Search results
Results From The WOW.Com Content Network
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.
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]
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]
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.
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.
There is some overlap among these different conceptions with the term meritocracy which describes an administrative system which rewards such factors as individual intelligence, credentials, education, morality, knowledge or other criteria believed to confer merit. Equality of opportunity is often seen as a major aspect of a meritocracy.
In some nations, economic growth has been observed to promote democracy, while in others the opposite is true. [21] Research done in post-socialist nations has shown increases in political freedom to have little to no effect on economic growth, however changes in political freedom have been influenced by the aforementioned growth. [ 22 ]