In the economic system we envision, which transcends capitalism and socialism, the company would become a wealth-creating organism rooted in the community, serving the interests of employees, consumers and shareholders alike. Third Way advocates widening employee participation and increasing the links between the workplace and the wider society. In other words, we are in favour of extending the present government's trade union reforms to all areas of workplace activity. These policies would bring about a profound shift in the balance of economic power in the country. The policy objectives may quite easily be realised.
Many companies already have some degree of employee participation.
We would encourage further developments. To begin the process of democratising the economy, all that is needed is an amendment to the Companies Act. Workers come together under an agreed set of rules to share the ownership and management of a business. At present the co-operative sector in Britain is regrettably small. The biggest has 600 members.