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After OccupyEconomic Democracy for the 21st Century$
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Tom Malleson

Print publication date: 2014

Print ISBN-13: 9780199330102

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199330102.001.0001

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Democratizing the Market System

Democratizing the Market System

Chapter:
(p.112) 5 Democratizing the Market System
Source:
After Occupy
Author(s):

Tom Malleson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199330102.003.0005

Last chapter the argument was made that market systems have substantial democratic potential. They have the potential to act like democratic voting machines and the potential to be shaped in very different ways to promote different kinds of businesses. This chapter aims to substantiate these claims by examining the empirical extent to which this potential has actually been realized in various places. The first section shows how various states have been able to improve the consumer democracy of their markets (democratizing the market system in terms of increasing citizen democracy is discussed next chapter). The second section shows the feasibility of shaping market systems differently so that democratic businesses can flourish. In this section we also consider the important concern that globalization may pose a threat to economic democracy.

Keywords:   economic democracy, market democracy, market system, market failures, consumer sovereignty, consumer democracy, globalization, liberal market economies, social market economies, varieties of capitalism

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