Capitalism vs Socialism is NOT Markets vs Planning
Economic Update with Richard D. Wolff
00:00
Planning Is All Over the Place
We are told that the United States is the paragon example of a market economy, sometimes also called a free market economy. The alternative we are told is planning. That's when you don't buy and sell in a market. You actually make the decisions without markets and prices. In every year of the history of the Soviet Union from 1917 until 1989 when it disappeared, they used markets all over the place. Every capitalist economy we know of has had planning and markets. Just like every inflation has to have more money and higher prices, otherwise you don't get it.
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