Participatory Economics (Parecon)
Written by Kalle Pakkala on March 30, 2009.“Participatory economics, often abbreviated parecon, is a proposed economic system that 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 or coordinatorism, it is described as ‘an anarchistic economic vision’, and it could be considered a form of socialism as under parecon, the means of production are owned by the workers. It emerged from the work of activist and political theorist Michael Albert and of radical economist Robin Hahnel, beginning in the 1980s and 1990s.
The underlying values that parecon seeks to implement are equity, solidarity, diversity, workers’ selfmanagement and efficiency. (Efficiency here means accomplishing goals without wasting valued assets.) It proposes to attain these ends mainly through the following principles and institutions: Workers’ and consumers’ councils utilizing self-managerial methods for decision making; Balanced job complexes; Remuneration according to effort and sacrifice; Participatory planning.”
Quoted from: http://en.wikipedia.org/wiki/Participatory_economics
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