WHAT IS ECONOMIC DEMOCRACY?
Alistair McConnachie writes: Economic Democracy is the democratisation of economic power. This requires decentralising economic power, and economically empowering smaller units -- whether it is the individual, or the community, or the people collectively -- through democratic mechanisms.
The present method of money creation, whereby virtually all money comes into society as an interest bearing debt owed to the private banking system is contrary to the democratic imperative that the creation of money should be a public service, under public control for the public good.
The present method of money creation gives great power to those private individuals and organisations who create the money.
Economic Democracy would empower the people with the means of creating and controlling their own money supply. It would democratise the creation and control of money.
"Money Reformers" advocate "Money Reform" which is a policy intended to switch from the privately-created, debt-based money supply, which we have at present, to a money supply which is either largely or wholly publicly-created, debt-free. This would be a major step forward in achieving Economic Democracy.
In this Manifesto, we explain these two possible reforms in our article Money Reform: Freedom from Debt Slavery and we explain the benefits to the public purse of a supply of publicly-created money in our article Recovering our Lost "Seigniorage": Our Debt-free Public Income. We further explain that our privatised money supply is the reason Why Banks make Huge Profits and Private Debts Skyrocket .