The Real News Network has published partner provided content Economic Update: Capitalism vs. Socialism.

This week on Economic Update, Professor Wolff does something a little different. He dives deep into the 200+ year old debate and struggle between capitalism and socialism and looks into how it has become both confused and confusing. The different definitions of these systems make honest, balanced discussions and evaluations of them increasingly more difficult. Now that socialism is rising yet again to challenge capitalism, the debate demands a closer examination of the terms and their numerous, new and different meanings.

Richard Wolff is ready to go on to a different debate than we have engaged in about state capitalism versus private capitalism. Some people may not be ready to move on yet. I am not sure if I am, but I will entertain the thought.

As a “what worksist”, if somebody can explain to me how it would actually work practically to make society better and how we could make the transition, then it would be something we should try. I think there is a lot in the existing debate that could lead to better results while we also debate Professor Wolff’s ideas.