The energy transition was a central pillar in the design of the Next Generation EU (NGEU), conceived to address Member States’ structural challenges and to promote more sustainable and democratic economies. While existing research has largely focused on assessing the achievement of environmental targets, the broader impact of these funds on national governance systems remains underexplored. In key policy areas such as the energy transition, questions arise regarding how authority over resources and their implementation has been distributed across levels of government. This paper examines the formal and practical governance structures of energy policy in Spain within the framework of the NGEU. Drawing on European implementation studies, the analysis shows a trend towards the centralisation of decision-making authority by the national government, while regional authorities retain limited capacity to effectively articulate and channel their demands through vertical governance mechanisms. The findings suggest that, rather than fostering more cooperative and decentralised arrangements, the implementation of the NGEU in the energy sector has reinforced pre-existing centralising dynamics in Spanish energy governance.

This research was conducted for the purpose of ascertaining law enforcements for Small and Medium Enterprises (SMEs) business actors in Indonesia based on Law No. 55 of 1999 concerning Prohibition of Monopolistic Practices and Unfair Business Competition. It also analyzes the role of government in providing enforcements to small and Medium Enterprises. In this study, normative legal research was used. It found that the legal protection of small businesses competition in Indonesia is a manifestation of the implementation of economic democracy that contains the principles of justice and togetherness to encourage creating opportunities for every businessman in a healthy competition environment. It also found that healthy competition aims to avoid a monopoly of certain business actors only, but it could provide business opportunities for Small and Medium Enterprises business actors to enlarge their business.

This study examines the dynamics of economic freedom in nine advanced democracies in comparison to China over the 1970–2022 period. Using data from the Fraser Institute and the Manifesto Project Database, we apply a Bayesian time-series methodology to identify three key patterns. First, economic freedom in China has exhibited a sustained increase since the 1980s. Second, by contrast, liberal democracies in advanced economies show a decline in economic freedom since the turn of the millennium. Third, evidence from party manifestos indicates a rising prevalence of de-growth-oriented political preferences in democratic economies over the past decade. As a potential avenue for future research, we propose framing economic freedom as a public good, in line with Hayekian principles. Overall, the study provides a descriptive foundation of the relationship between economic freedom, political preferences, and economic performance.

This study examines the optimal legal entity framework for the sustainable development of commercial crowdfunding in Indonesia, with a focus on Equity Crowdfunding and Securities Crowdfunding. Employing a normative and conceptual legal methodology, it analyzes key regulations issued by the Financial Services Authority and assesses their coherence with the constitutional principle of economic democracy. The study contends that legal entity selection plays a critical role in ensuring legal certainty, accountability, and investor protection within crowdfunding ecosystems. It evaluates the suitability of various legal forms, including limited liability companies, cooperatives, foundations, and partnership structures, in facilitating profit-oriented fundraising while preserving market integrity. The analysis underscores the necessity of a clear regulatory distinction between social and commercial crowdfunding models. The findings demonstrate that optimizing legal entity structures is a strategic imperative to enhance fintech governance, expand MSME and startup access to capital, and advance inclusive growth in Indonesia’s digital economy

Abstract In this paper, we contribute to ongoing debates about the relationship between economic democracy and inequality. We do this through three novel contributions to the literature. First, we develop an economic democracy index (EDI). Drawing on a range of theoretical approaches, our index broadens the conception of economic democracy beyond the traditional focus on the workplace and employment relations to the economy more broadly and at different scales, across a range of dimensions. Second, the EDI is then applied to OECD member states from 2000 to 2019 to produce a ranking. Third, we then use the index to investigate a potential association (correlation) between economic democracy and income inequality. Our findings suggest that Western European, especially Nordic countries have consistently higher levels of economic democracy than Anglo-American and Eastern European economies and that economies with greater levels of economic democracy have lower levels of income inequality.

