Edward Stuart: Comparing Capitalism, Socialism, and Communism

Theories of Everything with Curt Jaimungal

Curt Jaimungal

Physics, Philosophy, Society & Culture, Science

4.6 • 606 Ratings

🗓️ 26 August 2020

⏱️ 97 minutes

🔗️ Recording | iTunes | RSS

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Summary

Edward Stuart, Professor Emeritus of Economics, examines the core differences between capitalism, socialism, and communism, debating their historical outcomes and contemporary relevance in China, the United States, and the Korean peninsula.- 0:00:00 - Introduction to Prof. Edward Stuart- 0:01:11 - Difference between Socialism, Social Democracy, and Communism- 0:03:53 - Social democracy vs Welfare State- 0:04:32 - What is State Capitalism? And does that characterize China?- 0:08:05 - Is China successful economically, because of Capitalism or Communism?- 0:12:50 - Does Stalin's regime deserve praise for raising literacy, health care, employment?- 0:20:30 - What about Mao? (same question as above)- 0:23:23 - South vs North Korea on Capitalism vs Communism- 0:34:39 - Why North Korea will collapse economically and politically imminently- 0:35:50 - Not "real" Communism: Why equality doesn't happen in Communist societies- 0:40:03 - Difference between economic collapse and a Depression- 0:41:03 - Conditions for Depression and current US predicament- 0:54:22 - US tariffs on China and economic growth/protection- 0:59:23 - Is the US economy headed toward another Depression?- 1:01:51 - Why printing money doesn't always lead to inflation- 1:04:15 - Hyperinflation and how to paradoxically solve it- 1:08:14 - "Communism has killed 10's of millions?" True.- 1:09:41 - "Capitalism has lifted more out of poverty than any other system?" Partially true.- 1:13:55 - Can slavery be blamed on Capitalism given it needs voluntary exchange? (+ an economics joke)- 1:19:30 - What is "black envy" vs "white envy"? Does Marxism lead to "black envy"?- 1:29:21 - Edward Stuart's biggest differences with Richard Wolff- 1:30:58 - Where you can find more from Prof. Edward Stuart- 1:31:33 - Bonus: Economics vs. PhysicsSPONSORS:- Patreon: https://patreon.com/curtjaimungal- Twitter: https://twitter.com/bluthefilm Theories of Everything with Curt Jaimungal features long-form, technically detailed interviews with leading researchers in physics, mathematics, consciousness, and philosophy, exploring topics at the level of active research. For academics, graduate students, and anyone seeking depth beyond popular science. SPONSOR: I personally subscribe to The Economist. TOE listeners get 35% off the annual subscription. No other podcast has this! https://economist.com/TOE FOLLOW: Substack | Spotify | YouTube | Twitter Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Communism has caused tens of millions of deaths.
0:03.5	Now is that true or false?
0:05.5	Yeah, that's true.
0:06.5	The Ukraine famine of the 1930s, the chairman of the chairman.
0:11.5	Would you say that that was a result of communism though?
0:14.0	Yes.
0:15.0	No, that was deliberate policy of the Stalin government.
0:22.6	I'm here with Professor Edward Stewart.
0:25.0	Professor, why don't you tell the audience a little bit about yourself and what you're
0:27.8	up to these days?
0:29.4	All right.
0:30.5	I was born and raised in Houston, Texas.
0:33.7	So I'm a native Texan.
0:36.3	I teach here in Chicago at Northeastern Illinois University. I'm a native Texan. I teach here in Chicago at Northeastern Illinois University. I'm mostly
0:42.2	retired, but not retired from traveling, taking students to Europe and teaching an occasional
0:50.0	online class. And my main interest is comparative economics, the subject of my great
0:58.3	courses series on capitalism versus socialism, and with particular emphasis on the former Soviet
1:08.0	Union, Eastern Europe and Western Europe.
1:15.5	Great. There's a few terms that need delineating because many people mix them up,
1:21.1	such as social democracy, socialism, communism. Why don't you go through those three and disentangle them? All right. It might be easier to start with the most extreme first,
1:27.3	and that's communism, especially
1:30.0	as practiced in the Soviet Union and its former satellites in Eastern Europe.
	...

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