Distributism is an economic theory asserting that the world's productive assets should be widely owned rather than concentrated. Developed in the late 19th and early 20th centuries, distributism was based upon Catholic social teaching principles, especially those of Pope Leo XIII in his encyclical Rerum novarum (1891) and Pope Pius XI in Quadragesimo anno (1931). It has influenced Anglo Christian Democratic movements, and has been recognized as one of many influences on the social market economy.
Anti-capitalism is a political ideology and movement encompassing a variety of attitudes and ideas that oppose capitalism. In this sense, anti-capitalists are those who wish to replace capitalism with another type of economic system, such as socialism or communism.
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
Louis Orth Kelso was a political economist, corporate and financial lawyer, author, lecturer and merchant banker who is chiefly remembered today as the inventor and pioneer of the employee stock ownership plan (ESOP), invented to enable working people without savings to buy stock in their employer company and pay for it out of its future dividend yield.
Democratic capitalism, also referred to as market democracy, is a political and economic system that integrates resource allocation by marginal productivity, with policies of resource allocation by social entitlement. The policies which characterise the system are enacted by democratic governments.
A worker cooperative is a cooperative owned and self-managed by its workers. This control may mean a firm where every worker-owner participates in decision-making in a democratic fashion, or it may refer to one in which management is elected by every worker-owner who each have one vote. Worker cooperatives may also be referred to as labor-managed firms.
Binary economics, also known as two-factor economics, is a theory of economics that endorses both private property and a free market but proposes significant reforms to the banking system.
Gar Alperovitz is an American historian and political economist. Alperovitz served as a fellow of King's College, Cambridge; a founding fellow of the Harvard Institute of Politics; a founding Fellow at the Institute for Policy Studies; a guest scholar at the Brookings Institution; and the Lionel R. Bauman Professor of Political Economy at the University of Maryland Department of Government and Politics from 1999 to 2015. He also served as a legislative director in the US House of Representatives and the US Senate and as a special assistant in the US Department of State. Alperovitz is a distinguished lecturer with the American Historical Society, co-founded the Democracy Collaborative and co-chairs its Next System Project with James Gustav Speth.
Cooperativeeconomics is a field of economics that incorporates cooperative studies and political economy toward the study and management of cooperatives.
The history of the cooperative movement concerns the origins and history of cooperatives across the world. Although cooperative arrangements, such as mutual insurance, and principles of cooperation existed long before, the cooperative movement began with the application of cooperative principles to business organization.
Economic reconstruction is a process for creating a proactive vision of economic change. The most basic idea is that problems in the economy, such as deindustrialization, environmental decay, outsourcing, industrial incompetence, poverty and addiction to a permanent war economy are based on the design and organization of economic institutions. Economic reconstruction builds on the ideas of various institutional economists and thinkers whose work both critiques existing economic institutions and suggests modes of organizing society differently. Economic reconstruction, however, places much more emphasis on the idea of alternative plans and alternative organization.
An economic ideology is a set of views forming the basis of an ideology on how the economy should run. It differentiates itself from economic theory in being normative rather than just explanatory in its approach, whereas the aim of economic theories is to create accurate explanatory models to describe how an economy currently functions. However, the two are closely interrelated, as underlying economic ideology influences the methodology and theory employed in analysis. The diverse ideology and methodology of the 74 Nobel laureates in economics speaks to such interrelation.
Economics of participation is an umbrella term spanning the economic analysis of worker cooperatives, labor-managed firms, profit sharing, gain sharing, employee ownership, employee stock ownership plans, works councils, codetermination, and other mechanisms which employees use to participate in their firm's decision making and financial results.
The social dividend is the return on the natural resources and capital assets owned by society in a socialist economy. The concept notably appears as a key characteristic of market socialism, where it takes the form of a dividend payment to each citizen derived from the property income generated by publicly owned enterprises, representing the individual's share of the capital and natural resources owned by society.
The New Economy Coalition (NEC) is an American nonprofit organization based in Boston, Massachusetts, formerly known as the New Economics Institute. It is a network of over 200 organizations based in the US and Canada working for "a future where people, communities, and ecosystems thrive...where capital is a tool of the people, not the other way around" as part of what it describes as the New Economy movement.
After Capitalism: Economic Democracy in Action is a 2012 book by United States author Dada Maheshvarananda, an activist, yoga monk and writer. The book argues that global capitalism is terminally ill because it suffers from four fatal flaws: growing inequity and concentration of wealth, addiction to speculation instead of production, rising unsustainable debt and its tendency to exploit the natural environment.
Economic democracy is a socioeconomic philosophy that proposes to shift ownership and decision-making power from corporate shareholders and corporate managers to a larger group of public stakeholders that includes workers, consumers, suppliers, communities and the broader public. No single definition or approach encompasses economic democracy, but most proponents claim that modern property relations externalize costs, subordinate the general well-being to private profit and deny the polity a democratic voice in economic policy decisions. In addition to these moral concerns, economic democracy makes practical claims, such as that it can compensate for capitalism's inherent effective demand gap.
Social ownership is a type of property where an asset is recognized to be in the possession of society as a whole rather than individual members or groups within it. Social ownership of the means of production is the defining characteristic of a socialist economy, and can take the form of community ownership, state ownership, common ownership, employee ownership, cooperative ownership, and citizen ownership of equity. Within the context of socialist economics it refers particularly to the appropriation of the surplus product, produced by the means of production, or the wealth that comes from it, to society at large or the workers themselves. Traditionally, social ownership implied that capital and factor markets would cease to exist under the assumption that market exchanges within the production process would be made redundant if capital goods were owned and integrated by a single entity or network of entities representing society. However, the articulation of models of market socialism where factor markets are utilized for allocating capital goods between socially owned enterprises broadened the definition to include autonomous entities within a market economy.
Socialist economics comprises the economic theories, practices and norms of hypothetical and existing socialist economic systems. A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit. Socialist systems that utilize markets for allocating capital goods and factors of production among economic units are designated market socialism. When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods.
The term pluralist commonwealth refers to a systemic model of wealth democratization supported and facilitated by a variety of different institutional forms. Political economist and historian Gar Alperovitz is generally credited for the development of this model as a way to resolve socio-economic problems associated with corporate capitalism and traditional state socialism. Expanding upon proposals that focus more narrowly on state- versus worker-ownership or state- versus self-managed enterprises, this "pluralist" approach involves large-scale public ownership of corporate equity, worker-owned and community-benefitting enterprises, Community Development Corporations, nonprofit corporations and enterprising state and local public agencies. According to Waheed Hussain: "A pluralist commonwealth is a free-market society in which the economic returns on productive assets improve the lives of large communities of individuals, rather than a narrow elite."
