1:13 “Under capitalism the only way you can make money is by making other people happy” that’s simply not true. There are plenty of people who simply make money off of incoherence, and the way all capitalists make money is by buying labor-power and feeding off the product of their workers’ labor
1:55 You claim that the original video started with a conclusion and worked backwards to the evidence, however you do not explain this point. He started with the evidence, that being that self interests are pursued under capitalism (which you yourself said was true), and then came to the conclusion that based on capitalist property relations, those who own property will have their interests served much more than those who do not because capitalists can use capital to buy more labor power to get more money to accumulate more capital to buy more labor power and so on. You average worker can not exponentially grow their wealth the same way a capitalist could and therefore society (in a market system) would be oriented towards their wants because they have more power.
3:34 You claim that he provides no evidence that capitalists are driven by self interest, yet in your previous claim you agreed with his assertion and pointed to it as a reason why capitalism works. You’re digging holes for yourself and falling in them my friend. You cannot agree with him when its convenient and disagree when its no longer.
4:11 Here, you’re making the argument of ethical consumerism that basically people will want to buy products if they’re more moral. Now this can be true sometimes, for the short term (if we take what happened with united as an example) however these do not have long term affects on profit. Let’s take for instance Apple. For nearly a decade, everyone knows Apple uses suicide nets in their factories because of poor conditions for workers, yet Apple saw no net decline in profits for this because people have less sympathy for the third world, especially if it means they get their cheap products You are also assuming that any product that is made in unethical ways is therefore shitty, yet you provide no justification for this. What if, as in the case of the iPhone, you can make a better, cheaper product by engaging in poor behaviors?
5:02 You say that the public wouldn’t allow capitalists to take advantage of people, yet you don’t explain how they would do this other than with their money, and this doesn’t avoid natural monopoly. Now before you link your Mises.org article on why every other economic school is wrong about monopoly, just know that monopolies can, and have, come about as naturally as possible, because the state under capitalism works in the interests of the capitalists and your dream society could never happen because capitalists benefit from the state’s existence. You also say that capitalists would have more money without taxation, yet do you forget what inflation is? Sure they may be better off in the short run, but it will have little impact in the long term.
6:02 You say that consumers control the money supply, yet this is simply false. In a society with no central bank, and competition for the dollar, this would not eliminate capital. You are confusing currency with capital and purchasing power. Even if currency is regulated by a market, capital (in the form of means of production, commodities, and other assets) would still dominate the market. Where do you think the term “capitalism” comes from?
6:19 I don’t think you understand how monopoly works. When business collude, they are able to set the market price and quality without fear of competition because they control the market. And even if a business tried to undercut them, the mega corporation could still engage in predatory pricing to weed out competitors and run at a loss given how much money they would make in return. This is what happened with the robber barons.
6:52 This argument is coming from your belief that the market is equality, when it simply isn’t. Consumers won’t have control because their options are limited by the fact that they don’t own the means of production and cannot exponentially grow their wealth like capitalists can.
7:25 You once again say that businesses would lose profits in the long term if they violated ethical terms, but did this stop the pinkertons from being hired to kill protesting workers in the gilded age? (https://en.wikipedia.org/wiki/Pinkerton_(detective_agency)) I’ll give you a hint: it didn’t. And once again take the example of Apple, and even the GAP, they violate the rights of workers all the time but they still see soaring profits (http://www.dailymail.co.uk/news/article-2103798/Revealed-Inside-Apples-Chinese-sweatshop-factory-workers-paid-just-1-12-hour.html) (https://www.commondreams.org/news/2013/10/04/gap-old-navy-and-living-hell-bangladeshi-sweatshop) where is the ethical consumerism here? And if you’re going to cry not real capitalism, explain how it’s the state’s fault that Apple and the GAP want to maximize profits at any cost. Sure they may apologize when they get caught and do a PR stunt saying they wont do it again, but they always do.
7:35 This is once again where your utopianism is coming from again. You say the public won’t support a monopoly, but you fail to realize what a monopoly is in that they don’t have a choice. Screwing over consumers actually boosts profits in cases of monopoly
8:00 so now you’re disagreeing with what you before agreed with? Do you think capitalists are driven by self interest or not?
8:18 This is just wrong. Historically, capitalists have tried to maintain the order of the state when their property is threatened. They don’t care whether or not people like their products, just whether or not they’re getting money. Due to the capital accumulation process, monopolization will occur, and this will force consumers into having no option but to buy from one company and that company can charge whatever they want and engage in predatory pricing whenever their wealth is threatened.
8:45 I challenge you to define what a “communist society is” and just know it took hundreds of years for feudalism to be overtaken by capitalism, and we expect the same of socialism. See this book for how socialism is more practical than capitalism: http://ricardo.ecn.wfu.edu/~cottrell/socialism_book/new_socialism.pdf