WATCH VIDEO: https://youtu.be/xKk6l18yTLw
Collective ownership vs private ownership is a debate-able topic in economics. The video highlights some of the things wrong with collective ownership and how it can't sustain in large groups and how fundamentally it goes against the human nature.
’What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.’
Some of the issues with collective ownership are: there is a big disconnect between the utilization and obligations, it suppresses individual freedom as you are dependent on other people to use a resource, its capability to drift towards authoritarianism as people who preach collective ownership have a high tendency to enforce their so-called “good idea” as something mandatory.
The video also discusses 'the tragedy of the commons', that describes a scenario where individuals have free collective access to a resource without any social structure or governing rules, they act in their self-interest for a while but eventually end up depleting a resource.
“For that which is common to the greatest number has the least care bestowed upon it. Everyone thinks chiefly of his own, hardly at all of the common interest; and only when he is himself concerned as an individual. For besides other considerations, everybody is more inclined to neglect the duty which he expects another to fulfill.”
#communism #capitalism #socialism