[Author’s Name]
[Institution’s Name]
Essay on Economics
In the book Mc Connell mentions that indignity, disempowerment, and hunger accompany capitalism worldwide. No one sensibly denies this, yet even among those who despise capitalism, most fear that suffering would increase without it. While some certainly find capitalism odious, few celebrate an alternative and those who do generally favor "market socialism," (McConnell & Brue, 2001) But there is a great alternative. To transcend capitalism, we can advocate equity, solidarity, diversity, self-management, and ecological balance. What institutions can propel these values in domestic economics, as well as get economic functions done well?
To start, we should advocate public/social property relations in place of privatized capitalist property relations. In the new system, each workplace is owned in equal part by all citizens. This ownership conveys no special right or income. Bill Gates does not own a massive proportion of the means by which software is produced. Instead, we all do--or symmetrically, if you prefer, no one does. At any rate, ownership of productive property becomes moot regarding distribution of income, wealth, or power. In this way the ills of private ownership such as personal accrual of profits yielding huge wealth, disappear. But that is it. We have not accomplished anything more than that, only a removal. We must go much further.
Next, workers and consumers are organized into democratic councils with the norm for decisions being that methods of dispersing information to decision-makers and at arriving at preferences and tallying them into decisions should be such as to convey to each actor about each decision, to the extent possible, influence over the decision in proportion to the degree they will be affected by it. Councils exist at many levels, and have subunits such as work groups and teams and individuals, as well as supra units such as workplaces and whole industries. Councils are the seat of decision making power. Actors in councils are the decision-makers......
