Rainer Zitelmann: Myths and Facts About Capitalism
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KI organizoval ďalšiu z cyklu prednášok CEQLS, tentoraz bol naším hosťom Rainer Zitelmann, historik, sociológ a autor bestsellerov.
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Rainer Zitelmann: Myths and Facts About Capitalism
- 1. Dr. Rainer Zitelmann Myths and Facts About Capitalism January 2023, Bratislava
- 2. Percentage of the global population living in extreme poverty: Before capitalism (1820): 90% 1981: 42.7% 2000: 27.8% 2021: less than 10% 2 “Capitalism is responsible for poverty and hunger”
- 3. “Capitalism is responsible for poverty and hunger” It is estimated that 200 years ago, about 20 percent of the inhabitants of England and France were not able to work at all. “At most they had enough energy for a few hours of slow walking per day, which condemned most of them to a life of begging.” 3
- 4. “Capitalism is responsible for poverty and hunger” “When the term ‘famine’ is used, the first thing most people think of is Africa. In the twentieth century, however, 80 percent of all victims of famines died in China and the Soviet Union.” Felix Wemheuer, Der große Hunger 4
- 5. “Capitalism leads to growing inequality” Inequality has risen, but poverty has declined With the introduction of private property rights and features of the market economy, the national market income Gini in China more than doubled, from 0.23 to 0.51, over the next 20 years. 5
- 6. 6 0 100 200 300 400 500 600 700 0 20 40 60 80 100 Billionaires Extreme poverty in Percent China: Less Poverty more Billionaires Extreme poverty Billionaires © Zitelmann, Sources: World Bank/Forbes “Capitalism leads to growing inequality”
- 7. 7 0 500 1000 1500 2000 2500 3000 0 10 20 30 40 Billionaires Extreme poverty in Percent World: Less Poverty more Billionaires Extreme poverty Billionaires © Zitelmann, Sources: World Bank/Forbes “Capitalism leads to growing inequality”
- 8. “Capitalism leads to growing inequality” “So far as we can tell, environments that were free from major violent shocks and their broader repercussions hardly ever witnessed major compressions of inequality.” Substantial reductions in inequality have only ever been achieved as the result of violent shocks, primarily consisting of: - War - Revolution - State failure and systems collapse, and - Plague Walter Scheidel: The Great Leveler 8
- 9. “Capitalism is responsible for environmental destruction and climate change” 9 Heritage.org
- 10. “Capitalism is responsible for environmental destruction and climate change” 10
- 11. “Capitalism is responsible for environmental destruction and climate change” 11 48.1 20.3 3.8 4.6 1.8 4.1 0 10 20 30 40 50 Sulfur dioxide Particulates Nitrogen oxide In tons per square kilometer Airborne Pollutants in East and West Germany 1988 East Germany West Germany
- 12. “Capitalism is responsible for environmental destruction and climate change” 12
- 13. “Capitalism is dominated by the rich; they set the political agenda” 2016 election: Clinton Trump $1.2 billion $600 million raised from donors raised from donors As of September 2016, not a single Fortune 100 CEO had donated to Trump’s campaign. 13
- 14. “Capitalism is dominated by the rich; they set the political agenda” If money alone could buy political power, then Joe Biden would not have become president, and the White House would have gone to the wealthy entrepreneur Michael Bloomberg, who at the time of his campaign for the Democratic candidacy was the eighth richest man in the world, worth $61.9 billion according to Forbes. According to reports, Bloomberg spent more money (and spent it quicker) on his election campaign than any other candidate in history, namely $1 billion in just over three months. 14
- 15. “Capitalism is dominated by the rich; they set the political agenda” Larry M. Bartels examined 16 presidential election campaigns from 1952 to 2012. In only two elections, namely that of Richard Nixon in 1968 and that of George W. Bush in 2000, does Bartels conclude that “Republican candidates won close elections that they very likely would have lost had they been unable to outspend their Democratic opponents.” With Hillary Clinton raising considerably more in donations than Donald Trump in the 2016 election: There were just two out of 17 elections over the past 64 years in which unequal campaign spending was the decisive factor in an election. 15
- 16. “Capitalism is dominated by the rich; they set the political agenda” The budget deficit, the reduction of which was the top goal of America’s wealthy according to this 2012 survey, has risen from $15.6 trillion to $30.9 trillion. At the time of the survey, it was just under 100 percent of U.S. GDP; today it is more than 133 percent. 16
- 17. “Capitalism leads to monopolies” “Will MySpace ever lose its monopoly?” - The Guardian, February 8, 2007 17
- 18. “Capitalism leads to monopolies” 18 Forbes magazine, November 12, 2007
