Democratic Capitalism: Self-Financing Local Ownership and Control*

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Abstract
The paper argues that Eastern European countries should adopt the bottom-up reforms so successfully being implemented in the PRC which are concurrently producing rapid economic growth. The paper reviews why the existing forms of capitalism does not provide a suitable role model because of its unequitable, inefficient and corrupt features. Techniques for gradually reforming either socialist or capitalist economies are suggested through the adoption of dynamic stakeholder property rights and decentralised banking. Institutional arrangements are described which would allow economic development to be internally financed and at the same time provide local ownership and control by stakeholders. It is recommended that the World Bank change its business from distributing credits to distributing the knowledge of self-financing development processes. The introduction of a World Corporate Code is also recommended to facilitate locally owned democratic sustainable development.

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