What did people do with the extra time they got from working less? In short, the answer is, they relaxed.
Democracy is the idea that positive control rights over an organization should be assigned to the party governed in or by that organization. This concept is applicable in an economic context. For example, the workers in a firm are governed by management, so democracy implies that the managers be ultimately accountable to the entire body of workers in that firm making the firm a worker co-op.
Capitalism has workers do 100% of the work, but employers receive 100% of the whole product
You mean a cooperative? Those already exist. No need for “democratic economy”.
The problem with capitalism is the non-cooperative firms that exist. A democratic economy is an economy where all firms are mandated to be worker cooperatives
Cooperatives operate on equal votes, not equity, which is a potential problem in itself. Equal votes over who has the bigger stake. Liberal economics is better. Trying to impose a system instead of simply giving economic agents the freedom, and make suggestions themselves on how best to form and run business. Equality isn’t a economic good.
