Watch Capitalism vs. Socialism: Comparing Economic Systems

Name: Capitalism vs. Socialism: Comparing Economic Systems
Genre: Documentary & Biography
Released: 2018-03-30
Cast: Edward Stuart

2018
1 Season

Capitalism vs. Socialism: Comparing Economic Systems is an intellectually stimulating series of lectures featured in The Great Courses Signature Collection, which is presented by the esteemed economist and educator, Edward Stuart. This informative video series is designed to provide an in-depth understanding of the two most prominent economic systems in the world today, capitalism and socialism.

The series features a set of 12 lectures that provide a comprehensive view of both economic systems, providing insights and unique perspectives that enable viewers to make informed decisions and think critically about the impact of these economic systems on individuals, society, and the world at large.

Throughout the course, Edward Stuart provides an impartial comparison of capitalism and socialism, highlighting their strengths and weaknesses while examining how each system operates at the local, national, and global level. The lectures are engaging, insightful, and thought-provoking as they examine the historical evolution of each system, alongside their theoretical underpinnings, and day-to-day realities on the ground.

The modules begin with an overview of capitalism, which is the economic system that has dominated Western economies since the industrial revolution. Through historical analysis, the course explores how capitalism has given rise to unprecedented economic growth and prosperity, but also led to a range of challenges, including income inequality and environmental degradation. The lecturer goes on to describe the theoretical foundations, key concepts, and practical implementation of capitalism, including the role of markets, competition, profits, and private property rights.

The subsequent lectures explore the dynamics of socialism, which is often seen as the antithesis of capitalism. The course critiques the generalisation that socialism and communism are one and the same, pointing out the differences and similarities between the two. The professor examines the philosophy and principles of socialism, followed by an analysis of the various types of socialism in practice around the world. He goes further to explore how socialist economies work, including the role of the government, public ownership of property, and inequality.

The course goes on to provide a critical comparison of the two systems, contrasting and comparing how capitalism and socialism approach issues such as employment, innovation, efficiency, and social welfare. In doing so, the lecturer addresses prevalent criticisms of capitalism, such as its tendency to concentrate power and wealth, the rise of inequality, limited access to healthcare, and environmental degradation. Similarly, he addresses harsh criticism of socialism, such as its tendency to undermine individual liberty and private property rights, the lack of individual incentives, and the inefficiencies that go with state control.

Throughout the course, Edward Stuart draws on a wide range of real-world examples to illustrate key concepts and principles. From the Soviet Union's Five-Year Plan to the rapid industrialization in China under Deng Xiaoping's market socialism, to the creation of the Nordic model, viewers learn about different ideologies and economic decisions that various countries and their leaders have made over time. These examples allow the course to provide a historical context and perspective that can be used to evaluate current economic situations.

One unique aspect of the course is its deep dive into the ethics of both capitalism and socialism. The lecturer addresses important questions such as whether capitalism is innately immoral or if socialism is inherently just. He explores the role of justice, human rights, and distributive equity in enabling a free and prosperous society while critiquing the strengths and weaknesses of capitalism and socialism in fostering these values.

In conclusion, Capitalism vs. Socialism: Comparing Economic Systems from The Great Courses Signature Collection is an eye-opening series of lectures that provide a comprehensive understanding of two of the most prominent economic systems in the contemporary world. The course is insightful, enriching, and thought-provoking, making it a must-watch for anyone interested in economics, politics, and social affairs.

Capitalism vs. Socialism: Comparing Economic Systems is a series that ran for 1 seasons (24 episodes) between March 30, 2018 and on The Great Courses Signature Collection

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Seasons

24. Both Sides Now: Experiment in Slovenia

March 30, 2018

Using Slovenia as a model, explore some of the crucial questions concerning the evolution of world economies. Are economies becoming more similar? Or are they diverging? Is there even a clear-cut answer? The issues and debates that opened the course come full circle here; definitive answers remain elusive, but the tools provided open up a world of possibilities.

23. European Union: Success or Failure?

March 30, 2018

While the European Union has been a spectacular success in its fundamental mission - preventing war between major European powers-here you will also look at the other ways it could be considered a failure. Professor Stuart presents the post-war conditions under which the EU was created and the dimensions of its economic influence, for good and ill, throughout Europe.

