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Prout proposes a [[socioeconomics|socioeconomic]] system that is an advancement on [[capitalism]] and the largely outdated [[communism]].<ref name=Irving/> Under the system [[Tangible property|resources]] would be [[common ownership|collective property]] from which usufructuary rights are carved out for use by individuals or groups of individuals. [[Distribution (economics)|Distribution]] of goods in a market has to be rational and equitable, so that the allocation of a good maximizes the physical, mental, and spiritual development of all people.<ref name=Crovetto2008/><ref name=Onwuka /> There must always be a baseline distribution that intends to guarantee food, clothing, shelter, education, and medical care (what the theory regards as minimum requirements for humans).<ref name=Crovetto2008/>
Prout advocates a three-tiered approach to [[industrial organization]]. Key industries and [[public utilities]] would operate on a [[no profit - no loss basis]] as these are resources held on trust for the public. Decentralized industry run by [[cooperatives]] would provide people's minimum necessities and other amenities of life. The majority of economic transactions would be through producers' and consumers' [[cooperative]]s.<ref name=Crovetto2011/> Incentives for people serving society would be funded via surpluses.<ref name=Crovetto2011/> A small business sector would also operate providing goods and services on a more
At the political level, Prout discourages [[nationalism]], though nation-states would form a [[world government]]<ref name=Crovetto2011/><ref name=Inayatullah/> in the form of a confederation. There would be a world [[constitution]] and a [[bill of rights]] for human being,<ref name=Crovetto2011/> and for ensuring the biological diversity and security of animals and plants. Locally governed self-sufficient socio-economic units or zones would support a decentralized economy.
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