How Economic Systems Shape Our Future: Capitalism, Socialism, and the Lessons from History | Tom Deepdive

Hey, Sal. Hank? What's going on? We haven't worked a case in years. I just bought my car at Carvana, and it was so easy, too easy. Think something's up? You tell me. They got thousands of options. Mhmm. Found a great car at a great price. Uh-huh. And it got delivered the next day. It sounds like Carvana just makes it easy to buy your car, Hank. Yeah. You're right. Case closed. Buy your car today on Carvana. Delivery fees may apply. The holidays mean more travel, more shopping, more time online, and more personal info in more places that could expose you more to identity theft. But LifeLock monitors millions of data points per second. If your identity is stolen, our US based restoration specialists will fix it guaranteed or your money back. Don't face drained accounts, fraudulent loans, or financial losses alone. Get more holiday fun and less holiday worry with LifeLock. Save up to 40% your first year. Visit lifelock.com/podcast. Terms apply. Can you break down the difference between capitalist, socialist, communist? There are more systems than just capitalism, socialism, and communism, but given that these are the three that we see most frequently, let's talk about them. So capitalism is meant to be a free market system in which capital goes to the places where people are gonna get the biggest return on their capital, the workers, and you've got the capitalists and the capitalists say, I'm gonna build this factory. Not because I make money today, but because over time, I think I'm gonna make money. And so as you aggregate capital, you then deploy that into assets that you think will make a return. That asset could be a business. It could be a factory. It could be a stock, could be a bond, could be a treasury, like all of the things. Whatever you think is gonna return that principle plus plus interest back to you. Socialism is where you confiscate the means of production and you say, okay, the state now owns all of the means of production, and we're going to give as many things away as we can for free to make sure that people have, the distributed profits of the the economic engine. So instead of going to capitalists who are using, intelligence, market signals, hard work, discipline in order to figure out where to put their capital, and they sometimes win, they sometimes lose, and they take a disproportionate amount of the rewards, we're gonna spread that out across everybody. The vast majority of people will just never own assets. And so that's why we're in the situation that we're in right now in real life in America, 10% of people in 93% of all assets. So that's the wealth inequality that people are talking about, but like the sort of vague nebulous, capitalists are evil, socialists are good people, leave the socialists and communists alone and everything is gonna be fine. Money has physics. And the …