Rethinking public ownership and participation

Abstract

PurposeThis paper seeks to challenge the simplistic formulation of public ownership in terms of centralized planning and state bureaucracy. Instead, drawing on the works of Dewey and Veblen the paper aims to argue that public ownership is a critical aspect of forging progressive change through enhancing democratic participation in economic decision making.Design/methodology/approachThe paper presents a conceptual analysis of public ownership types and employs case examples to further illuminate the argument.FindingsThe conceptual analysis challenges the supposition of market superiority in standard economic approaches and in neoliberalism. Drawing from the instrumental valuation principle a wide corpus of public ownership modes can offer the prospect of enhanced democratic participation that challenges existing power structures.Originality/valueBy emphasising the association between ownership and democracy the paper challenges the assumption that markets necessarily offer the only route to democratic participation. It also identifies and challenges the market fundamentalism of standard economic approaches.