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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.
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.
Inclusive democracy is a political theory and political project that aims for direct democracy in all fields of social life: political democracy in the form of face-to-face assemblies which are confederated, economic democracy in a stateless, moneyless and marketless economy, democracy in the social realm, i.e. self-management in places of work ...
Another 2022 study using data from France found workplace democracy increases economic performance in knowledge-heavy sectors. [30] However, a 1986 study of plywood companies in the USA found democratic workplaces lost productivity due to them hiring more workers who were not given equal democratic rights compared to original workers. [31]
In company law, the term generally used is co-determination, following the German word Mitbestimmung. In Germany, companies with more than 2000 employees (or more than 1000 employees in the coal and steel industries) have half of their supervisory boards of directors (which elect management) elected by the shareholders and half by the workers.
A direct democracy, or pure democracy, is a type of democracy where the people govern directly, by voting on laws and policies. It requires wide participation of citizens in politics. [ 4 ] Athenian democracy , or classical democracy, refers to a direct democracy developed in ancient times in the Greek city-state of Athens.
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.
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]