Noam Chomsky —Lecture from 1970

I think it is useful to setup as a framework for discussion four somewhat idealized positions with regard to the role of the state in an advanced industrial society. I want to call these positions 1) classical liberal, 2) libertarian socialist, 3) state socialist, 4) state capitalist and I want to consider each in turn. [00:43]

Also, I'd like to make clear my own point in advance, so that you can evaluate and judge what I am saying. I think that the libertarian socialist concepts, and by that I mean a range of thinking that extends from left-wing Marxism through anarchism, I think that these are fundamentally correct and that they are the proper and natural extension of classical liberalism into the era of advanced industrial society. In contrast, it seems to me that the ideology of state socialism, that is, what has become of Bolshevism, and of state capitalism, the modern welfare state, these of course are dominant in the industrial countries, in the industrial societies, but I believe that they are regressive and highly inadequate social theories, and that a large number of our really fundamental problems stem from a kind of incompatibility and inappropriateness of these social forms to a modern industrial society. [01:39]

Well then let me consider these four points of reference in sequence, beginning with the classical liberal point of view.

Noam Chomsky lecture from 1970 (!) -- full text transcript and link to audio lecture
(h/t JK in the comments)