Participatory Economics

See this article. An excerpt:

"The defining institutions of a capitalist economy are: private ownership of the means of production, limited liability corporations, and markets. In contrast, the major institutions that comprise a participatory economy are: social ownership of the productive 'commons,' democratic worker councils and federations, neighborhood consumer councils and federations, and a very carefully constructed procedure we call participatory planning that these councils and federations use to coordinate, or plan, their interrelated activities themselves."
"The goal is clear enough: We must convince a majority of people that ordinary people are perfectly capable of managing our own economic affairs without capitalist employers or commissars to tell us what to do. We must convince a majority of people that groups of self-managing workers and consumers are capable of coordinating their own division of labor through participatory, democratic planning, rather than abdicating this task to the market system or central planners. But how this goal will be achieved, and how people will be prepared to defend necessary changes from powerful, entrenched, minority interests who will predictably attempt to thwart the will of the majority, will vary greatly from place to place. All that can be said about it with any certainty is that in most places it will require a great deal of educational and organizing work of various kinds, given where we are today."