"Just as we balk at the thought of being denied a democratic say when it comes to our political systems, so should we protest when we're expected to allow ourselves to be subjected to the private decisions of an unelected elite in the economic sphere. As philosophical interest in the theoretical arguments for extending basic democratic principles to the economy grows, attention is also turning to the practical question of how that extension might be realized."
"The most widely discussed approach to democratizing the economy in contemporary political philosophy is workplace democracy-increasing worker control over decision-making within the firm. This follows naturally from the most popular contemporary argument in the direction of economic democracy: the firm-state analogy. If the firm is relevantly like the state, then just as democracy requires us to ensure that the people have sufficient control over the state's decisions,"
Economic democracy calls for giving citizens democratic influence over economic decision-making, analogous to political democracy. The firm-state analogy supports workplace democracy, advocating increased worker control over firm decisions through mechanisms like worker control and decision-making rights. Workplace democracy is widely discussed but represents only one pathway to democratization. Democratizing the economy faces resistance from entrenched, powerful interests and therefore requires a diverse set of strategies. Community wealth building focuses decision-making responsiveness on local communities rather than solely firm employees. Community wealth building encompasses multiple approaches, including worker cooperatives and other local strategies for shifting economic power toward communities.
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