Participatory economics

Participatory economics often abbreviated parecon, is an economic system proposed primarily by activist and political theorist Michael Albert and radical economist Robin Hahnel, among others. It uses participatory decision making as an economic mechanism to guide the production, consumption and allocation of resources in a given society. Proposed as an alternative to contemporary capitalist market economies and also an alternative to centrally planned socialism, it is described as “an anarchistic economic vision”,[1] and it could be considered a form of socialism as under parecon, the means of production are owned by the workers.

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