Today, we live in a world of incredible wealth and technology, alongside the most horrendous conditions of poverty, war and environmental crisis. This is result of capitalism, a system based on prioritizing profits not human need where the wealth is concentrated in the hands of a capitalist elite.
There is a myth that the New Deal programs on their own pulled the US out of the Great Depression and created the conditions for the economic boom after World War II. As an economist, I can tell you, that is not true. In reality, it was mainly World War II that launched the boom - the massive war mobilization, the horrifying destruction and death caused by it, and then the reconstruction in its aftermath. he US was the only advanced capitalist country that was not bombed during the war.
The programs that came to be known as the New Deal were not simply handed down by the benevolence of FDR and the Democrats. They were fought for. And in the 1960s, it was the similar. You had incredible movements against Jim Crow, poverty and the Vietnam War in the 1960s.
For a whole historic period after World War II, US capitalism was the strongest in the world and could afford to concede rising living standards.
We've seen the weakest economic recovery since World War II, and massive levels of inequality and debt.
Bernie Sanders has shown that socialism is no longer the barrier that it used to be during the Cold War.
