Question

c) What do you understand by economic democracy?​

Answer 1

it is important to realize that we do not, at present, live in a democratic society. The massive economic inequality that capitalism has generated has severely compromised our political system as well, making a mockery of the concept of “rule by the people.” Hence the need to “democratize democracy

Answer 2

Answer:

Economic democracy is a socioeconomic philosophy that proposes to shift decision-making power from corporate managers and corporate shareholders to a larger group of public stakeholders that includes workers, customers, suppliers, neighbours and the broader public.