Ask Prof Wolff: Socialism's Biggest Failures

A patron of Economic Update asks: "Could you provide an analysis on the failures of the more prominent socialist societies in recent history and the contributing factors to these failures, real or perceived?"

This is Professor Richard Wolff's video response.

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Showing 1 comment

  • P DiGesu
    commented 2021-09-11 09:29:44 -0400
    Bravo, We are slowly peeling back the layers and exposing the truth. But socialists or societies or communities of simple people or middle class have never naturally assembled in unison to establish democratic, cooperative, work environments or working majorities with enough power or influence over governments of any sort. With the exception of temporary revolutions which afterwards were reorganized by a new government again (some which were slowly overturned to the original powers of finance) and not the people. Perhaps the only pure socialist established societies I can imagine are the Pennsylvania Amish communities or the American Indians before we arrived and even they had a chief, trading and providing mostly in services in the absence of CASH!.
    It is sad to think that central government is absolutely necessary in establishing socialism, but throughout history of human societies and human nature it seems that it would be unrealistic to think it is not.

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