“A means to democratise economic policies”

An economic system that allows individuals or groups to make economic decisions for a country serves the individual rather than the common interest, writes Samasi Anderson, 20, a Correspondent from Bayelsa State in Nigeria, while a free market economic serves the interest of capitalists.

Having the interest of all in a political region economically, basic economic decisions and policies should be approved through democratic means such as a referendum.

In a free market economic system, the inability of a capitalist is at the expense of consumers or electorates. That is, the profit loss or decline of profit of a capitalist is paid by consumers or electorates.

For instance, if a capitalist loses profit due to a decline in productivity of the business climate, the capitalist will make at least one of the following decisions: increase cost of goods and services; retrench its workforce; reduce the quality of goods and services; or invest in fetish goods and services.

All these are at the expense of consumers or electorates. Also, fines and extra taxes on a capitalist are at the expense of consumers or electorates. In declining productivity of a business climate, the task of a capitalist enterprise is to maintain its workforce and productivity without making decisions that are at the expense of electorates or consumers.

The loss of profit by a capitalist is not the business of consumers and electorates to pay for in any business climate. The job of a capitalist is to maintain the balance of no winner, no loser between capitalist and electorates or consumers in any business climate.

In a free market economic system, the policy direction of political governments in regions or countries is to increase the profit of capitalists with little or no consideration of consumers or electorates. For instance, capitalists may decide to hoard some product and make an excuse of scarcity of the product, and the political government will implement policies that will increase the profits of capitalists such as subsidisation. In general, the political government will meet the demands of the capitalist with little or no consideration of the consumers or the electorate. The political government’s decisions are to make safe havens for capitalists and not consumers or electorates, thus, capitalists also make decisions for their interest only.

In making economic decisions and policies for a political region that are meant to benefit all consumers or electorates, let all consumers or electorates be involved in the economic decisions and policies making process. All economic decisions and policies that are basic to consumers and electorates should be approved through democratic means such as a referendum. Doing this, each and every consumer or electorate will be responsible for the economics of the economy of its political region.

Hence, Ecopnov is an economic system where economic decisions and policies are approved by consumers and electorates through democratic means such as referendum. Economic system where economic decisions and policies are made by private individuals for a political region or an economy serves only the interest of the people making the decisions and not all in the political region or country.

Reach me on Twitter: @samasirock

photo credit: David Paul Ohmer New York – Lower Manhattan “Wall Street Bull” via photopin (license)

…………………………………………………………………………………………………………………

About me: Everything about me is how to create better society, replacing each and every theory that has not worked for us. I am searching for how to reform the structure of things in Africa for the better.

I am so interested in getting new ideas in economics and politics, and want to meet people who think critically. I write only because I have an idea or a theory that I believe will put society in a better place.

………………………………………………………………………………………………………………… 

Opinions expressed in this article are those of the author and do not necessarily represent the views of the Commonwealth Youth Programme. Articles are published in a spirit of dialogue, respect and understanding. If you disagree, why not submit a response?
To learn more about becoming a Commonwealth Correspondent please visit: http://www.yourcommonwealth.org/submit-articles/

…………………………………………………………………………………………………………………