Capitalism vs Socialism is NOT Markets vs Planning
November 3, 2022
29 min
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43
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407 of 574
Episode 43 · November 3, 2022
Capitalism vs Socialism is NOT Markets vs Planning
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Richarddwolff Episodes Around November 3, 2022
Episode 407 of 574 — walk the feed in the order it was published.
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Capitalism vs Socialism is NOT Markets vs Planning
Summary
<p>This week on <strong><em>Economic Update</em></strong>, Prof. Wolff shows how the economics of existing capitalist and socialist economies make use of both markets and planning. The opposition of markets and planning is largely false and has worked to distract students and observers of economic systems from better differentiations such as how they differently organize their workplaces: hierarchical in the case of capitalist, democratic in the case of worker cooperatives. Some major implications of this critique of the "planning versus market" obsession are discussed in relation to the US, Soviet Union, and China.</p>
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