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

Help us reach 100,000 subscribers and gain access to more studio time! Please hit the red SUBSCRIBE button above. ^^^ "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." To watch the full episode:    • Economic Update: Socialism from Past ...   Support the show! Become an EU patron on Patreon:   / economicupdate   Follow us ONLINE: Patreon:   / economicupdate   Websites: http://www.democracyatwork.info/econo... http://www.rdwolff.com Facebook:   / economicupdate     / richarddwolff     / democracyatwrk   Twitter:   / profwolff     / democracyatwrk   Instagram:   / democracyatwrk   Subscribe to our podcast: http://economicupdate.libsyn.com Shop our Store: http://bit.ly/2JkxIfy