ABSTRACT The article presents cooperativism as a comprehensive systemic model that integrates monetary reform with the principles of economic democracy. The analysis shows that previous attempts to democratize the economy have failed due to the absence of an appropriate financial architecture, while financial reforms lacking a democratic ownership structure have likewise failed to ensure long-term stability. Cooperativism formulates a new framework that combines money creation with the principles of co-ownership and individual responsibility, thereby creating the conditions for a more stable and equitable macroeconomic system. The study uses a historical-comparative method and synthesizes theoretical knowledge with empirical experience. The result is a proposal for a realistic systemic transformation.

This study examines the effectiveness of Local Regulation No. 9 of 2014 in supporting investment in the development of Semarang City. Using an empirical juridical research method, the study integrates normative legal analysis with empirical data to assess how investment regulation operates in practice. Normatively, the research analyzes the regulation's alignment with Law No. 25 of 2007 on Investment and constitutional principles, particularly those related to economic democracy and social welfare. Empirically, the study relies on secondary data, including investment realization statistics, regional economic indicators, and official policy reports issued by relevant government institutions. The analysis is further strengthened by applying Friedman's legal system theory to evaluate the interaction between legal substance, legal structure, and legal culture in the implementation of investment regulation. The findings suggest that the regulation has contributed to improving the investment climate, enhancing investment realization, and promoting employment and regional economic growth. However, its effectiveness remains influenced by institutional capacity, regulatory consistency, and governance practices. The study concludes that continuous regulatory harmonization, institutional strengthening, and improvements in legal culture are essential to optimize the role of investment regulation in achieving sustainable regional development and public welfare.

This study analyzes the development of Islamic economic principles within Mohammad Hatta’s concept of the people’s economy, with a focus on the cooperative system as a foundational instrument for achieving economic justice and social welfare. Using a qualitative library research methodology, the analysis focuses on Hatta’s major economic works, which discuss the structure, objectives, and ethical foundations of cooperatives in relation to Islamic economic values. The purpose of this study is to explore how Hatta conceptualizes the people’s economy and to examine the extent to which his ideas align with and contribute to the development of Islamic economic thought. The findings reveal that Hatta’s model of the people’s economy emphasizes collective ownership, social solidarity, self-help, and economic democracy through production, credit, and consumption cooperatives, all of which reflect principles of fairness, mutual assistance, and moral responsibility. The study further finds that the values embedded in Hatta’s economic vision are consistent with Islamic principles such as Tawhid, Mashlahah, justice, cooperation, and voluntary consent in transactions. However, certain cooperative practices, particularly in consumption and credit structures, require reform to eliminate debt-based mechanisms and penalties that conflict with sharia provisions on leniency and prohibitions against exploitation. This study concludes that Hatta’s people’s economy presents a strong philosophical and practical foundation for the advancement of Islamic economics, offering a model that integrates ethical values with social empowerment and economic inclusivity.

This paper starts from the critique, put forth by social and solidarity economy and post-growth scholarship, that the prevailing circular economic (CE) agenda reproduces central capitalist features like the pursuit of economic growth and technocratic resource management. As it has been argued, these features problematically undercut socio-ecological objectives such as material sufficiency, social wellbeing, and democratic control over resources. As ‘engines’ of the economy, however, enterprises may structure themselves and carry out activities in ways that challenge — or at least avoid reproducing — these capitalist logics, with co-operatives being a key example. This paper presents qualitative fieldwork with not-for-profit worker co-operatives focused on cycle repair and guided by post-growth values of community wellbeing and participation, economic democracy and justice, and ecological sustainability. It reflects on how these co-operatives leverage circularity to serve and build their communities, and how communities support circular resource management in cycle repair. The study also highlights pressures on the co-operatives’ activities and trade‑offs between workers’ economic interests and other socio-ecological interests. It concludes by suggesting avenues for practitioners to strengthen relations between cycle repair co-operatives and communities.

