A new definition of economic democracy – and what it means for inequality

How democratic is an economy? And which countries are best at engaging the population in economic decision making? To answer these questions, writes Andrew Cumbers (University of Glasgow), the Democratising the Economy project has developed a new index of economic democracy, which incorporates a broad range of measures and reassess its relationship with inequality. The index shows that, though there is no single model for increasing economic democracy, Scandinavian countries perform particularly well in terms of economic participation, inequality and productivity.