Whether or not you agree with Bernie Sanders' version of socialism, it is enormously significant that, for the first time in US history, a presidential candidates who calls himself a socialist has had an actual shot at winning the presidential election. And to his credit, he has not backed down from the label.

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.

Socialism is a fundamentally different social system where the world's resources are not controlled by a greedy, undemocratic oligarchy. This is not the same as the capitalist welfare states that have existed in some European countries.

This is what happens under capitalism - as long as corporations and the super rich own the economy and the politicians, every new generation has to fight hard just to defend itself.

Big business has many tools to make us pay for the crisis of their system.

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.

We've seen the weakest economic recovery since World War II, and massive levels of inequality and debt.