The Democratic Economy: Beyond Globalisation and Neoliberalism
Abstract
An alternative economy is being built that goes beyond globalisation and neoliberalism. It draws on but breaks with previous paradigms and is complex, detailed and practical. It is based in pluralities, governmental and civil society, political and economic, and in its regenerative capacities can appeal across the political spectrum. It is being discussed and implemented by local governments, think tanks, academics, and national political parties. This article asks whether something localised and beyond global capital can avoid parochialism, inequality and the negative effects of competition, stretch to representing the interests of the public as a whole and work at national level. Can its embeddedness across institutions and plural actors protect it from reversal or does its shift to community power and interests and away from neoliberalism mean global capital will undermine it? The paper discusses what the new democratic economy is and how it can be implemented and maintained in the face of opposition.
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