Question

Difference between political democracy and economic democracy

Answer 1

Political democracy :
In this, political power of the state is equally shared by the citizens. citizens have the real power to legislate, which they perform by delegating this function to their elected representatives.

Social democracy :
It means maintaining free market system with regulations so as to take care of the welfare needs of the citizens. It can be seen in mixed economy (like India). Here the government takes responsibility of providing social services w/o eliminating the role of market {That's how it differs from democratic socialism}.

Economic democracy :
It means everybody who contributes to the production is entitled to have his share of wages and allowances. Here, every contributor/worker have a say in the decision making process as to what to produce, how to produce, where to distribute, what should be the price etc.

Answer 2

Answer:

political democracy:- With its emphasis on notions of the social contract and the collective will of all the voters, democracy can also be characterized as a form of political collectivism because it is defined as a form of government in which all eligible citizens have an equal say in lawmaking.

Economic Democracy:- Economic democracy is a system where people share ownership and decision-making over the power and resources in their communities. Rather than profit and pure self-interest, it is grounded in values of solidarity, cooperation, democracy, and sustainability