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Democratic Economics are already being practiced in Canada...
"Imagine if, in your city, ordinary residents met regularly to decide how government funds were spent on playgrounds, health clinics and adult education. If you lived in the Canadian city of Guelph or in a public housing building in Toronto, you could do more than imagine. In these two cities, low-income residents are determining how public funding is allocated for community services and infrastructure. Not only are participants altering public spending, they are also transforming the decision-making processes that determine this spending."
"The Brazilian city of Porto Alegre launched the first participatory budget in 1989, developing an annual process in which thousands of city residents decide how to allocate part of the municipal budget. "
Read more here: Let the People Decide by Josh Lerner
The article points out that there are different approaches to participatory budgeting but here are some of the key elements:
1. Community members identify spending priorities.
2. Community members elect budget delegates to represent their neighborhood.
3. The budget delegates transform the community priorities into concrete project proposals.
4. Public employees facilitate and offer technical assistance.
5. Community members vote on which projects to fund.
6. The municipality or institution implements the chosen projects.