What does ‘economic democracy’ stand for?

Directions: Read the passage and answer the question.

Perhaps the best political epigram of recent years is the saying that 'this is the century of the common man'. The coming of this century can be seen far back in the extension of the suffrage and later in the development of social legislation. For many years all men have been equal before the law, every adult man and woman has the vote. We are slowly creating economic democracy, that is, such a measure of economic freedom that poverty prevents no one from taking his part in public affairs or enjoying the facilities, educational and other which the state provides for all. It might seem that when this is achieved our work is done. In fact, it is only the beginning.