ABSTRACT To bring the debate on corporate reform in France to a successful conclusion, this paper argues that we need a theory of economic democracy which, on the one hand, establishes a continuum ranging from the non-profit sector to employee share ownership and, on the other hand, which is understood not only as workplace democracy but as the democratisation of economic processes as a whole through collective decision-making and ownership. But this requires both a re-reading of Polanyi’s dialectic of the double movement and a rediscovery of the historical tradition of economic democracy. This leads us to ask: how does economic democracy propose to re-embed the economy in society? In other words, what forms does the extension of democratic principles in the economy take? We first return to the theoretical framework by proposing a conceptualisation of economic democracy based on Polanyi’s framework. Then, we will test its relevance through the historical dynamics of three utopias formulated in the successive contexts of an agrarian, industrial and financialised society.

This study aims to critically examine the distinctions between liberal democracy, rooted in neoliberal capitalist principles, and economic democracy, a concept that has been systematically marginalized—especially in Arab countries undergoing democratic transitions following the so-called Arab Spring. It highlights how this marginalization often resulted from efforts by ruling elites, both Islamist and secular, to secure legitimacy and recognition from Western powers, while neglecting the social and economic demands that fueled the revolutions. Furthermore, the study investigates the instrumental role of Western-funded civil society organizations in shaping these transitions and influencing their outcomes. By focusing on the Arab context, this research sheds light on the broader implications of neoliberalism and colonial legacies on democratic processes.

This study examines the relevance of Mohammad Hatta’s concept of economic democracy through the lens of Islamic economics and the maqāṣid al-sharīʿah. It departs from the persistence of structural inequality, the dominance of large capital, and limited access of lower-income groups to productive resources in Indonesia, conditions that diverge from Hatta’s vision of a people’s economy. Using a qualitative descriptive method and library research, the study analyzes Hatta’s ideas on cooperatives, people’s sovereignty over resources, and state control of strategic sectors, and maps them onto the dimensions of ḥifẓ al-māl (protection of property), ḥifẓ al-nafs (protection of welfare/life), and ḥifẓ al-ijtimā‘/al-‘adl (social justice). The findings show strong substantive alignment between Hatta’s thought and Islamic economic principles while highlighting the need to operationalize them through sharia-based cooperatives, productive zakat, and distribution-oriented fiscal policies to build a more inclusive and just economic model for Indonesia.

The purpose of this study is to explore concrete methods for realizing the sustainable community that our society aims to achieve. To this end, the research focuses on the actively discussed concept of ESG (Environmental, Social, Governance), meticulously examining its historical development and demonstrating how this core ideology is reflected in our constitutional norms. The ESG ideology is not merely confined to environmental protection or social contribution; it represents the most fundamental manifestation of collective reason essential for the survival and prosperity of the national community. If modern constitutionalism historically represented the movement to restore the natural rights of individuals who had been denied respect, today's ESG is an active movement of practice aimed at realizing the common good (共同善) for all constituents and ensuring equity for future generations. Therefore, we strongly assert that ESG should not be narrowly interpreted as a temporary business trend or a minimal legal requirement for private enterprises, but must be reinterpreted as a national mandate for action bestowed by the Constitution. To substantiate this claim, we sequentially analyzed the concept of 'harmony and justice' found in Plato's Ideal State, 'rationality and human rights' emphasized by the Enlightenment, the spirit of 'liberty, equality, and fraternity' from the French Revolution, and the issues of 'responsibility and ethics' inherent in modern capitalism. Through this process, we demonstrated that the ESG ideology is the cumulative product of humanity's collective reason, which has sought the common good across time and space. Building upon this ideological foundation, the study explains that the modern state's Constitution serves as the system of practical reason for realizing the common good. We argue that the Korean Constitution concretely embodies the ESG ideology by securing environmental and social sustainability through the guarantee of fundamental rights and mandated duties, and actively pursuing harmony among economic actors through the establishment of a fair and harmonious economic order (economic democratization). In conclusion, the reflection of the ESG ideology within our constitutional provisions is based on the manifestation of collective reason for a sustainable national community, and we emphatically argue that it must now evolve into a nationwide practical movement involving all constituents. The proactive practice of ESG is the sole path to realizing a sustainable national community and completing the common good.

