Richard Wolff – Definitions of Socialism

This is a great explanation if you want to learn more about the different ways people use the word Socialism.

Neoliberals use “Socialism” to describe a welfare state that acts as a band aid on the suffering caused by Capitalism.

Communists have historically used the word “Socialism” to describe government ownership and regulation of industry.

Today’s leftists use “Socialism” to describe a worker-ownership model that will lead us out of Capitalism while advocating for a strong welfare state.