Participatory Economics (Parecon for short) is a type of economy proposed as an alternative to contemporary capitalism. The underlying values are equity, solidarity, diversity, and participatory self management. The main institutions are workers and consumers councils utilizing self managed decision making, balanced job complexes, remuneration according to effort and sacrifice, and participatory planning.
The study of history is a powerful antidote to contemporary arrogance. It is humbling to discover how many of our glib assumptions, which seem to us novel and plausible, have been tested before, not once but many times and in innumerable guises; and discovered to be, at great human cost, wholly false.
--Paul Johnson The Quotable Paul Johnson: A Topical Compilation of His Wit, Wisdom and Satire, edited by George J. Marlin, et al (New York: Farrar, Straus and Giroux, 1994), p. 138.
The Russians had a word for those "workers councils". They called them "soviets". When can humanity finally put "paid" to this delusion, and pack off these radicals, with their adolescent outrage at the world's failure to remake itself to their liking by the time they hit 30?