The Political Economy of Participatory Economics

The Political Economy of Participatory Economics

by Michael Albert

4 out of 5

Language	:	English
File size	:	16868 KB
Screen Reader	:	Supported
Print length	:	144 pages

FREE

Participatory economics is an economic system in which workers have a direct say in the decisions that affect their work and the distribution of the wealth they produce. This stands in contrast to the capitalist system, in which workers are typically subordinate to managers and owners, and have little or no say in how the firm is run or how the profits are distributed.

Participatory economics has a long history, dating back to the early days of the labor movement. In the 19th century, workers in many countries began to form cooperatives and other worker-owned and -managed enterprises. These enterprises were often based on the principles of participatory economics, and they provided a model for a more democratic and egalitarian economy.

In the 20th century, participatory economics was further developed by a number of economists and activists. The most prominent of these was Michael Albert, who wrote a number of books and articles on the subject. Albert argued that participatory economics was a viable alternative to both capitalism and socialism, and that it could create a more just and sustainable economy.

The Theoretical Foundations of Participatory Economics

Participatory economics is based on the following principles:

* Self-management: Workers should have a direct say in the decisions that affect their work and the distribution of the wealth they produce. This includes decisions about production, investment, and distribution. * Economic democracy: All workers should have an equal voice in the decisions that affect the economy. This means that workers should have the right to vote on all economic decisions, and that they should not be subject to the arbitrary authority of managers or owners. * Equity: The distribution of wealth should be based on the principle of equal pay for equal work. This means that all workers should receive the same basic wage, regardless of their occupation or skill level. However, the distribution of wealth can also be modified through the use of participatory budgeting, in which workers vote on how to allocate the surplus.

The Potential of Participatory Economics

Participatory economics has the potential to transform the economy and society in a number of ways. First, it would create a more democratic and egalitarian economy. Workers would have a direct say in the decisions that affect their work and the distribution of the wealth they produce, which would lead to a more just and equitable society.

Second, participatory economics would promote economic efficiency. Workers would be more motivated to work hard if they knew that they were sharing in the profits of their labor. This would lead to increased productivity and economic growth.

Third, participatory economics would promote sustainability. Workers would be more likely to make decisions that are in the best interests of the environment if they knew that they would be the ones to benefit from those decisions. This would lead to a more sustainable economy that is less damaging to the environment.

Participatory economics is a viable alternative to both capitalism and socialism. It is a system that is based on the principles of self-management, economic democracy, and equity. This has the potential to transform the economy and society in a number of ways, including creating a more democratic and egalitarian economy, promoting economic efficiency, and promoting sustainability.

The Political Economy of Participatory Economics

by Michael Albert

4 out of 5

Language	:	English
File size	:	16868 KB
Screen Reader	:	Supported
Print length	:	144 pages

FREE