The Socialists and "Economic Democracy"

Economic Democracy. Sounds pretty appealing doesn't it? And it sure is...on the surface. Here is the definition from Wikipedia:

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Economic Democracy is David Schweickart's term for a form of market socialism that embodies three key ideas:

*Democratic management of each productive enterprise by the workers
*Democratic management of capital investment by a form of public banking
*A (mostly) free market for goods, raw materials, instruments of production, etc.

The firms and factories are owned by society and managed by the workers. These enterprises, so managed, compete in markets to sell their goods. Profit is shared by the workers. Each enterprise is taxed for the capital they employ, and that tax is distributed to public banks, who fund expansion of existing and new industry.

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So in essence Economic Democracy means abolishment of private property in case the property happens to be some of the things listed above. Are we surprised? Nope...