"Economic democracy" is the system whereby two wolves and a sheep vote on what to have for dinner.
Christian socialists and defenders of economic planning by state bureaucrats
deeply resent this interpretation of their ethical position. They resent it
because it's accurate.
When Christianity adheres to the judicial specifics of the Bible, it produces
free market capitalism.
On the other hand, when Christianity rejects the judicial specifics of the
Bible, it produces socialism or some politically run hybrid "middle way" between
capitalism and socialism, where politicians and bureaucrats make the big
decisions about how people's wealth will be allocated. Economic growth then
slows or is reversed. Always.
Free market capitalism produces long-term economic growth. Socialism and
middle-way economic interventionism by the state produce poverty and
bureaucracy. If your goal is to keep poor people poor, generation after
generation, you should promote socialism. But be sure to call it
economic democracy in order to fool the voters.
Gary North.