Instruments of Genuine Democratic Economic Policy and their Institutions

This is the third article that completes my understanding and proposal for what economic policy should look like in the future, applicable in many countries in Latin America and Africa. The first article called for a transition from old, conventional approaches to understanding and implementing economic policy to more contemporary, comprehensive, and innovative ones, which I encapsulate in the concept of 'genuine democratic economic policy'. In the second article, I address the description of the 'objectives' of such a policy, their interrelationships, and the institutional and functional organisation required to achieve them in the real world. Th is latest article delves deeper into the fascinating world of the 'instruments' of genuine democratic economic policy, that is, the levers available to governments, technocrats, and decision-makers to pursue the five pre-established objectives, which encompass areas and topics such as macroeconomic stabilization, economic growth, full employment, wealth and income distribution, and quality of life and environmental sustainability. Like the previous two articles, this essay explicitly maintains a pedagogical and didactic approach to enrich the readers' knowledge and vocabulary and elevate the quality of the academic and economic policy discussion. Th e essay consists of three thematic fields. First, I introduce serving as an entrance portal, what could be called a general anatomy of genuine democratic economic policy, outlining its main normative, institutional, and instrumental components. Next, I analyse the policy instruments available to the government, including not only the leading global instruments but also regional and sectoral ones. Finally, after the conceptual framework's structure is understood, I briefly delineate some of the most relevant issues for the adoption and promotion of the transformations I propose.