Economic Systems

Source: Wikipedia. Pages: 123. Chapters: Capitalism, Planned economy, Mixed economy, Market economy, Manorialism, Informal sector, Participatory economics, State capitalism, Barter, Gift economy, Market system, Virtual economy, Cross-cultural studies, Economic democracy, Perspectives on capitalism, World-systems theory, Inclusive Democracy, Chinese financial system, International political economy, Systemic risk, Nordic model, Dragon kill points, Economic system, Economic planning, Social capitalism, Transition economy, Lange Model, FIRE economy, Labor market segmentation, Economic ideology, Commons-based peer production, Japanese financial system, Welfare capitalism, Plantation economy, Global financial system, Shortage economy, Post-capitalism, Corporate nationalism, Energy Systems Language, Three-sector hypothesis, Coordinatorism, Socialist-oriented market economy, Knowledge Revolution, Price system, Folkhemmet, Network Economy, Free price system, Internet Economy, European Association for Evolutionary Political Economy, Intention economy, Information market, Central and Eastern Europe, Natural economy, Economic sector, Pay what you want, Indicative planning, Innovation communication system, Systematic risk, Distributed Economies, Empowerment Experiment, British International Political Economy, Attention work, National economic planning, Comparative economic systems, The Empowerment Experiment, Digital economy, Economic law, Non-property system, Planned liberalism, Network economics, Gerschenkron effect, One Village One Product movement, Real-time economy, Post-industrial economy, Material balance planning, Nulle terre sans seigneur, State-sponsored capitalism, Dual-track system, Memetic institutionalism. Excerpt: Economic democracy is a socioeconomic philosophy that suggests an expansion of decision-making power from a small minority of corporate shareholders (owners) to a larger majority of public stakeholders (nonowners). While there is no single definition or approach, most theories and real-world examples of economic democracy are based on the assumption that modern property relations tend to deny the populace majority a democratic voice in economic policy decisions by giving private profit precedence over general well-being. Classical liberals argue that the power to dispose of the means of production belongs to entrepreneurs and capitalists, and can only be acquired by means of the consumers' ballot, held daily in the marketplace. "The capitalistic social order, therefore, is an economic democracy in the strictest sense of the word." Proponents of economic democracy generally agree, however, that modern capitalism tends to hinder or prevent society from earning enough income to purchase its output production. Centralized corporate monopoly of common resources typically forces conditions of artificial scarcity upon the greater majority, resulting in socio-economic imbalances that restrict workers from access to economic opportunity and diminish consumer purchasing power. As either a component of larger socioeconomic ideologies or as a stand-alone theory, some theories of economic democracy promote universal access to "common resources" that are typically privatized by corporate capitalism or centralized by state socialism. Assuming full political rights cannot be won without full economic rights, economic democracy suggests alternative models and reform agendas for solving problems of economic instability and deficiency of effe...