Capitalism or Socialism? The Difference Almost Everyone Misses

In this video, economists Richard D. Wolff and Shahram Azhar discuss why capitalism can take very different institutional forms — from privately owned companies to enterprises run by the state. But when does the economic system itself actually change, and when does only the identity of those controlling it change?

They examine the relationship between employers and workers, who ultimately controls the surplus created through production, and what would have to fundamentally change for an economy to move beyond capitalism.

This video was produced by Democracy At Work and published on their YouTube channel on the 18th of September, 2026. We have translated it into German and are republishing it today to help build opinion on this issue in Germany and beyond.

To read the transcript of this video: Capitalism or Socialism? The Difference Almost Everyone Misses

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VIDEO: Capitalism or Socialism? The Difference Almost Everyone Misses

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ABOUT RICHARD D. WOLFF

Richard D. Wolff is the founder of Democracy at Work and hosts the show Economic Update there. He is Professor of Economics Emeritus, University of Massachusetts, Amherst where he taught economics from 1973 to 2008. Earlier he taught economics at Yale University and at the City College of the City University of New York. Wolff was also a regular lecturer at the Brecht Forum in New York City. He is currently a Visiting Professor in the Graduate Program in International Affairs of the New School University in New York City.