22. Asian Tigers: Wealth and State Control

March 30, 2018

Reveal the secrets behind the remarkable transformations of the "Asian Tiger" countries of South Korea, Taiwan, and Singapore from poor countries to high-income economies in the span of 50 years. Starting with their shared features, trace their progression from authoritarian regimes to more democratic governments and compare and contrast their concentrated efforts to shape their economies.

21. After Deng, China Privatizes and Globalizes

March 30, 2018

How was China able to transform from a nation in decline to a global economic powerhouse in just a few decades? Contrast the economic reforms under "capitalist roader" Deng Xiaoping against the earlier communist strategy under Mao, as well as against the unsuccessful attempts at similar reform in Russia under Gorbachev. Close with a look at China's economic influence on the world stage.

20. From Chairman Mao to the Capitalist Roaders

March 30, 2018

Professor Stuart turns his attention to China, focusing on the 20th-century influence of Soviet communism under leaders like Mao Zedong. Look at the ways China was shaped by its earlier history to be especially unprepared for industrialization on the Soviet scale and how the cultural revolution under Mao further impeded progress, eventually resulting in an overthrow of his ideas after his death.

19. "Blinkered and Bankrupt" in Eastern Europe

March 30, 2018

In retrospect, it would seem that communism in Eastern Europe was doomed to fail. However, when the communist governments began to collapse in the 1980s, it took many people in the West by surprise. Trace the ways Soviet communism's failures were replicated over and over again in the Eastern Bloc nations, with nearly the same results for each of them.

18. The Soviet Union's Fatal Failure to Reform

March 30, 2018

Despite attempts by some Soviet leaders in the mid-to-late 20th century, Russia was never able to successfully reform the oppressive and increasingly inefficient Soviet communist system. Professor Stuart shows how the authoritarian government encouraged dysfunctional behavior in production and why the resulting scarcity of decent goods and services ultimately became unsupportable.

17. Two Germanies: A Laboratory in Economics

March 30, 2018

The post-war occupation of Germany by four separate powers-and the difficult question of how to avoid the problems that stemmed from the Treaty of Versailles just a few decades earlier-created a division that would dominate Europe for decades. It also created a unique opportunity for direct comparison between communist and capitalist enterprise, which you will take advantage of here.

16. Soviet Bloc: Conformity and Resistance

March 30, 2018

After World War II, the Allied powers were divided by their economic policies, resulting in a divided Europe. Examine the ways Soviet Russia dominated the nations of Eastern Europe, bringing them under the umbrella of authoritarian communism, and which nations pushed back against this takeover. In contrast, also look at Western policies and institutions put in place to rebuild Europe.

15. Social Welfare in Germany: Bismarck to Kohl

March 30, 2018

Socialist policies are not limited to the realm of idealists and reformers. Germany under Otto von Bismarck shows how socialist policies like public education, unemployment benefits, and tax-funded healthcare can create more efficient workforces. See how Bismarck's ideas were used to help Germany achieve greater power and trace his legacy into the 20th century under Chancellor Helmut Kohl.

14. British Labour Party and National Health

March 30, 2018

The British economy has vacillated between privatization and nationalization over time. Here you will look at one of these shifts by first examining the socialist programs introduced by a post-World War II Labour Party government (including the National Health Service), followed by the Margaret Thatcher era of deregulations and privatizations.

13. French Indicative Planning and Jean Monnet

March 30, 2018

Discover why France, a latecomer to industrial capitalism, was vital in shaping influential socialist theories, and how centuries of political upheaval can leave distinct impressions on a nation's economic history. From the French Revolution to World War II and beyond, France is a strong example of the ways economies are shaped by both internal and external forces.

12. Sweden's Mixed Economy Model

March 30, 2018

Called "The Third Way" by some economists, the economic system of Sweden is perhaps the best example of a philosophy that falls between the extremes of free market capitalism and government-controlled socialism. Professor Stuart explains the many factors that have contributed to Sweden's relative economic success and what it can teach us about mixed economies.

