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Maximising Economic Democracy and Justice in a Real-World Economy

Anders Sandström and Jason Chrysostomou

There are different views on the meaning of the terms economic democracy and economic justice, which aspects of the concepts that should be emphasised, and how they can and should be achieved in a real-world economy.

According to one broad definition, economic democracy is about “… the citizens’ ability to influence economic developments in general or the economic decisions of their own workplace”. Some believe that this can and should be achieved within the framework and institutions of capitalism i.e. private ownership and markets, by making employees and sometimes also citizens in general, shareholders of corporations, for example via Employee Stock Ownership Plans (ESOPs) and other similar tools. The term “inclusive capitalism” is sometimes used in this context. Such a version of economic democracy can often be embraced also by politicians on the right of the political spectrum.