I'd like to introduce you to Participatory Economics or Parecon for short. It is an economic model pioneered in the 1990s by Michael Albert and Robin Hahnel and hotly debated since then. It is an economic model grounded in the values of democracy, justice, solidarity, diversity and environmental sustainability. It differs from the two most commonly known economic models that we are familiar with, that is, a capitalist economy characterized by competition, markets and the accumulation of wealth and communism characterized by despotism, top down command and central planning.
Parecon consists of several institutions...
Social ownership of the productive “commons”.
Self-managing workers’ councils.
Self-managing neighbourhood consumers’ councils.
Federations of councils covering larger geographical areas.
A decentralised democratic planning procedure, called participatory planning, that these councils and federations use to coordinate and plan themselves how to efficiently, fairly and sustainably allocate society’s productive resources.
Some its hallmarks include a guaranteed income for all; grounded in collaboration and cooperation; no inheritances; and no means in which to accumulate large amounts of wealth to name a few.
I've produced an 8 minute video entitled Participatory Economy for the 5th Dimension (https://rumble.com/vh9hf9-participatory-economy-for-the-5th-dimension.html) that briefly describes its key components. There are references to 3D and 5D or low vibrational vs high-vibrational as this video is intended for a spiritual audience. If these terms don't resonate with you, think of them in terms of good and bad. For those who wish to delve deeper, the Participatory Economy website (https://participatoryeconomy.org) offers a brief, but more detailed description of this model.
Besides raising awareness about this economic model, I have another goal in mind. Throughout the Parecon literature, there is little discussion regarding the monetary system. I was wondering whether any of you had any suggestions as to how this aspect could be operationalized. My thoughts on this are as follows...
The currency would be based on the unit of labour. There is no inflation in this economy, the value of a unit of labour or hour of work and its value would remain constant forever.
No paper or hard currency made from precious metals. Blockchain technology and distributed ledger system would be used to administer issuance and spending of currency by consumers. It would essentially be a cryptocurrency. Everyone would have a wallet essentially serving as a bank account for saving and spending.
No central bank or federal reserve. Worker Council budgets, approved by Iteration Facilitation Boards, would form the basis of how much money could be created within the economy once the planning process is competed. Currency would be created when it is issued through a worker council payroll system. A decentralized system of checks and balances would be put in place to issue currency similar to how accounting systems match invoices to packing slips, and require two signatures to issue a cheque.
I hope you will find this informative and look forward to your thoughts on the currency question and any other questions you may have.