The essence of democratic socialism is this re-written version of God's commandment:
"Thou shalt not steal, except by majority vote."
"Economic democracy" is the system whereby two wolves and a sheep vote on what to have for dinner.
Christian socialists and defenders of economic planning by state bureaucrats deeply resent this interpretation of their ethical position. They resent it because it's accurate.
When Christianity adheres to the judicial specifics of the Bible, it produces free market capitalism.
On the other hand, when Christianity rejects the judicial specifics of the Bible, it produces socialism or some politically run hybrid "middle way" between capitalism and socialism, where politicians and bureaucrats make the big decisions about how people's wealth will be allocated. Economic growth then slows or is reversed. Always.
Free market capitalism produces long-term economic growth. Socialism and middle-way economic interventionism by the state produce poverty and bureaucracy. If your goal is to keep poor people poor, generation after generation, you should promote socialism. But be sure to call it economic democracy in order to fool the voters.
The Bible is an anti-socialist document. Socialist propagandists for over four centuries have claimed that the Bible teaches socialism, but we have yet to see a single Bible commentary written by a socialist. If the Bible teaches socialism, where is the expository evidence?
When I say that the Bible mandates a moral and legal social order that inevitably produces free market capitalism, I have the evidence to back up my position. My critics -- critics of capitalism -- do not.
The next time you hear someone say that the Bible teaches anything but free market capitalism, ask him or her which Bible commentary demonstrates this. You will get a blank stare followed by a lot of verbal tap-dancing about "the ultimate ethic of the Bible" or "the upholding of the poor in the Bible." You will be given a lot of blah, blah, blah. Blah, blah, blah is not a valid substitute for biblical exposition.