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Economic democracy (sometimes called a democratic economy [1] [2]) is a socioeconomic philosophy that proposes to shift ownership [3] [4] [5] and decision-making power from corporate shareholders and corporate managers (such as a board of directors) to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public.
In China, a form of workplace democracy is mandated by law for state-owned enterprises [14] and permitted in non-state-owned collectives and companies. This is done through Staff and Worker Representative Congresses (SWRCs), composed of workers directly elected by all workers in the workplace to represent them.
Robert Dahl believes that the ideal of democracy assumes that political equality is desirable. [5] He goes on to argue that political equality and democracy are supported by the inherent intrinsic equal worth of every person (intrinsic equality) and the tendency of concentrated power to corrupt.
Social democracy is frequently considered a practical middle course between capitalism and socialism. Social democracy aims to use democratic collective action for promoting freedom and equality in the economy and opposes what is seen as inequality and oppression that laissez-faire capitalism causes. [38]
By opposing efforts that undermine democracy, business leaders will be standing for the rights of all people, of any party. We have the responsibility and power to protect democracy right now.
Friedman introduced the theory in a 1970 essay for The New York Times titled "A Friedman Doctrine: The Social Responsibility of Business is to Increase Its Profits". [2] In it, he argued that a company has no social responsibility to the public or society; its only responsibility is to its shareholders. [2]
Walmart's pullback on diversity, equity, and inclusion, commonly referred to as DEI, could ripple across the industry as other companies reassess their efforts amid conservative backlash.
Shareholder democracy is a concept relating to the governance structure of modern corporations. In this structure, shareholders bear ultimate controlling authority over the corporation, as they are the owners and may exercise control within their economic rights.