Economic Democracy
In absence of a system that introduces an intuitive version of democracy in economics, one must be invented. But how must such a system be built?
Companies
Section titled “Companies”Companies are typically dictatorships. Very few of them are democratic. These dictatorships are held in place using hierarchies of middle and upper management.
Managers are typically paid higher than individual contributors given the importance of ensuring their allegiance to their managers in order for the top-down system to work.
Given the popularity of corporations as a unit of economic success, their overall effect on society easily creates the classism that subdues political democracies.
Absolute Equality?
Section titled “Absolute Equality?”Even though aiming for complete and absolute equality may make sense in politics, in economics, we must allow for some inequality. This inequality must be dynamic, fluid and just. The only just inequality can be dubbed a ‘meritocracy’.
Meritocracy
Section titled “Meritocracy”If hard innovative work is to be encouraged and rewarded accordingly, some inequality cannot be avoided. Some people work harder, and have better ideas than others. Some people are still new and inexperienced and can’t be given the nuclear codes yet.
However, in order to sustain a harmonious system, this inequality must remain in balance.