economic democracy is a socioeconomic philosophy that suggests transfer of decision-making authority from a small minority of corporate shareholders to the larger majority of public stakeholders. while there is no single definition or approach, all theories and real-world examples of economic democracy are based on a core set of fundamental assumptions.
proponents generally agree that modern conditions of economic instability tend 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.
assuming full political rights cannot be won without full economic rights, economic democracy suggests a variety of models, theories, and real-world examples for solving problems of economic instability and deficiency of effective demand. overall, economic democracy promotes universal access to common resources that are typically privatized by corporate capitalism and centralized by state socialism... // wikipedia
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