Pranab Bardhan at his own Substack:
Zorhan Mamdani, the presumed front-runner in the New York mayoral race, calls himself a democratic socialist (which scares Wall Street). So did US senator Bernie Sanders in his earlier election campaigns. Historically, a socialist is usually associated with advocacy of ownership or control of means of production primarily resting with the state or other non-private entities (like cooperatives or worker-owned enterprises). I have not heard either Mamdani or Sanders being associated with the advocacy of any such transformation of most of the means of production in the US. I think they are simply European-style social democrats, who would keep the mode of production essentially capitalist (with some possible light modifications) but with a somewhat greater role of the state in education, health and other welfare services (which, of course, may require higher taxes on the rich).
More here.
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