Economic Democracy, which he describes as "a more cooperative and democratic capitalism", is a term used in many of Smith's writings. He claims the world is in a cycle of "plunder by trade" and is therefore locked into a cycle of violence and war. The three main points he proposes for the removal of poverty around the world are:
- Eliminate the monopolization of land, technology, and finance capital and equalize pay for equally productive work, both within internal economies and between trading nations.
- Once all nations and all people have access to technology and their labor is paid equally for equally productive work, the buying power of labor in different nations, and within nations, will equalize.
- Eliminating those monopolies will instantly distribute a share of the wealth to all members of society even as economic efficiency increases and produces more wealth.
Read more about this topic: J. W. Smith
Other articles related to "economic democracy, economic":
... inhibitions of incentives and innovation, it would nevertheless be unable to maximize economic democracy and self-management, which he believes are concepts that are more intellectually ... But they could never have delivered economic self-management, they would always have been slow to innovate as apathy and frustration took their inevitable toll, and they would always have been ... nor workers had incentives to promote the social economic interest ...
... inhibitions of incentives and innovation it would nevertheless be unable to maximize economic democracy and self-management, which he believes are concepts that are more intellectually coherent ... But they could never have delivered economic self-management, they would always have been slow to innovate as apathy and frustration took their inevitable toll, and they would always have been ... nor workers had incentives to promote the social economic interest ...
... Advocates of economic reconstruction advocate fundamental change related to key social problems related to environmental decay, militarism, parasitic globalization, unemployment and depressed living standards ... key challenge is to support a demilitarized society through economic conversion, disarmament, alternative security, military budget reductions and related social innovations ... When it comes to unemployment and depressed living standards, a key challenge is to promote economic democracy, through concrete institutions and actions such as cooperatives, worker ...
... This gave America enormous leverage over economic policies of its principal trading partners" ...
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