The New Economy Glossary

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Economic Democracy

Economic democracy is a system where people share ownership over the resources in their communities and participate equally in deciding how they are used. What do we mean by “resources”? To us, these are the big things that matter in our daily lives and that make up most of our most basic needs and costs: our housing, our workplaces, our sources of energy, financial services like banking, our educational institutions, our healthcare institutions, even our institutions of government. Economic democracy may look different in practice in different places according to the dreams, desires, and visions of local residents. We want to democratize control of economic assets and also expand the practice of democracy in our daily lives. Democracy doesn’t just mean more participation, it is about changing relationships of power. Source: Bronx Cooperative Development Initiative

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