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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.
Democratic capitalism is a type of political and economic system [3] characterised by resource allocation according to both marginal productivity and social need, as determined by decisions reached through democratic politics. [1] It is marked by democratic elections, freedom, and rule of law, characteristics typically associated with democracy.
Democratic socialism is a left-wing [1] economic and political philosophy that supports political democracy and some form of a socially owned economy, [2] with a particular emphasis on economic democracy, workplace democracy, and workers' self-management [3] within a market socialist, decentralised planned, or democratic centrally planned ...
An Economic Theory of Democracy is a treatise of economics written by Anthony Downs, published in 1957. [1] The book set forth a model with precise conditions under which economic theory could be applied to non- market political decision-making .
The Democracy Index published by the Economist Group is an index measuring the quality of democracy across the world. This quantitative and comparative assessment is centrally concerned with democratic rights and democratic institutions.
Democratic socialism (sometimes referred to as economic democracy) is an economic ideology that calls for democratic institutions in the economy. These may take the form of cooperatives , workplace democracy or ad hoc approach to the management and ownership of the means of production.
Socialist thought has several different views on democracy. Social democracy, democratic socialism, and the dictatorship of the proletariat are some examples. Many democratic socialists and social democrats believe in a form of participatory, industrial, economic and/or workplace democracy combined with a representative democracy.
Democracy is associated with higher human capital accumulation, lower inflation, lower political instability, and higher economic freedom. [11] Democracy is closely tied with economic sources of growth, like education levels and lifespan through improvement of educative institutions as well as healthcare.