Robin Hahnel in the interview sheds light on the idea of participatory economy. This economic system is founded on the need for the world to forge a new path that will be progressive for future generations. Largely, this system is founded on economic democracy. The interviewee argues that there is a need for the people to own everything critical to production. Hahnel argues that the production functions in a workplace must be shaped and carried out by the workers instead of few corporate heads that may exploit this critical mass. Therefore in the participatory economy, the key decision makers in the corporate world ought to be the workers who are organized in workers councils. The worker councils incorporate all workers who have a single vote that aids in the decision-making part of the corporate.
Additionally, the natural resources, technology, and production elements are owned by everybody. He alludes this ownership to a joint-inheritance where everybody has a stake. This means nobody has more right to determine how these resources and production elements ought to be utilized than anyone else. The participatory economy further advocates for consumer councils that will aid in the determination of the provision and distribution of public goods. The consumer councils work with worker councils on equal footing within the economy. It will eliminate the bias against the expression of one’s preferences for collective consumption.
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Hahnel argues that the participatory economy has already taken effect in Venezuela where the country is practicing 21st-century economy. Despite the difficulties faced by the country, the interviewee believes that with adequate planning much will be achieved. This shift will, however, need many transitional strategies put in place across different nations with the intent of fighting the disadvantages associated with both capitalism and socialism. By having the economy founded on democratic ideals, wealth distribution and global economic development will be observed.
