Economic Democracy
Economic Democracy, which he describes as "a more cooperative and democratic capitalism", is a term used in many of Smith's writings. He claims the world is in a cycle of "plunder by trade" and is therefore locked into a cycle of violence and war. The three main points he proposes for the removal of poverty around the world are:
- Eliminate the monopolization of land, technology, and finance capital and equalize pay for equally productive work, both within internal economies and between trading nations.
- Once all nations and all people have access to technology and their labor is paid equally for equally productive work, the buying power of labor in different nations, and within nations, will equalize.
- Eliminating those monopolies will instantly distribute a share of the wealth to all members of society even as economic efficiency increases and produces more wealth.
Read more about this topic: J. W. Smith
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