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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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Should Finance and Investment be Democratized?

Should Finance and Investment be Democratized?

Chapter:
(p.137) 6 Should Finance and Investment be Democratized?
Source:
After Occupy
Author(s):

Tom Malleson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199330102.003.0006

The overarching argument of this chapter is that the current system of private control of finance and investment is undemocratic in the sense that it undermines popular sovereignty. There are two reasons for this: it keeps the population structurally dependent on, and hamstrung by, an unaccountable minority. And secondly, it deprives the public of an active democratic say (in the sense of providing meaningful involvement as well as broad control) in deciding how to allocate finance and investment, and thus how to determine its own future. The chapter argues for four kinds of fundamental reforms: democratizing finance through capital controls and public community banks; and democratizing investment through the spread of worker co-ops, supplemented by public investment rooted in local communities.

Keywords:   economic democracy, financial democracy, investment democracy, sovereignty, capital controls, public banks, worker cooperatives, public investment, participatory budgeting, Porto Alegre

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