- 19. “Capitalism leads to monopolies” Xerox’s market share shrank from 95 percent in 1972 to 49 percent in 1979, before dipping below the 30 percent mark for the first time in 1998 and 1999. Today, Xerox is stuck on less than 2 percent of the global photocopier market. 19
- 20. “Capitalism leads to monopolies” Kodak: In 1976, the company held over 90 percent of the U.S. film market and 85 percent of the U.S. camera market. Kodak fully underestimated the shift to digital cameras before the market evolved again and high-spec cell phone cameras came to dominate. In 2012, the company filed for bankruptcy and later tried its luck with other business models. 20
- 21. What do people in Slovakia and these countries think about capitalism? 21
- 22. Slovakia: Statements on the economic system 22 32 30 24 24 23 13 The state should set the prices for rent and food and should set minimum and maximum wages; otherwise, the system is socially unfair I am for an economic system in which the state sets the rules but ideally does not interfere otherwise We need a lot more state intervention in the economy, since the market fails time and again In a good economic system, I think the state should only own property in certain areas; the lion's share of property should be privately owned Social justice is more important in an economic system than economic freedom I think private businesses alone should decide what products to manufacture and what prices to charge for them; the state should not be involved in that
- 23. Slovakia: "Capitalism" association test 23 77 72 72 70 66 66 61 60 55 53 Performance oriented, constant pressure to achieve Greed Corruption A wide range of goods Innovation Progress Environmental degradation Prosperity Coldness Freedom
- 24. Slovakia: Statements about capitalism - positive statements 24 23 21 20 16 14 14 12 11 means that consumers determine what is offered, and not the state encourages people to do their best may not be ideal, but it is still better than all other economic systems means economic freedom has improved conditions for ordinary people in many countries is irreplacable; past attempts to replace capitalism have always resulted in dictatorships and suffering is an especially efficient economic system ensures prosperity
- 25. Slovakia: Statements about capitalism - negative statements 25 46 42 39 34 33 32 31 28 25 18 Is dominated by the rich, they set the political agenda leads to growing inequality promotes selfishness and greed repeatedly leads to new economic and financial crises leads to monopolies where individual companies (e.g. Google or Amazon) control the entire market entices people to buy products they don't need is responsible for hunger and poverty leads to wars is responsible for environmental destruction and climate change means that there is always a danger of fascism
- 26. Attitudes toward economic freedom 26 2.4 1.68 1.58 1.42 1.33 1.24 1.21 1.04 1.02 0.97 0.91 0.90 0.88 0.86 0.85 0.82 0.81 0.80 0.76 0.75 0.73 0.72 0.69 0.68 0.65 0.54 0.42 0 1 2 Poland USA Czech Republic South Korea Japan Argentina Sweden Brazil Switzerland Serbia Germany Mongolia Great Britain Nepal Slovakia Austria Italy Chile Portugal Greece Spain France Montenegro Romania Turkey Bosnia-Herzegovina Russia Countries that support economic freedom "Neutral" countries Countries that reject economic freedom
- 27. What do people think of capitalism? 27 1.52 1.30 1.23 1.18 1.15 1.09 0.97 0.91 0.9 0.89 0.86 0.83 0.81 0.76 0.74 0.73 0.72 0.72 0.71 0.71 0.68 0.67 0.65 0.64 0.62 0.56 0.55 0 1 Poland USA South Korea Japan Czech Republic Argentina Sweden Mongolia Romania Brazil Nepal Switzerland Chile Slovakia Italy Great Britain Germany Austria Portugal Serbia Spain France Greece Montenegro Russia Bosnia- Herzegovina Turkey Countries that are primarily pro-capitalist "Neutral" countries Countries that are primarily anti-capitalist
- 28. What impact does the word ‘capitalism’ have? 28 122 68 64 51 47 41 38 33 29 27 26 25 22 20 19 18 14 11 11 11 7 0 -2 -2 -6 -33 -42 Poland Czech Republic Serbia USA Germany Sweden Switzerland Great Britain Turkey Brazil South Korea Greece Austria Japan Argentina Slovakia Italy France Montenegro Spain Portugal Nepal Chile Mongolia Bosnia-Herzegovina Romania Russia
- 29. 29 “In reality, politicians don’t decide anything. They are puppets controlled by powerful forces in the background.” and “A lot of things in politics can only be properly understood if you know that there is a larger plan behind them, something that most people, however, do not know.” Anti-capitalists embrace conspiracy theories
- 30. 30 13.0 10.1 9.2 7.5 7.2 7.0 7.0 6.9 6.5 6.3 5.5 5.2 4.7 4.2 4.1 3.8 3.6 3.5 3.4 3.1 2.9 2.8 2.8 2.8 2.3 1.4 1.2 2.1 2.1 1.5 1.6 6.3 2.4 2.2 0.8 1.7 2.3 2.4 2.4 1.9 1.7 1.9 1.4 2.2 1.9 1.8 1.3 1.5 1.6 1.4 2.3 0.7 0.6 0.5 Greece Romania Slovakia Serbia Nepal Turkey Russia Czech Republic Montenegro Mongolia Chile Japan Poland Bosnia- Herzegovina France Portugal Spain Brazil Argentina Italy Austria South Korea Great Brtain USA Switzerland Sweden Germany Dedicated anti-capitalists Dedicated pro-capitalists Who agrees with conspiracy theories?