Animated Video: Economics 101

An entertaining video with a bipartisan cast that provides an excellent comparison of capitalism to socialism!

For an economy to grow and thrive it needs to possess certain attributes that incentivize its participants to take risks, innovate and use good old fashioned sweat equity to move ideas and products forward.

Of course these same players also need to be aware of, and accountable to, the bottom-line of the organization.

The fact that the capitalism-based United States has in a relatively short period of time developed into the global economic powerhouse, while at the same time contributing some of the greatest innovations the world has ever seen, is a testament to that fact.

Is it a perfect system meaning does everyone thrive in the same way? No, by definition it is not.

But the opportunity to thrive exists if those attributes mentioned above are put into play. And yes, even then a certain amount of luck is required.

But it’s the opportunity that has moved men (and women) to do what they have done!

Think about William Carrier (air conditioning) when the temperature outside hits 90 degrees or the Wright Brothers (airplane) when the temperature outside hits 20 degrees and you want to fly somewhere that its 90 degrees.

Or Henry Ford (car assembly line) when you can walk into a showroom and find an affordable vehicle that is available on the lot because it is able to be mass produced.

Of course these people possessed the intellect and curiosity to prove their idea but, if they had no potential for profit, would they have moved beyond a basic prototype?

Capitalism: an economic system in which trade, industry, and the means of production are largely or entirely privately owned and operated for profit.

Socialism: a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies. (Websters)

Cartoon Video: Capitalism vs Socialism

The politicians in this cartoon are figures from both the past and present. The video is not being presented as political commentary but rather as a simple and entertaining depiction of two disparate economic systems. Enjoy!


2014 New York Law Journal Reader Rankings

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