Discuss some crucial aspects of the free enterprise system or capitalism. Why are price and competition so important for the free enterprise economic system? How does socialism compare (watch the videos to answer this question)? What role should the government have in a mixed economy?

Consider the following when responding:

• Should an economy be purely capitalistic or purely socialist, or a combination?
• Did these videos of Professor Richard Wolff change your view of what socialism is?
• Did they influence your opinion of what Capitalism is?

Watch the following videos by Professor Richard Wolff below:

• Marks, C. (2015, May 17). Socialism For Dummies (49:45)
  • Video with accurate captions
• Marks, C. (2015, June 14). Socialism For Dummies - part 2 (1:10:51)