The importance of such micro-level transformations of enterprises into WSDEs cannot be overstated. Because it had located key economic powers in state hands (regulating or owning enterprises and imposing planning above or in place of market exchanges), traditional socialism usually accumulated too much power in the state alone or in the state together with the major capitalist businesses it “regulated.” Far too little real, institutionalized countervailing power resided with the workers inside enterprises. As a result, accountability and transparency were absent from economic life, as was economic democracy. That in turn undermined real political democracy.
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