What's Wrong With Capitalism: Capitalism vs Socialism—Corporatism NOT Capitalism Part 7

In this video I cover briefly on the economic calculation problem in response on ContraPoints critique of capitalism. It is wrong to assume that capitalism is what we live under today and that capitalism is responsible for such inefficiency, as ContraPoints points out claiming that capitalism is a 'defective' economic system that is inefficient at allocating scarce resources in this argument to do on capitalism vs socialism.

I will cover more in depth on the economic calculation problem for a separate video in critique of another YouTuber, however, this brief explanation describes why capitalism is efficient and socialist central planning is not. On a side note, even if socialists argue for socialism irrationally without central planning (which is a big part of what defines socialism,) they're still faced with the economic calculation problem due to either the moneyless based economy or attempting to fix prices in the economy.

ContraPoints goes on to make the argument on happiness and the costs of living, but again, this is corporatism NOT capitalism. The reason for such expensive costs is because of all the socialist government interventionism in this mixed economy that has restricted private sector supply and increased demand in the marketplace, which is why education, healthcare and other costs have soared out of control. Again, ContraPoints fails to understand the laws of supply and demand.

It is also questionable and although I didn't mention in this video about the claim that there is this growing wider gap between the rich and poor, the truth is; the rich have been getting richer and so have the poorest of society, it doesn't matter how much the richest are earning, so long as the poor are getting richer, that's all that really matters. However, I do agree, the corporatist system is unjustified and is something we must tackle to get rid of, but socialism is not the answer.