Capitalism vs Socialism is NOT Markets vs Planning

https://yewtu.be/watch?v=K-jCqjM4Kmc

#ProfWolff 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, #SovietUnion, and #China.

#richardwolff #economicupdate #capitalism #socialism #money #inflation #democracyatwork