The participatory economic system is thought to lead the global economy on the way to recovery. Society, in general, is expected to thrive in the context of the main principles that cover the loopholes of capitalism. Participatory economics can influence financial wellbeing by changing how we earn money and spend it. With the current economy, individuals generally work for a wage within hierarchical or market-based relations. Participatory economics has an alternative approach called "balanced job complexes," which is a more democratic way of managing a workplace by equally distributing the responsibilities and outcomes and empowering employees to make decisions on their own.
From a financial perspective, we are on shaky grounds, risking experiencing another crisis, mainly because of the issues below:
By adopting the principles of participatory economy, we should reap several benefits, including:
Participative economy favors expanded ownership rights for all people, which means that it would be illegal for someone to own or control more than what they need. This helps redistribute wealth so that everyone will have enough material resources to live comfortably. When all economic decision-making depends on every individual in the society rather than just a few people at the top, then all individuals can participate in improving conditions within their workplace or neighborhood. There will still be some inequalities due to inherited talents (which may result in one person becoming an expert chess player) but not because someone was born into a wealthy family. Financial wellbeing is expected to positively impact each member of our society without bias and in favor of the common good.