Principles of Finance: Unit 2, The Communist Manifesto: Summary

The Communist Manifesto. What was it, why do we care, and which one of the Marx brothers wrote it? (Hint: Chico's masterwork was The Comedian's Manifesto - totally different.)

CoursesFinance Concepts
Principles of Finance
FinanceFinancial Responsibility
Personal Finance
Finance and EconomicsPrinciples of Finance
LanguageEnglish Language
Life SkillsPersonal Finance
SubjectsFinance and Economics

Transcript

00:26

important one in finance because public ones are held to a higher standard

00:31

well Marx believed that the scales should be tipped entirely in the [Marx in front of a scale]

00:35

government's direction ie the government should control and regulate a lot while

00:40

most modern thinkers advocate a much more balanced perspective and a wise

00:45

shoe company one said just shmoop it so that's what we'll do all right yeah [person tying their shoe]

00:50

manifesto breaks down the profits cool little beginnings got four sections and

00:54

a helpful little preface there Marx is co-author Engels he lists all the

00:58

translations publications where you gonna read this thing then angles gives

01:02

us the fundamental idea underlying the manifesto political and intellectual

01:05

ideas and therefore all of history are based on the economic system of the time

01:09

and us on class struggles yeah class and apply that to today's world do we have

01:14

class wars here mmm-hmm yeah well angle says the many exploited and oppressed

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proletariat the other workers can only free themselves by both overthrowing the

01:24

few rich boos huazi capitalists and ending economic tyranny or a list of

01:29

economic classes altogether all right now under the manifesto the beginning is

01:33

made of just a few short fun paragraphs telling us that communism is haunting

01:36

Europe and that leaders are accusing each other of being communists but no [two people arguing]

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one actually knows what communism really is enter the manifesto well section one

01:45

mark says that all of history is based on class struggle remember that phrase

01:49

any details arrives at the bourgeoisie yeah these rich have become the most

01:53

powerful class putting aristocracy you know kind of in the shadows the

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bourgeoisie control the means of production ie the factories the heavy

02:01

machinery the agricultural land all the leverage points to put capital to work

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and make it do more than just what one man can do and then

02:08

was yes only men then those evil bourgeoisie would keep all the profits

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themselves well stay on top the members of the bourgeoisie have to expand its a

02:17

hungry capitalist pac-man their to go across the planet finding natural [pac-man moves across world map]

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resources new customers new workers they've made life impersonal and

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miserable for the workers since well now everything of course boils down to just

02:29

about the money Fugazi fights the workers and other

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members of the bourgeoisie and proletariat and while they fight the

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Bruges Razi themselves section 2 Marx explains what communism advocates by

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looking at various objections that have been raised against it for example Marx

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says the bourgeoisie accused the proletariat of wishing to get rid of all

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private property but the Communists only want to get rid of boo-yah property by

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putting the means of production like factories in the hands of the people

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while leaving property personal belongings like jewelry and that clay [jewels]

03:00

ashtray the six-year-old made a nursery school alone you can own those Marx

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concludes with some practical steps the proletariat should take once it gains

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political power Karl says the proletarian says should take capital

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away from the rich and abolish inheritance until class distinctions

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vanish in the vanguard or temporary government withers away and no he

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doesn't say anything that well everyone's have equal intelligence and

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equal talent there either and he never goes into all that because yeah that's

03:29

the thing all right section three Marx criticizes

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socialist and communist views of various other authors thinkers and activists

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mostly he attacks these writers for wanting to merely reform the capitalist

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system efforts he thinks are necessarily doomed to fail instead of downright

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overthrowing it Marx also attacks these writers for wanting to set up idealistic

03:48

little colonies instead of uniting little workers for all and against the

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capitalist overlords last section section 4 here Marx notes which

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political parties the Communist Ally with in various countries but he makes

04:01

it clear that the Communists will speak their own minds and he calls for a

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forcible overthrow of the bourgeoisie a communist revolution because you know

04:10

revolutions are bloody by Nature yeah well all that's part of the Communist [people shooting rifle]

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Manifesto and no he doesn't address the fact that people come of different

04:18

talents different intelligence different drive levels like

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what about the plumbing and part supplier willing to work 85 hours a week [man brings sink to shop]

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to put his kid through college whereas you have the you know Union toll booth

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takers who are not willing to do the same and yes so we don't get into a lot [car drives up to toll booth woman]

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of that in the Communist Manifesto here but you just got to know what the

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documents about or at least understand a perspective not saying it's the right

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one the only country left in the world

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that's a true communist country Cuba yeah let's take a little tour of what

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Cuba looks like today how're you feeling there Carl yeah this

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is this what you wanted

04:53

you