The frustration of the left, given this exhaustion of traditional socialisms' appeal, arose from having no other broadly agreed-upon vision of an attractive alternative to capitalism. The left could not provide what mass audiences craved as they deepened their criticisms of capitalism's longer-term decline and short-term crisis.
Enter the notion of workers' cooperatives or, better, the awkward but more specific term: workers self-directed enterprises (WSDEs). This centuries-old idea has been revived, redesigned and applied to go well beyond traditional socialism. The result is a new vision of an alternative to capitalism that could help to mobilize a new left.
WSDEs replace hierarchical, top-down capitalist enterprises run by major shareholders and the boards of directors they select with a democratic enterprise directed by all its workers. The latter, collectively and democratically, make all the key decisions of what, how and where to produce. Most importantly, they decide how to use the enterprise's net revenue.