Participatory Economics (idea)

Participatory Economics, or Parecon, strives to allow maximum democratic control over a society's economy for the benefit of all involved. Parecon stands in opposition to capitalism by requiring cooperation and (as the name suggests) active participation instead of cutthroat competition coupled with consumer passivity.

Michael Albert outlines the following "broad goals", or features, of Participatory Economics (quoted and/or paraphrased directly from Thinking Forward):

• Equity - Fair or just outcomes. No one should get more of a good thing or of a bad thing than he or she deserves.
• Solidarity - The economy should foster empathy, mutual respect and caring among people.
• Diversity - Homogeneity is boring and we all benefit from diverse outcomes.
• Participatory Self-Management - In group decision making, each person should have a say weighted in proportion to how much or how little he or she is affected by the decision.
• Efficiency - The economic functions of production, consumption and allocation should be carried out in light of people's preferences and capacities to attain these broader aims, and without waste.
• Classlessness - Class division reduces equity, curtails solidarity, reduces diversity, limits self-management, and introduces various inefficiencies.

The details as to what an economic system embodying these ideals would look like are open to debate, and debate is encouraged.