Since the stagflation crisis of the 1970s, the American economy has experienced a tremendous rise in inequality, massive disruptions to traditional forms of industrial capitalism, growing financialization, and increasing debt burdens to uphold our economic system. While some of these trends have been the result of international developments and technological innovations, many of these negative outcomes are rooted in an absolutist free-market approach to
With the contemporary Left now on the rise, and a world-historic pandemic prompting serious reconsideration of our political economy, now is the time to begin thinking seriously about the kinds of transformations we want to see – and how we can make such a transition.
In Voices for New Democracy’s latest monthly forum, J. Phillip Thompson – NYC Deputy Mayor for Strategic Policy Initiatives and former Associate Professor of Urban Planning at the Massachusetts Institute of Technology – offers a new perspective on building a more progressive, equitable, and sustainable economic system that he calls “economic democracy.” Drawing on both the insights and shortcomings of diverse movements from 19th century socialism, to consumer and cooperative movements, and so-called “price theory,” Thompson raises important ideas and questions about the current trajectory of developed economies and how we can adapt to build more just and equitable societies.
Read Thompson’s essay on economic democracy here, and watch the full forum below.