Participatory Economics (parecon for short) is a type of economy proposed as an alternative to contemporary capitalism. The underlying values parecon seeks to implement are equity, solidarity, diversity, and participatory self management.

The main institutions to attain these ends are workers and consumers councils utilizing self management decision making methods, balanced job complexes, remuneration according to effort and sacrifice, and participatory planning.

“A great many activists and concerned people ask, quite rightly, what alternative form of social organization can be imagined that might overcome the grave flaws — often real crimes — of contemporary society in more far-reaching ways than short-term reform. Parecon is the most serious effort I know to provide a very detailed possible answer to some of these questions, crucial ones, based on serious thought and careful analysis.” –Noam Chomsky

Reading Material:

Home Page - www.parecon.org

ParEcon - Life After Capitalism

Participatory economics on Wikipedia