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

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?