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Economic Democracy

A society where wealth and resources are distributed fairly, allowing individuals to have equal influence over economic decisions and policies.

Overview Issues Discuss

About

  • Economic Democracy is a socio-economic philosophy that proposes to shift decision-making power from corporate managers and corporate shareholders to a larger group of public stakeholders that includes workers, customers, suppliers, neighbors, and the broader public. This ideology is rooted in the belief that markets and economies should be run democratically to meet public needs, not to make profits for a few. It suggests that wealth and power should be shared broadly in a democratic manner.

    The concept of Economic Democracy has its roots in various forms of socialism and cooperative economics. It emerged as a critique of capitalism, particularly its tendency to concentrate wealth and power in the hands of a small elite. The term itself was first coined in the late 19th and early 20th centuries by progressive thinkers who sought to create a more equitable economic system.

    The idea gained traction during the Great Depression in the 1930s, when many people began to question the viability of capitalism. It was during this time that various models of Economic Democracy were proposed, including worker cooperatives, publicly owned enterprises, and social wealth funds.

    In the post-World War II era, the concept of Economic Democracy became associated with the labor movement and the social democratic parties of Western Europe. These groups advocated for a mixed economy, where both the state and private sector play a role, and where workers have a say in the management of their workplaces.

    In recent years, the idea of Economic Democracy has been revived in response to growing income inequality and the perceived failures of neoliberal economic policies. Today, proponents of Economic Democracy argue for a variety of reforms, including greater regulation of corporations, increased worker ownership and control, and more democratic control over investment.

    Despite its long history, Economic Democracy remains a somewhat marginal idea in mainstream political discourse. However, it continues to inspire a wide range of social movements and political projects, from the cooperative movement to the fight for a Green New Deal.

Similar ideologies

These ideologies are most similar to Economic Democracy.

Economic Egalitarianism

Striving for a society where wealth and resources are distributed fairly, reducing income inequality and promoting equal opportunities for all.

Government SpendingEconomic StimulusUkrainian Defense FundingWelfarePublic Transportation

Alter-Globalization

Promoting a more equitable, democratic, and sustainable global system that prioritizes social and environmental well-being over corporate interests and profits.

Government SpendingWelfare Drug TestingDrug PolicySurcharge BanDrug Trafficking Penalties

Popular Democracy

Empowering the majority of citizens to actively participate in decision-making processes will lead to a more equitable and just society.

Welfare Drug TestingGovernment SpendingWorld Health OrganizationWomen in CombatTerm Limits

Liberation Theology

Promoting social justice and empowering the oppressed through faith-based activism and political involvement.

Government SpendingWelfareElectric Vehicle MandatesPublic TransportationEconomic Stimulus

Social Equality

Creating a society where everyone has equal opportunities, rights, and access to resources, regardless of their background or social status.

Government SpendingWelfare Drug TestingMandatory VaccinationsCandidate TransparencyDrug Price Regulation

Left-Wing

Promoting social equality, environmental sustainability, and economic justice for all members of society.

Government SpendingEconomic StimulusWelfare Drug TestingWelfarePublic Transportation

Opposing ideologies

These ideologies are least similar to Economic Democracy.

Anarcho-Capitalism

Achieving a society where individual freedom is maximized through the elimination of government intervention and the promotion of voluntary exchanges within a free market system.

Economic StimulusPublic TransportationGovernment SpendingMinimum WageDrug Price Regulation

Far-right

Promoting traditional values, nationalism, and strict immigration policies to preserve cultural identity and protect national sovereignty.

Single-Payer HealthcareState OwnershipLGBT Adoption RightsUniversal Basic IncomeDefunding the Police

Objectivist

You believe rational pursuit of your own values and productivity is the moral foundation of a free and prosperous society.

Economic StimulusGovernment SpendingSingle-Payer HealthcareState OwnershipDrug Price Regulation

Right-Libertarianism

Maximizing individual freedom and minimizing government intervention to achieve a prosperous and self-reliant society.

Single-Payer HealthcareState OwnershipCandidate TransparencyEconomic StimulusDrug Price Regulation

Conservative

You believe what we have is worth protecting, and the risks of major change outweigh the potential benefits.

Single-Payer HealthcareSafe HavenPublic TransportationGovernment SpendingLGBT Adoption Rights

No Government

You believe individuals and communities can organize themselves voluntarily without any coercive state authority.

Economic StimulusPublic TransportationDrug Price RegulationSingle-Payer HealthcareGovernment Spending

How similar are your political beliefs to Economic Democracy issues? Take the political quiz to find out.