07. The twin births of capitalism and socialism, and where that’s left us

Greg and Mike delve into the historical conditions that permitted the birth of capitalism and the ways in which it was contested from the beginning, contrasting this with the traditional Marxist view that socialism comes after capitalism as a response. Then, Mike begins to recast the history of the 20th century as a series of three different responses to the problems of capitalism—communism, fascism, and ameliorated capitalism—that vied for power and control, before starting to clearly establish a distinction between social democracy and democratic socialism.