Richard Wolff Defines Socialism and Capitalism

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"Is it reasonable to think that capitalism is private enterprise and government taking over the enterprise is socialism? And I would argue strongly with you that it is not."

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[benschmie.]

Governments be like "I'm sorry I'm late, I was doing stuff"

[andrewstirling]

“Socialism is about democratic workplaces, not centrally planned economies” I’m listening…

[shivershins]

This is Reverse Dennis Prager, born from the Shadow Realm to besiege Prager University

[iamthecheesegod]

when does it do stuff though I don't get it

[Krooksbane]

Wolff just steelmanned the definitions, like a boss

[jennifergrove]

I hope he also has videos defining the differences between Socialism and Communism. A lot of people act like they're the same. Also one on Communism and Capitalism would be interesting.

[EdwardMDL]

Guys i would love to see more in depth and long videos, loving these too

[greevar]

I don't agree that socialism is controlled by government. That is a regulated economy or state capitalism. Socialism is when the community owns and controls the means of production. We decide how the businesses are run, not the state, not the proprietors.

[DasPetermann]

but... i thougt that socialism is when the government does stuff...

[f-alightningii]

So what I’m hearing is socialism is when the government…does stuff? Or alternatively: things.

[didimockets]

*socialism has been successfully redefined* (once again)

[seaside]

My favorite definition for socialism is when the means of production are communally controlled. And capitalism is when the means of production are privately owned and exchanged via the free market.

[michaeltheiii]

Too bad he couldn’t do this debating Destiny

[inafridge]

What he's saying is that these economic systems are distinguished not based on whether they are private or government owned and not based on whether they exist in a market or are planned. What distingishes feudalism from slavery from capitalism from socialism is the relationship between the owner and the worker.

Capitalism is when there is one or a few people at the top of the heirarchy who own all the assets and have authoritative control over decision making. Socialism is when every worker is an owner and decision making is reached through a democratic process.

Either can exist in a market. Either can exist in a planned economy. Either can be privately owned. Either can be publicly owned. The point of difference is the power dynamic between the owner and the worker.

[kellyhowe]

"New Timeless Definitions of Capitalism and Socialism, and Communism" is coming. I hope it can go up to Wolff for critique, and maybe Chomsky could review it after. Fingers very crossed.

[childishhylian]

In reality, though there's a lot of disagreement in the comments, governmental control of enterprise is *exactly what the American right and often left treats socialism as* So as a synchronic definition it is true. The diachronic definition would include possibilities of other aspects mentioned by Prof. Wolfe and the comments section.

[stevecoley]

Socializing, society and socialism are energized by truth ( love).

Capitalism and it's relentless pursuit of bigger numbers is energized by ignorance (greed).

[Dartyus]

This dude is wrong, socialism is just when the government does stuff. It was already said by an American producer Dick Wolf. What a moran!

[lymmy]

State capitalism =\= socialism. Richard Wolff is wrong :)

[DrSanity]

"Political conflict is not like an intercollegiate debate in which the opponents agree in advance on a definition of the issues. As a matter of fact, the definition of the alternatives is the supreme instrument of power; the antagonists can rarely agree on what the issues are because power is involved in the definition." - E.E. Schattschnieider, 1966