This is Richard Wolff with another EconoMinute. I want to talk to you briefly about economics, democracy, and the way we do business. I want to make a simple point. If you believe in democracy – as, I suspect, most of us do – then you know it means basically that if you are affected by a decision you have the right to participate in it. You know that’s the idea about our political system. Since we are affected by the decisions made by mayors and senators and governors and presidents, well we participate in their decisions by having the authority to hire and fire them. To vote for them or to vote against them. At least we have some participation in the decisions. But it is not that way in capitalist enterprises. In those, here’s the typical story. A tiny group of people at the top – the owner, management that the owner chooses – or in a modern corporation the major shareholders , usually a dozen or so institutions or people, who decide who is on the board of directors. That’s usually 15 or 20 people. And they make all the key decisions. They decide what to produce, how and where, and what to do with the products of the labor of all the people. And what about all the people who work in an enterprise? They have no participation at all. They are excluded from deciding what to produce, how to produce, where to produce, and what to do with the profits and the net revenue. That’s not a democratic system. But there is a democratic way of organizing an economy and it’s not capitalism. It’s called worker cooperatives. And it’s an old idea whose time has come. Here’s how it works. All the people who work in an enterprise – all of them, one-person-one vote – They make the decisions democratically. What do produce, how to produce, where to produce, and what to do with the profits that, after all, they have all helped to produce. It would change our economic system. It would democratize not just the enterprises, but the system as a whole. It is long overdue. It’s what democracy means when you bring it to the economy which we should have done long ago. This is Richard Wolff for EconoMinute.