Having this lecture be the start to the semester was a good choice; the hour-long lecture featured a variety of personal experiences, references to economic triumphs and failures across the world, and was not done so in a way that was merely an attempt to sell his book. Throughout this lecture, I found some of Dr. Powell’s stories comical, while in other instances I found his criticisms, or lack thereof, in need of improvement.
What I Learned
From this lecture, I learned more about the history of socialism specific to many of the countries that the economic system is commonly attributed to. For instance, I had no idea the economic history of Sweden and the impact that more socialized programs had on the economic state of the country. I also had no idea of the root cause Venezuela’s economic crisis. I would enjoy learning more about state-owned versus private and foreign owned businesses like this specifically in Central and South America. While America and Western Europe has reaped the benefits of foreign countries’ markets for hundreds of years, such as banana republics and sugar plantations, it would be interesting to analyze which economic system would be worse for the working-class Southern or Central American individual: never seeing the fruit of their labor as all of their work is going to benefit an overseas economy, or having a government owned economy that could crash and be unable to provide food for its citizens, much less employment. Ultimately, though, I found Dr. Powell’s brief explanation as to what events have led up to the current economic situation in Venezuela interesting. Finally, one country I know very little about and was touched on was Georgia. It was interesting hearing about the economic success of a country in an area of the world constantly plagued by volatility. It was also inspiring to know that countries are not necessarily helpless when they are in periods of turmoil. It is inspiring knowing that war torn areas may have a future of stability and growth like Georgia has seen, and that their citizens will not be stuck living in a world of uncertainty.
Misconstrued Opinions
When watching this lecture, there were times that it was difficult to listen to what the speaker was presenting without focusing on how he was construing topics in misleading ways. For instance, while I did learn from what he shared about Sweden, I found it misleading when he boiled down their experience with socialized programs to raising taxes, expanding welfare, and as a result the booming economy went stagnant. He failed to mention the cultural importance of community in these countries, and that Swedish citizens do not strive to have the flashiest cars and homes, unlike many Americans. He also failed to mention that many of these countries are often cited as being some of the happiest in the world, despite how their economies may have performed in recent years. If the government's role is not to support prosperous and happy citizens, then what should it be? I also thought his anecdotal evidence of his time in Cuba was interesting. While I would also be heavily disappointed in the original hotel he booked, and would also refuse to stay there, I found it odd how he brought up two breathtaking hotels in the same story. I have never been to Cuba, so I do not know what an experience there would be like, but I found his assessment of the hotel situation to be hyper critical. For instance, just this weekend I traveled out of town, stayed in an Airbnb for $67.50 per night, and when I arrived it was not cleaned since the previous guest, and the hot water was broken. I was disappointed to say the least. This was my first time in South Carolina, and did I decide to write off every hotel in the area, and generalize all lodging in the area similarly? No, of course not. This is not to say that his experiences in Cuba were all hyper analyzed and blown out of proportion, but I did find his hotel experience to be at the very least sensationalized.
Closing Opinions
After watching this video, I had a few different takeaways. While I enjoyed learning more about the topic of socialism across the world, there were times when the speaker’s manner of conveying his points was distracting from the topic itself. I know we live in an age where if you are not making the most outlandish claims, someone else will and will get the spotlight as a result, but it can be hard to listen and learn from a presentation that has buzzwords and obviously dramatized points sprinkled throughout the talk. I think for having the credentials he does, such as having a doctorate, being a professor of economics, co-writing a book on the topic, and traveling the world to see these situations firsthand, he should be able to present his findings and opinions in a way that is more convincing, without it feeling like he is using talking points from online debates as a crutch. What he teaches and has seen is undeniably compelling and thought provoking, but his presentation of the topics could benefit from being restructured. I would be interested to see how his presentation style has evolved over the years, as so much has happened in the world since this book was originally published.