Vocabulary for a New World: Parecon

Participatory economics, often abbreviated parecon, is a proposed economic system that uses participatory decision making as an economic mechanism to guide the production, consumption and allocation of resources in a given society. Proposed as an alternative to contemporary capitalistmarket economies and also an alternative to centrally planned socialism or coordinatorism, it is described as “an anarchistic economic vision”,[1] and it could be considered a form of socialism as under parecon, the means of production […]