discord server here: https://discord.gg/55Jt76c
► DTube
►
Always amazes me how the ones who criticise business owners for "under paying" their workers never seem to go out and start their own businesses and then proceed to pay people what they're worth. as if these virtue signaling busybodies had any clue what market value worth actually consisists of...
Most people are seriously challenged regarding basic economics. The governments of the world want them that way of course. ;-)
Haha yeah, good counter-question that is!
I grew up dirt poor with very a small chance of success. I beat the odds because I'm tenacious. In America, even today, hard work still pays. The problem I see though is that most people are extremely lazy. They always look for excuses for their failure too. I'll never understand them.
Interesting perspective! Thankssss for sharing!
You're welcome!
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by rvanstel from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
I liked this video. What Yaaron is telling is quite interesting. But looking at the faces of those young guys is also. How they are changing their minds. The one on the right seems, at first to just say "what the hell is that man saying, he is completelly wrong!". Then it is sometyhing more like "oh, wait, maybe I am wrong". Finally it turns to be like "Oh, maybe what I have been told until now was fully wrong! I should be researching more on it"
Thank you for sharing it, @rvanstel
Tankman showed them how to stand for their asses to be free... a group of a billion... obeying a small group of thousand government officials.. I think it's just the way they are
I do have to agree this is pretty interesting view. Thanks for sharing it!