Establish a Public Investment Bank
Economic Democracy is the democratisation of economic power. This requires decentralising economic power, and economically empowering smaller units -- whether it is the individual, or the community, or the people collectively -- through democratic mechanisms.
The present method of money creation, whereby virtually all money comes into society as an interest bearing debt owed to the private banking system is contrary to the democratic imperative that the creation of money should be a public service, under public control for the public good.
The present method of money creation gives great power to those private individuals and organisations who create the money.
Economic Democracy would empower the people with the means of creating and controlling their own money supply. It would democratise the creation and control of money.
As a step towards Economic Democracy, we advocate that Westminster establishes a democratic, accountable and not-for-profit Public Investment Bank -- a People's Bank -- which will create debt-free money, up to a certain annual amount, which will fund specific public projects which have been agreed by the Parliament.
A Public Investment Bank run on this basis would be able to create adequate funds with no need for tax rises. It would ensure an injection of public funds which could be made available, stimulating our economy, improving the quality of life for all citizens, while at the same time, ensuring no additional burden to the taxpayer.
Further reading on this policy can be found here.