This week on Economic Update, Professor Wolff discusses the three basic kinds of socialism as anti-capitalist ideologies grow in the U.S. and more people are looking toward socialist alternatives. Prof. Wolff lays out the importance of grasping key differences among the alternative kinds of socialism. The first half of the show is an examination of those differences among (1) the moderate or "democratic" socialism ( a la Scandinavia), (2) the communist kind of socialism (in the USSR and People's Republic of China) and (3) the new socialism focused on democratizing the work place.
The second half of the show focuses on how doing better than capitalism will require deciding which of these three kinds of "socialism" (or what combination of them) will be a better economic structure for the masses.
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