Richard Wolff: Difference between socialism & communism and what they both missed

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"If you give socialist governments the kind of power that you gave in Russia and China, and if you give them the kind of power in Scandinavia and elsewhere to regulate, you create tensions. In the communist world the tension was the government had so much power the danger was it would use it for political ends that were not socialist. And that indeed often happened. In Scandinavian type social democracies the government's attempt to regulate was undone by the pushback of the private capitalists who didn't want their profits limited. And so over time there was a reaction in the communist countries against the political problems of a powerful state, and there was the undoing of social democracy by the resistance of capitalists."

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   • Economic Update: Socialism from Past ...  

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