The Political Economy of Participatory Economics

Writing in the libertarian socialist tradition, Michael Albert and Robin Hahnel set out a detailed model under which producers and consumers would plan their linked activities democratically. They start from the near collapse of centrally planned economies and from capitalism's apparent failure to deliver equal outcomes in rich countries or development in poor ones. The authors argue that hierarchical production, unequal consumption, central planning and markets all clash with a classless society. In their place they propose councils of workers and consumers using a decentralized planning procedure, with egalitarian consumption and balanced job complexes that mix conceptual and routine labor. They claim the system stays efficient even with public goods and externalities, and discuss information management and simulation experiments.

Zeall.us founder Lucas Morales included it among the contrarian books he suggests for readers who want to think outside the box.