Parecon (Participatory Economics)

Participatory Economics (Parecon) is an economic system where workers and consumers collaboratively make decisions about production and distribution. Instead of bosses or markets dictating outcomes, individuals participate in councils to plan work, allocate resources, and set prices based on social needs and values. It emphasizes equality, diverse participation, and fair sharing of power and rewards, aiming to eliminate exploitation and hierarchy. By involving people directly in economic decisions, Parecon seeks a more democratic, just, and sustainable alternative to traditional capitalist economies.