This paper analyzes the relevance of the Frankfurt School’s Critical Theory in shaping public policy in Indonesia’s trade sector, particularly in the context of implementing Law Number 7 of 2014 on Trade. Using key concepts of Critical Theory—such as alienation, reification, instrumental rationality, and emancipation—this study evaluates how the structure of modern political economy can generate social inequality, the marginalization of small business actors, and the dominance of market-driven logic in national trade practices. A thematic analysis approach based on a literature review is employed to examine relevant scholarly works, including theories from Adorno, Horkheimer, Habermas, and contemporary critical theorists. The findings indicate that trade policies tend to be technocratic, efficiency-oriented, and insufficiently reflective of economic democracy, social justice, and empowerment principles for grassroots economic actors as mandated by the constitution. Such conditions reproduce structural injustices, particularly for MSMEs, which are often marginalized within a competitive trade system dominated by large capital. Therefore, more inclusive, participatory policy designs that are sensitive to structural inequalities are urgently needed. This study concludes that Critical Theory serves as a robust conceptual framework for analyzing power relations within the trade sector while also offering a transformative direction for policy development. Strengthening deliberative public spheres, enhancing MSME protection, and transforming power relations are essential steps toward achieving trade policies that are fairer, more humanistic, and emancipatory.

This study examines the practice of tolerance in the sphere of economic democracy between muslims and hindus in Pengalangan village, Menganti, Gresik. The research focuses on interreligious economic interactions that reflect harmony and social solidarity. Its objective is to understand the forms, dynamics, and contributions of economic tolerance to the community’s social cohesion. A qualitative case study approach was applied, with data gathered through observation, in-depth interviews, and documentation. The participants included religious leaders, small-scale entrepreneurs, and local residents from both faiths. Findings reveal that tolerance is manifested through trade cooperation, mutual support among micro-enterprises, and the avoidance of conflict in market exchanges. In conclusion, the people’s economy in the village serves as a strategic arena for reinforcing social cohesion across religious boundaries through everyday economic practices.

This study highlights the central role of State-Owned Enterprises (SOEs) in managing strategic sectors as a realization of the mandate of Article 33 of the 1945 Constitution of the Republic of Indonesia. This paper questions the legitimacy, constitutional limitations, and oversight mechanisms for monopoly rights granted by the President to SOEs, as well as the challenges of policy implementation in the context of national economic governance reform. The methodology used is a normative legal approach with conceptual analysis, legislation, and comparative studies with other countries. The study was conducted on key regulations such as Law No. 5 of 1999, Law No. 1 of 2025, and KPPU documents, supported by a review of Constitutional Court decisions. The analysis was conducted using legal hermeneutics and qualitative methods to interpret the constitutional limits and effectiveness of SOE monopoly supervision. The results of the discussion found that the constitutional legitimacy of SOE monopolies is indeed sourced from Article 33 of the 1945 Constitution, but their implementation must meet the requirements of efficiency, justice, and legal certainty. It was found that granting monopolies without periodic supervision and evaluation risks causing abuse of authority, market distortion, and discriminatory practices against other business actors. The KPPU's role as an independent supervisory body has proven strategic in preventing violations and correcting monopolistic policies inconsistent with the principles of fair competition. Strengthening oversight mechanisms, transparency of audit results, public involvement, and regular independent audits are needed as a foundation for adaptive and accountable governance. Recommendations for regulatory reform, effective KPPU involvement, and public participation are proposed to balance state interests and protection of business competition. The conclusion emphasizes that monopoly by state-owned enterprises is not an end in itself, but rather an instrument for realizing public welfare if implemented with transparency, strict oversight, and high accountability in accordance with the principles of constitutional economic democracy.

This research investigates how cooperatives and marginalized communities can lead in governing AI systems by drawing on traditions of economic democracy and collective accountability. Through case studies in Detroit’s food justice movement and the Mondragón Corporation, I explore how these groups anticipate the social impacts of AI and co-design governance models rooted in their values. Moving beyond risk-based approaches, this work proposes a framework for anticipatory governance that redistributes power in technology development and centers community-led innovation.

