The Theory and Practice of Economic Democracy

This dissertation is a political-economic examination of the idea of economic democracy. The motivating impulse is the recognition that a deep asymmetry characterizes contemporary society in the Western world: social relations in the political sphere are organized democratically, meaning that political power is (theoretically at least) accountable to the citizenry. The economy, however, is organized on fundamentally different, and largely undemocratic bases. Workers do not elect their bosses; investment decisions are not generally accountable to the community; bank policy regarding the allocation of finance is not determined by elected representatives. This asymmetry constitutes the puzzle that my dissertation seeks to explore. In this thesis I seek to make the case that certain aspects of our economy are in vital need of democratization, and that such democratization is not only normatively important but also practically feasible. The thesis thus synthesizes normative political theory and empirical political economy investigating the degree to which workplaces, investment institutions, and the market system could or should be democratized.Ph