Tag Archives: economic democracy

We need more public ownership, but it must be democratic & decentralised

Almost every day brings fresh demands for public ownership, whether over energy infrastructure or transport (rail and water systems), banking, housing, pensions, let alone reversal of privatisation and outsourcing in health and education.   That is certainly needed, but not a reversion to the Morrisonian brand of State corporatism.   Instead it needs to be democratic and decentralised, involving not only the workforce but the participation of the public and civil society.   At present, under the current market fundamentalist regime, real economic power is increasingly concentrated in  very few hands.   An elite of CEOs and top executives decide how companies operate, what strategies they choose, what markets they operate in or products they make, and how these are made and where.   A key nexus of financial and political elites in the Treasury and City of London determine the setting of interest rates, levels of government investment and debt, and decisions about gilt and bond markets, and so on.   the workers, the public and the wider society are simply shout out.   Yet democracy isn’t just about electoral politics, it is about the accountability of power wherever it is exercised, and above all that includes the economy.
Read more   “We need more public ownership, but it must be democratic & decentralised” »