[Teresa, Cesar, Said, Shaina, Juan, Paul]
Democratic economic power means decision-making in the economic sector is conducted by the majority of people involved; primarily the people doing the work or providing services. It differs from capitalism primarily because it removes the power dynamic between owners and workers by enabling the workers to become the owners. In Economic Democracy, Allan Engler describes the goal of economic democracy, “The working-class goal is to replace competitive minority entitlement with equal human entitlement, capitalist ownership with social ownership, and master-servant relations with workplace democracy” (46). It is important to understand that this structure does not remove competition from the economy between organizations, which is often touted as the greatest benefit of capitalism, but involves more people in decision-making, investment, and profitability of the economy than the minority-controlled structure of capitalist economies.
For LATCH Collective member-owners, democratic economic power allows those who put their time into building our organization to maximize the benefits to themselves and their community by receiving shared benefits when the organization succeeds, and having access to decision making power through committee and board of director roles.