As the Rich Get Richer, the Poor Get Richer | 5 Minute Video
The rich are getting richer, and the poor are… also getting richer. What’s driving this wealth creation process? In this video, Daniel Hannan explains why it is
capitalism — and capitalism alone — that has led to the unprecedented
enrichment that is the central fact of Western life.
This video is part of the Robert W. Plaster Playlist – Watch the entire playlist here: https://l.prageru.com/34FdIDx
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Script:
“The rich are getting richer and the poor are getting poorer.”
“The top one per cent of people on the planet have half the wealth.”
“Western corporations are plundering developing countries.”
“Capitalism is on its last legs.”
Really?
The truth is that global inequality is tumbling. Yes, the rich are getting richer—but the poor are getting richer faster. And what’s driving that process? The market.
Look at the most basic measures: Literacy. Longevity. Infant mortality. Calorie intake. Height. More and more people are being lifted out of poverty.
I think of the changes just in my lifetime.
When I was born, in 1971, an American worker had to earn a month’s salary to be able to afford a TV set. Now, it’s two days.
In 1971, fewer than half of girls worldwide completed at least primary education. Now, it’s more than 90 percent.
In 1971, a stationary car emitted more pollution than a car moving at full speed today.
Go a little further back. In the seventeenth century, the most powerful man in the world was Louis XIV of France. Every night, he’d have 40 dishes prepared for his dinner, and he’d pick the one he felt like. Think about it: A receptionist today can stop off at a store on her way home and have not only a wider choice than that king, but a fresher one and a healthier one. We all live better than Louis XIV.
What has caused that miracle? Not any UN development program. Not any government aid scheme.
What caused it was the market.
The most rapid falls in poverty are happening in countries that are joining the global trading system. Compare growth rates in free-trading Colombia and protectionist Venezuela; or in free-trading Vietnam and protectionist Laos; or in free-trading Bangladesh and protectionist Pakistan.
It’s the same story every time.
China after 1979, India after 1991. You remove barriers to trade. Prices fall. Your people no longer have to work every hour just to afford food and basic commodities. They have time to invent and make and buy and sell other things. The whole economy is stimulated. Poverty falls.
OK, you might say, so maybe capitalism works; maybe people are better off. But isn’t there a cost? Doesn’t it make us more materialistic? Doesn’t it make us greedier?
If by “greed” you mean a desire for material wealth, that’s part of the human condition. It’s in our DNA or, if you prefer, it’s in our fallen nature. Under any system—socialism, communism, fascism, absolute monarchy, theocracy—people want more stuff.
The unique quality of capitalism is that it structures the incentives so that the way to succeed—the way to be “greedy,” if you insist on using that vocabulary—is to offer a service to the people around you.
Under every other system, you get on by sucking up to those in power: commissars, or kings, or dictators.
But under a free market system, you get on by offering consumers something they want.
For the complete script, visit https://www.prageru.com/videos/rich-get-richer-poor-get-richer
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I Belice capitalism has fois aspects yo it nevertheless it makes people very materialistic. We also have to take care of natural world upon which we depend. Capitalism is good but it is not the best for the planet and the living beings that share it with us!
Oh dear this video content is so dated. Inequality is increasing in the 2020's so that the wealth held by the wealthy is now a circuit among themselves, snapping up assets like property at the expense of the middle class, in particular. This puts housing outside the bounds of affordability impacting the vast majority of ordinary people.
True, to a certain extent.
I’m french, and i study history and the sun-King Louis XIV : Hé built thé greater palace of the world, but… without toilets, baths, heat system…and, no electricity !
During the terrible winter of 1709, thé wine on his table become… ice !!
Of course he used the tv as an example since its literally the only technology thats' price went down with time. Its so much harder for the middle class to be able to afford a house or university degree back then.
“This system is as good as it could ever get and to critique it or complain in anyway is literally communism”
That was really great.
anyone who likes this: this propaganda is keeping you poor. this system is keeping you poor. don't listen to them.
