AskProfWolff: Markets and Private Property in a Socialist Society

AskProfWolff is a Democracy At Work production. We are committed to providing these videos to you free of ads. Please consider supporting us on Patreon.com/economicupdate. Become a part of the growing Patreon community and gain access to exclusive patron-only content, along with the ability to ask Prof. Wolff questions like this one! Your support also helps keep this content free to the public. Spreading Prof. Wolff's message is more important than ever. Help us make this possible.

A patron asks: "Do markets exist in a socialist society? The market system under capitalism has failed to meet the needs of its citizens, especially in certain areas where the incentives of a market system do not yield appropriate social outcomes - like health insurance. But in many situations, free and fair markets are an efficient and effective way of distributing resources. Does private property exist in a socialist society?"

Customized by

Longleaf Digital