This article reconstructs the ideology of Polish consumer cooperativism as a rival trajectory within the socialist tradition, rather than a diluted derivative. Drawing on conceptual history (Reinhart Koselleck) and the morphology of ideologies (Michael Freeden), I show how two asymmetric counter-concepts—‘neutrality’ and ‘class’—structured debates between cooperativists and party socialists, from the Revolution of 1905 to the Stalinist consolidation (1947–49). Using articles from the Polish left-wing press, the minutes of the 1923 Cooperative Congress, publications by the Union of Consumer Associations ‘Społem’ and Union of Workers’ Consumer Cooperatives (ZRSS), and a vast collection of other primary sources, I trace the emergence of cooperativism as an autonomous ideological formation and its subsequent subordination to state socialism. I argue that the post-1949 erasure of concepts like cooperativism (kooperatyzm) and cooperative (kooperatywa) from the political vocabulary marked not only the political victory of Stalinism but also the loss of a viable, associative model of economic democracy that had shaped Polish imaginaries since the late 19th century. The article thus recovers cooperativism as a ‘minor ideology’ with major consequences for the conceptual history of the Polish left.

Indonesia’s national economy is developed on the foundation of economic democracy and the principle of the rule of law, which ensures certainty, order, and legal protection. Within the corporate sphere, the Limited Liability Company (Perseroan Terbatas/ PT) recognizes the General Meeting of Shareholders (Rapat Umum Pemegang Saham/ RUPS) as its highest organ with strategic authority, where every resolution must be formalized in an authentic deed prepared by a notary. Such deeds serve a crucial role in providing legal certainty and preventing potential disputes. However, practice reveals recurring problems in which RUPS deeds are drawn up without complying with legal procedures, thereby triggering conflicts and causing harm to shareholders. This issue is evident in the Padang District Court Decision No. 10/Pdt.G.S/2023/PN Pdg and the Medan High Court Decision No. 315/Pdt/2021/PT MDN. This study aims to examine the notary’s liability in drafting procedurally defective RUPS deeds and to analyze the legal consequences arising from these judicial decisions. The research employs a normative juridical approach with a descriptive character, combining statutory analysis (statute approach) with conceptual analysis (conceptual approach). The data are derived from primary, secondary, and tertiary legal sources, which are then qualitatively analyzed. The findings demonstrate that notaries in both cases failed to properly observe the principle of prudence, resulting in the deeds being declared invalid or null and void. In the Padang case, the court ordered restitutio in integrum by restoring the plaintiff’s legal position, while in the Medan case, the ruling was limited to annulment of the deed without explicit restitution. These outcomes affirm that notarial responsibility extends beyond formal or administrative duties, encompassing substantive obligations to uphold legal certainty and protect shareholders’ rights.

This article examines how four Portuguese independent labels established, throughout this century, do-it-together (DIT) strategies that surpass conventional do-it-yourself (DIY) methodologies, orienting themselves towards collaborative paradigms of sustainability within a scenario of structural instability. The investigation analyses four record companies – Lovers & Lollypops, Omnichord Records, Revolve and Zabra Records – exploring how these initiatives overcome structural issues. The study identifies four specific DIT modalities based on strategic cooperation: functional diversification, cultural territorialisation, collaborative economic democracy and transdisciplinary experimentation. The results reveal how the DIT ethos challenges the contemporary individualisation of musical production, demonstrating that collective alternatives overcome limitations of the ‘DIY’ model through shared infrastructures, mutual support networks and organisational hybridisation. Theoretically, the article distinguishes DIT as an advanced evolution of DIY ethics that redefines urban territories, strengthens local identities and creates typical economies for the indie milieu. Empirically, it offers an analytical framework transferable to similar conjunctures, demonstrating that the pursuit of cultural sustainability depends less on abundant capital than on capacity for social articulation and collective adaptive creativity.