Uhm… with just a little bit of googling, you can prove nearly everything he says in this video, as wrong, misinterpreted, or disingenuous. smh
The video basically states that we have more access to luxury and innovation. However we have less access to essentials like affordable healthcare, housing, education, stable jobs, pension plans, and living wages. The video does not touch on any of these important topics. Not all of these has to do with capitalism but if you are going to make a video about every one getting richer, you must include the essentials and make a good case for it.
It is just not true.
What about thecost of housing?
Socialism views housing and Healthcare as a given for everyone. Chumps.
Oh my dear lord—is this guy for real?? All these metrics he’s looking at -calorie intake, wider choice of options at the store—LMAO. How about just going out in the world and looking for ur self … go find a bunch of super poor peopl—even working poor people. Then watch as Amazon sits and makes millions every second of a single day and looknover and see is that actually making the poor people also get richer? No it obviously ISNT . I mean wow. When people say the rich are getting richer and the poor are getting poorer guess what? They are referring to literal MONEY. As this dude said in the beginning —1% of us has all the money. That’s the problem idiot. No one said the rich have more choices I. The store than the poor. This whole video is just one big red herring. Anyone who can’t see right thru it is really making me question humanity on an even larger scale than ever before. Do t let them piss on ur leg and tell u it’s raining. Rich people getting rich in NO WAY MAKES POOR PEOPLE RICHER —not when it comes to money, you know that thing that we all know is being referred to when we call a person rich. We all hopefully know that to mean they have a ton of money. Unbelievable these guys at prager u I swear…
I'm in Houston Tx And single but I accumulated a bit of wealth and so has my relatives but the main reason was that we jump ship to higher paying employers that's why the poor get richer
what a stupid video
As a former Marxist-Leninist believer now engaged to learn free market system deeper, I am very pro educating poor people to pursue their own success and happiness via voluntary trade on free market system. All poor people should be educated how to improve their working skill or even business skill. And they should be also taught how macro economy works and why voluntary trade is win-win system for both seller and buyer
i invite the rich to pee pee on my face. i enjoy the taste of my boss' yummy urine as it streams down my face. i graciously slurp the refuse of my overlords while thanking them for uplifting me from the horrors of socialism!
Imagine being so wrong about simple facts. Brain rot.
Source: bro trust me
The poor walks to work. The rich drive to work in their porches and mazzararies. And do very little work. If any work at all.
The top 10 richest people in the world added a combined 3 Trillion dollars to their net worth during the pandemic. Now tell me, has the American working class feel that?
The only part of this video that is correct is the intro
Notice that this video has no sources or citations. Capitalism works well until the economy stops growing, then profits extracted from the working class makes them poor and then the whole system falls apart.
The usa dollar has lost 92% of its value since the 1930s; no wonder capitalist lust to hoard more and more money for themselves.
Excellent comments from Daniel Hannan! Everyone should watch Nobel laureate Economist Milton Friedman’s (1980&1990) television series “Free to Choose.” Dr. Friedman was right on!
U are right about that greed does run the world. I really hate to see that the worst of our instincts is what won over the best of our instincts. Doesnt matter eventually it will all be destroyed and the rich won’t have anything either.
this didnt age well now that most people can buy 1/6th of a house
The argument was fine if only human involved but today computer and robots are involved and only 20 to 35% of working age people get jobs and the rest had to depend on their parent depleting fortune turn the equation into no mathematics can work if use economic theory but if we cap the rent to base on the day it finish not every building should get modern rent rate then the poor may had a chance to breath
Sack of trash the market sack of trash
The truth is not easy to hear.
Painful truth…
This channel is propaganda and everything about it is subversion.
Tell that to all the homeless people around the world you lying fuckwit.
Oh my god this is just not true you can literally prove it wrong through deductive reasoning these people just tell you what you want to hear.
太棒啦。应该让中国主席习近平看一下这个视频
Very easy to say for someone living in the west.
On American money it says "In God we trust." That means we should trust God with everything that goes on in life. If you watch the film Bruce Almighty, it'll show you what this gentlemen is talking about.
The boot licking is unreal 😂😂
There is a recent study that anyone who becomes members of Pragu or listens to their documentaries develope a fast case of small peepees, they aren't able to find hoes with their pinkie sized weenies