The video attempts to debunk the assertions that there are only two choices when it comes to economy; capitalism and communism. It does so by introducing a new concept that is referred to as the participatory economy. The participatory economy is running the economy where workers and consumers can manage themselves and plan their interrelated activities. A participatory economy is an approach that would see every single member of the country benefit as opposed to other forms of economy such as capitalism that only has a small percentage of people benefiting at the expense of the others. Also, the participatory economy adheres to the tenets of democracy where workers and consumers have the power to determine how they run things.
Getting the economies that work for people requires a complete overhaul of the existing systems. An economy that works for the people must first be of the people and by the people. Other than this, it will only be favoring the people who are running the economy. Technology and resources which are among the important tenets of the economy cannot be left to be run privately; otherwise, they will be taken advantage of. Therefore, people should begin believing that they can run their economies without necessarily leaving it in the hands of a few individuals.
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The participatory economy was used historically in countries such as Spain where it led to immense success. Currently, this approach to economy is used in countries such as Brazil and Venezuela where systems have been integrated to incorporate the input of every individual in building the economy. A movement, known as ‘'The New Economy'' that is attempting to sensitize people and advocate for a new economy that is exclusively controlled by the people.
References
https://www.youtube.com/watch?v=nbkDv0uidqE
