The Untold Story: The Making Of Democratic Economy That Will Change the World Forever

Imagine a world where decision-making power is placed in the hands of the many, instead of a few. A world where economic systems are based on fairness, equality, and cooperation. This is the vision of a democratic economy.

In recent years, the idea of a democratic economy has gained traction as people around the world seek alternatives to the broken capitalist system. It offers hope for a future where wealth and resources are shared equitably, where communities have control over their own economic destinies, and where sustainability and social justice take precedence.

But how did this vision come to be? What are the practical steps being taken to turn this dream into a reality? In this article, we will explore the making of a democratic economy and delve into the movements, initiatives, and ideas that are driving this transformative shift.

The Making of a Democratic Economy: Building Prosperity For the Many, Not Just the Few

by Marjorie Kelly (Kindle Edition)

4.5 out of 5

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The Roots of Democratic Economy

The concept of a democratic economy has its roots deep in history. From the ancient Greek civilization, which valued the participation of citizens in decision-making, to the cooperatives that emerged during the Industrial Revolution, there have been glimpses of democratic economic practices throughout time.

However, it wasn't until the 20th century that the idea truly gained momentum. In the wake of the Great Depression, economists and thinkers began reimagining the economic system to address the failures of capitalism. Scholars like Karl Polanyi, E.F. Schumacher, and David Korten laid the groundwork for a more democratic and sustainable model.

The Rise of Cooperative Movements

One of the key pillars of a democratic economy is the cooperative movement. Cooperatives are businesses owned and operated by their members, who have an equal say in the decision-making process. This model challenges the traditional hierarchical structure of corporations, where profit maximization often takes precedence over social and environmental considerations.

Over the years, cooperatives have thrived in various sectors, including housing, agriculture, and worker-owned enterprises. These organizations prioritize democratic governance, fair pay, and community development. They have proven to be resilient during economic crises, providing stability and empowering local communities.

Local Initiatives and Alternative Economic Models

A democratic economy cannot be built solely on cooperatives alone. It requires a diverse range of initiatives and alternative economic models that challenge the status quo. Local currencies, time banks, and community-oriented businesses are just a few examples of the tools being employed to create a more democratic and resilient economy.

Community land trusts, for instance, are organizations that acquire and steward land for the benefit of the community. By taking land off the speculative market and ensuring long-term affordability, they contribute to the creation of more equitable and sustainable housing options.

Similarly, social enterprises are businesses driven by a social or environmental mission. They prioritize the well-being of people and the planet over profits. These enterprises reinvest their earnings back into the community, creating jobs and addressing societal challenges.

Putting People and Planet First

At the heart of a democratic economy is the principle of putting people and the planet first. It challenges the prevalent notion that economic growth at any cost is the ultimate goal. Instead, it recognizes the interconnectedness of social, environmental, and economic well-being.

A democratic economy actively seeks to address wealth inequality, eradicate poverty, and promote social justice. It values the voices and agency of marginalized communities, ensuring that economic decisions are made with their input.

Furthermore, a democratic economy prioritizes sustainability and regenerative practices. It acknowledges the finite nature of resources and the urgent need to transition to a low-carbon future. From renewable energy projects to regenerative agriculture practices, the aim is to create an economy that respects the planet's boundaries and ensures a livable future for all.

The Global Movement for a Democratic Economy

Today, the movement for a democratic economy is gaining traction around the world. Grassroots organizations, academics, activists, and businesses are collaborating to challenge the dominant economic paradigm and pave the way for a more equitable and sustainable future.

From the solidarity economy movement in Latin America to the commons movement in Europe and the cooperative movement in North America, there is a growing recognition of the need for systemic change. These movements are not only challenging existing power structures but also developing concrete alternatives based on democratic principles.

A Vision Worth Fighting For

The making of a democratic economy is a complex and ongoing process. It requires collective action, political will, and a fundamental shift in societal values. Yet, it is a vision worth fighting for.

A democratic economy holds the promise of a world where decision-making power is distributed equitably, where communities have control over their own economic destinies, and where the well-being of people and the planet takes precedence over profit.

It is a vision that challenges the limitations of our current economic system and offers hope for a more just and sustainable future. The journey towards a democratic economy may be long and arduous, but the destination is one that we should all strive for.

The Making of a Democratic Economy: Building Prosperity For the Many, Not Just the Few

by Marjorie Kelly (Kindle Edition)

4.5 out of 5

Language	:	English
File size	:	2815 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	193 pages
Lending	:	Enabled

FREE

Seven principles for a just and sustainable system, accompanied by true stories of “the people creating the institutions of the next economy” (Kat Taylor, cofounder, Beneficial State Bank).
 
The extractive economy we live with now—designed by the 1 percent for the 1 percent—enables the financial elite to squeeze out maximum gain for themselves, heedless of damage to people or planet. But in this compelling book, Marjorie Kelly and Ted Howard show that there is a new economy emerging, focused on helping everyone thrive while respecting planetary boundaries.  

At a time when competing political visions are at stake the world over, this book urges a move beyond tinkering at the margins to address the systemic crisis of our economy. Kelly and Howard outline seven principles of what they call a Democratic Economy: community, inclusion, place (keeping wealth local), good work (putting labor before capital), democratized ownership, ethical finance, and sustainability. Each principle is paired with a place putting it into practice: Pine Ridge, Preston, Portland, Cleveland, and more.

Included are stories not just of activists and grassroots leaders but of the unexpected accomplices of the Democratic Economy. Seeds of a future beyond corporate capitalism and state socialism are being planted in hospital procurement departments, pension fund offices, and even company boardrooms. The future remains uncertain—but Kelly and Howard help us understand how to nurture and grow those seeds into an equitable, ecologically sustainable economy that benefits all of us, not just the billionaires.
 
“As champions of worker and community ownership, Kelly and Howard remind us that economic democracy is essential to political democracy and a viable human future.” —David Korten, author of When Corporations Rule the World