Richard D. Wolff - What is Capitalism & Socialism? What differentiates them from each other?

In this interview Prof. Wolff answers...READ MORE

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  • Kim Guldberg
    commented 2017-02-23 03:56:59 -0500
    While I agree in broad terms on your definitions (incl the modern ones), I am
    Scandinavian and as such have an addition to make Kapitalism you are right on the mark. What you describe as communism/socialism to me is communism.

    I define socialism as capitalism with a social conscience. In scandinavian “Socialism” the government regulate things to remove the effects of the darker parts of human character. When the owners of the production apparatus (employers) form cartels to control price the government steps in. When unions try to bully unfairly, the government steps in. The government make sure that everybody has access to good education and health care. The government make sure that the environment, the weak and the poor are protected, but also the strong and the rich.

    The employees benefited from this because they get fair wages, have access to good education and health care and can rise above if they have that ability (private ownership, market economy and fairness and proper conditions regulated by the government)

    The employer benefits from this by having access to a well educated, healthy workforce and by being guaranteed that fairnessand proper conditions work both ways.

    This in my opinion is Scandinavian socialism or capitalism what ever ou want to call it and it works