Participatory Economics (Parecon for short) is a type of economy proposed as an alternative to contemporary capitalism. The underlying values are equity, solidarity, diversity, and participatory self-management. The main institutions are workers and consumers' councils utilizing self-managed decision making, balanced job complexes, remuneration according to effort and sacrifice, and participatory planning. 

A definition taken from from http://www.zmag.org/parecon/indexnew.htm.