11. Social Democracy in Europe

March 30, 2018

In the wake of economic and social turmoil in the 19th century, some European countries sought to reform the capitalist system and make it more sustainable. Examine the different motives behind the reforms, understand the differences between public and private goods, and compare and contrast the myriad ways economies can blend capitalism and socialism.

10. How FDR and Keynes Tried to Save Capitalism

March 30, 2018

Was the stock market crash of 1929 the cause of the Great Depression? Find out why Black Tuesday was actually a symptom rather than a cause and trace the origins of the Depression in the US to events and policies of the 1920s, both domestic and international. Then, look at the ways FDR applied the ideas of John Maynard Keynes to help America recover from economic devastation.

9. Economic Consequences of European Peace

March 30, 2018

The end of World War I illustrates one of the iron laws of capitalism: upheavals in one part of the world have repercussions all around it. Understand how the Treaty of Versailles set up harsh terms for a depleted Germany and why shortsighted leadership from the Allied powers led to economic fallout and, eventually, the second World War.

8. Soviet Planning and 1,000 Left-Foot Shoes

March 30, 2018

Examine the ways Stalin sought to exercise complete control of the Soviet economy, focusing on his Five-Year Plan for production-an object lesson in the complexities of anticipating and satisfying the material needs of a society. Professor Stuart also gives you an eye-opening look at the ways economics and politics can feed off of one another. Or, in this case, starve each other.

7. The Bolsheviks: Lenin, Trotsky, and Stalin

March 30, 2018

Why was Soviet communism doomed to failure? Beginning with the Bolshevik revolution, witness the birth and troubled development of communism in a country that was ill-equipped to start a government from scratch. See why Marx never envisioned communism taking root in an illiterate, agrarian society and how the lack of economic experience in Soviet leadership created a spiral of disasters.

6. Utopian Socialism to Amana Microwave Ovens

October 21, 2021

The opportunities and innovations of capitalism in the US did not come without a cost. Religious and political thinkers alike turned to new solutions to alleviate the often horrible conditions many workers experienced, resulting in socialist projects that fell into two camps: utopian and scientific. Close with a look at the difficulties in running socialist systems in a largely market economy.

5. American Capitalism: Hamilton and Jefferson

March 30, 2018

Modern capitalism may have been born in England, but America would be defined by it from the very beginning. Look at some of the paradoxes inherent in free market systems and how Protestant religious philosophy played a significant part in the direction of the economy. Then, see how founding figures like Hamilton and Jefferson set the course for American economic dominance in the years to come.

4. British Revolution: Industry and Labor

March 30, 2018

Travel to the birthplace of industrial capitalism: Great Britain in the 18th and 19th centuries. A fortuitous meeting of politics, technology, and economics would shape the future and give the world innovations like insurance and extended payment systems. It would also inspire writers like Charles Dickens to reveal the horrifying social repercussions of unregulated industrialization.

3. How to Argue GDP, Inflation, and Other Data

October 21, 2021

From GDP and inflation to unemployment and standard of living, there is no one absolute measurement that determines the health of an economy. Get an overview of the different metrics for economic success and a general understanding of how they are calculated and interpreted—and why these data points can start more arguments than they resolve.

2. Adam Smith, Karl Marx, Keynes, and Friedman

March 30, 2018

Meet four of the most influential economic thinkers in history: Adam Smith, Karl Marx, John Maynard Keyes, and Milton Friedman. As you examine their individual philosophies and influences across three centuries, you may be surprised by how many of their ideas overlap even as their philosophies differ.

1. Gorbachev's Hello and the Soviet Goodbye

March 30, 2018

Begin your foray into comparative economics with a look at the USSR in the final few years before its collapse and the restructuring known as perestroika, which led to an increased interest in the study of capitalism versus socialism in the US. Examine some of the major questions that shape economic systems and close with a brief overview of the goals of the course. #Literature & Learning

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Where to Watch Capitalism vs. Socialism: Comparing Economic Systems

Capitalism vs. Socialism: Comparing Economic Systems is available for streaming on the The Great Courses Signature Collection website, both individual episodes and full seasons. You can also watch Capitalism vs. Socialism: Comparing Economic Systems on demand at Apple TV Channels and Amazon Prime and Amazon.