Participatory economics
Participatory economics, often abbreviated Parecon, is an economic system based on participatory decision making as the primary economic mechanism for allocation in society. In the system, the say in decision-making is proportional to the impact on a person or group of people. Participatory economics is a form of a socialist decentralized planned economy involving the collective ownership of the means of production. It is a proposed alternative to contemporary capitalism and centralized planning. This economic model is primarily associated with political theorist Michael Albert and economist Robin Hahnel, who describes participatory economics as an anarchist economic vision.
| Part of a series on |
| Economic systems |
|---|
|
Major types
|
| Part of a series on |
| Socialism |
|---|
|
| Part of a series on |
| Anarchism |
|---|
The underlying values that parecon seeks to implement are: equity, solidarity, diversity, workers' self-management, efficiency (defined as accomplishing goals without wasting valued assets), and sustainability. The institutions of parecon include workers' and consumers' councils utilising self-managerial methods for decision-making, balanced job complexes, remuneration based on individual effort, and wide decentralized planning.
Albert and Hahnel claim that participatory economics has been practiced to varying degrees during the Russian Revolution of 1917, Spanish Revolution of 1936, and occasionally in South America.