Capitalism vs. Socialism: Comparing Economic Systems Season 1 Episode 2 Adam Smith, Karl Marx, Keynes, and Friedman

Capitalism vs. Socialism: Comparing Economic Systems – Season 1, Episode 2: Adam Smith, Karl Marx, Keynes, and Friedman

In this second episode of Capitalism vs. Socialism, the focus is on the four influential economists that have shaped the current economic systems around the world. The episode explores the ideas and philosophies put forth by Adam Smith, Karl Marx, John Maynard Keynes, and Milton Friedman, and how these theories have had a lasting impact on the modern economies.

The episode starts by talking about Adam Smith, who is widely considered the father of modern capitalism. His book, Wealth of Nations, is considered a cornerstone of capitalist theory. The episode analyzes Smith's view of the economy as a self-regulating mechanism that functions best when the government plays a minimal role. It explains how Smith's mantra for economic success is rooted in the idea of the "invisible hand," which determines the supply and demand of goods and services.

Next, the episode transitions to Karl Marx, who is known as the father of communism. The episode explores Marx's view of the society and the economy, which fundamentally believes in the redistribution of wealth from the rich to the poor. The documentary emphasizes Marx's criticism of capitalism and the labor exploitation that comes with it. Furthermore, the episode provides an insight into the Marxist theory that capitalist societies will always face crises unless workers overthrow the capitalists’ ruling class.

Moving on from Marx, the documentary takes on John Maynard Keynes, considered the founder of modern macroeconomics. In this episode, it covers his views, and how his philosophy had a significant impact on modern economic systems, particularly in the Western world. Keynes believed that spending is how an economy grows and relied on government intervention in economic policies. The series explores the use of Keynesian principles during the Great Depression and the government policies, known as "New Deal," enacted by President Franklin D. Roosevelt.

Lastly, the show highlights Milton Friedman, who was a champion of the free-market economy and considered the most significant advocate of capitalism in the twentieth century. The episode examines his view that the free-market system would benefit society more than interventionism or government regulation. The documentary shows how Friedman advocated for deregulation, privatization, and globalization, and how these principles fit into the modern economic structure.

Overall, Capitalism vs. Socialism: Comparing Economic Systems season 1 episode 2 offers insightful and educational explanations of theories put forth by economic thinkers that have influenced the world's economies. The episode is an excellent resource for students and anyone interested in gaining an overview of economic theory. The documentary shows how the economic philosophy of each economist highlights different priorities and the resulting policies in economic systems. By analyzing the critiques and criticisms of the four theories, the show brightens up the distinction between capitalism and socialism's benefits and drawbacks.