Participatory economics, or parecon, an economics system proposed as an alternative to other systems such as capitalism and socialism, emerged from the work of the radical theorist Michael Albert[?] and of the radical economist Robin Hahnel[?], beginning in the 1980s and 1990s. It has four key ingredients:
These four ingredients are intended to be implemented with a minimum of hierarchy and a maximum of openness in discussions and decision-making. This model is designed to eliminate secrecy in economic decision-making, replaced by friendly cooperation and mutual support.
Although a participative economy probably falls under the left-wing political tradition (and also under the anarchist political tradition), it is specifically designed to avoid coordinatorism, the trap into which the economies of the communism countries of the 20th century fell. It is not intended to provide a general political system, though clearly its practical implementation (experimentation) would depend on the accompanying political system.
While many types of production and consumption might become more localised under participatory economics, the model does not exclude economies of scale.
A few workplaces have been established based on parecon-ish principles: