Skip to content Skip to footer

Richard D. Wolff: What Are Capitalism and Socialism? What Differentiates Them?

Professor Richard D. Wolff discusses the changes that are required in society to truly implement socialism.

Honest, paywall-free news is rare. Please support our boldly independent journalism with a donation of any size.

This interview with Richard D. Wolff, University of Massachusetts professor of Economics Emeritus, Marxist economist and founder of Democracy at Work, discusses capitalism and socialism, including:

  • What is capitalism and socialism?
  • What differentiates capitalism from socialism?
  • Has either system ever existed in its purest form?
  • Was capitalism actually overcome by socialism when the state took over private ownership?
  • What changes are required in society to truly implement socialism?
An urgent appeal for your support: 10 Days to raise $50,000

Truthout relies on individual donations to publish independent journalism, free from political and corporate influence. In fact, we’re almost entirely funded by readers like you.

Unfortunately, donations are down. At a moment when independent journalism is urgently needed, we are struggling to meet our operational costs due to increasing political censorship.

Truthout may end this month in the red without additional help, so we’ve launched a fundraiser. We have 10 days to hit our $50,000 goal. Please make a tax-deductible one-time or monthly donation if you can.