Americans tend to have a knee-jerk reaction when it comes to economic systems. Socialism = Bad. Capitalism = Good. Generally speaking, however, we don’t know much about either one. To the rescue, Prof. Richard D. Wolff gives us a mini lesson on an evolving view of the essential difference between socialism and capitalism…

What Is Capitalism & Socialism? What Differentiates Them from Each Other? | Richard D. Wolff

“The distinction between capitalism and other systems should be focused on the relationships in work… With this framework, what is then the distinction between capitalism and socialism?… Socialism is when you… end the relationship of employer and employee… Socialism, in this perspective, is when the workers [democratically] together… decide all the basic decisions of the production world… The Soviet Union and the People’s Republic of China [in contrast]… are state forms of capitalism.” ~ Prof. Richard. D. Wolff

Richard D. Wolff…

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