At this point, they understand it to be "not capitalism." For most young people, that’s as far as they understand it. It may be nicer, softer, friendlier, maybe more likely to help them out. When you push their understanding a little further, it tends to be more about the role of the government. The government takes a bigger role. It protects working people. It protects corporations and the rich but also average people. You hear that kind of talk; it's mainly about the government.
And, you know, when I hear this I get sad, because that's not what I understand the alternative to Capitalism to be. That definition reveals a lack of awareness of the reality that the government is already a massive force in modern capitalism, and always has been. It falls into the trap of the tragic history of how capitalism and socialism came to be differentiated by so many people…as if the difference between the two meant that the former refers to “private, individual enterprise,” and the latter refers to “government-controlled enterprise.” For me, because I teach Marxism, that differentiation is certainly not primarily what Marx had in mind. The state running the economy is not what the alternative to capitalism is...so then I begin to realize, oh boy, is our work cut out for us. And it creates a real danger here that the lack of a clear alternative might eventually turn people off.
...
My view is this: lets not continue perpetuating the story that socialism is government ownership, operation and regulation of enterprise, and lets not stress planning over markets. Let's muddy those waters. I don't want to have a debate over more or less government. As a socialist, I don’t find that terribly exciting. I don't want to have a debate with my colleagues about more or less government or about the relationship between planning and market. I want to focus instead on how we organize the enterprises that produce the goods and services on which we depend. I want to talk about how we organize the workplaces and work processes that absorb most of our adult lifetimes and energies.