ECONOMIC INSTITUTIONS AND DEMOCRATIC DECI SION-MAKING

Four institutions for democratic decision-making are considered: marke t decisions, centralized political decisions, self-management and prof essionalization. Implications for democracy for producers, consumers, tax-payers and future generations are discussed by means of examples. It is argued that sensitive decisions, where abuses are likely to occu r, as in monetary policy and environmental policy, could be entrusted to independent boards governed by strict regulations.