A stable, sustainable, full-employment economy is possible. Its institutions are imaginable. It would be democratic and efficient. It would embrace market competition. There would be a place in it for entrepreneurial capitalists and for a small business sector like the one we already have. In fact, it wouldn’t look too different from what our economy looks like today—and yet it would be very different.
Don’t miss this essay for a plausible analysis of our current crisis and a way to recover. Note: It is not in the plans of any of our “leaders.” Too bad.
To what end is Economic Democracy aimed?
We shall use the new-found bounty of nature quite differently than the way the rich use it today, and will map out for ourselves a plan of life quite otherwise than theirs…. What work there still remains to be done will be as widely shared as possible-three-hour shifts, or a fifteen-hour week…. There will also be great changes in our morals…. I see us free to return to some of the most sure and certain principles of religion and traditional virtue-that avarice is a vice, that the extraction of usury is a misdemeanor, and the love of money is detestable, that those walk most truly in the paths of virtue and sane wisdom who take least thought for the morrow…. We shall honor those who can teach us how to pluck the hour and the day virtuously and well, the delightful people who are capable of taking direct enjoyment in things.
—John Maynard Keynes, "Economic Possibilities for Our Grandchildren"