Acta Univ. Bohem. Merid. 2022, 25(1):33-54 | DOI: 10.32725/acta.2022.001939

Economocracy versus capitalism

Constantinos Challoumis

This work is an analysis of the Economocracy and Representative Economocracy. A reformed economic system is required for the transformation of global grown debt to sustainable levels. The challenge to avoid economic worldwide deadlock yields the emerging need for economocracy as a premium democracy, serving with that way social stability. The economic system of Economocracy is based on the free market but simultaneously faces all disturbances from wars, depressions, economic crises, and interest rates. Economocracy is the proportional system of Democracy in a political view, in the case of the economy. It is the only economic system that supports pure Democracy and can face global dept, healthcare problems, third world poverty, appropriate space programs, and any economic dysfunction which be an obstacle to pure democracy. This is the first peer-review publication of Economocracy after seven years of birth of Economocracy by working papers. This paper aims to clarify that capitalism has fundamental problems in many aspects. Primarily it is not plausible to regime any dysfunction of the local economies and in general at a worldwide level. Well-standing democracy cannot exist without economocracy, meaning that the control of the economy from the people and for the people, is the balanced way for economic affairs and then democracy. The interest rates and the global debt it is not plausible to be served by capitalism. The Economocracy is formed on the aspect of an economic unit globally that will control the global economic uncontrolled problems. Capitalism just moving the economic obligations or the future by depressing countries, and generations of people, and as result, it is to have wars, not pure democracies, and unlimited exploitation of the planet's resources without barriers, for profits. Also, economocracy can protect democracy from authoritarianism, as countries that do not comply with the aspects of Economocracy and democracy will not receive the “free amounts” of money for the enforcement of lower income, for medical care system, and other purposes. The purpose of the papers is to show is to present this economic system, using theoretical and mathematical terms and analysis. For this reason, is used a hypothetical scenario, but with real amounts, showing how will function Economocracy. The results comply with the initial hypothesis that global debt and interest rates could be covered by economocracy without causing inflation, in fact with way could be faced inflation from a plausible increase in prices, as this amount of money going for special purposes and don’t affect the banking system, the market, the level of prices or in the general economy.

Keywords: economocracy, democracy, political aspects, global growth model, free of charge money, debt

JEL classification: A10, E00, F1, H10, H11

Received: October 7, 2022; Accepted: October 7, 2022; Prepublished online: October 7, 2022; Published: October 18, 2022  Show citation