An Intermediated Market Arrangement

Abstract

Abstract Chapter 8 lays out a model for how an advanced market economy could be structured so as to satisfy the anti-authoritarian ideal. Intermediated capitalism is a market arrangement that shares many features with an advanced market economy, but also incorporates deliberative rule-making mechanisms at the level of firms and industries to improve rationality and transparency and to give citizens a greater basis for trusting in the market process. Aspects of the codetermination system in Germany, such as representative rule-making at the level of the corporation, answer to the model, and the chapter appeals to the German example to illustrate the idea. Codetermination is not proposed as a complete solution but rather as an example of the way in which economic life can be more democratic.