Opinion | America Without Capitalism?

Is democratic socialism compatible with capitalism? In the long term, no. We’re anticapitalist. We want a world beyond capitalism. But in the short term, while we’re within a capitalist economy, we need firms that are profitable, that are providing employment, that are providing taxation. What’s the distinction you make between capitalism and markets then? Well, I think markets existed before capitalism. Capitalism is a regime of property ownership. And in my vision of a just society, of a socialist society, that private property would be controlled by ordinary workers who would get their financing from public banks, who would still operate with hard budgets. They would still need to meet goods and services and meet their payroll obligations and things like that. But you don’t have a class of people who, as individuals, control investment decisions.