participatory economy

A participatory economy is an economic system where decision-making and resource allocation are shared among participants, rather than being controlled by a central authority or a few individuals. It emphasizes democratic participation, ensuring that all members have a voice in economic choices. This system typically includes worker and consumer councils that collaborate to determine production and consumption based on collective needs and preferences. The goal is to create a fair and equitable economy that prioritizes social welfare, fosters cooperation, and reduces inequalities, while still promoting efficiency and sustainability.