Writing in a joint article for centre left campaign group Progress, shadow foreign secretary Miliband and shadow minister for the cabinet Tessa Jowell laid out the case for transforming the BBC into a co-op organisation, which "exist solely to provide a service for their members".
The article argued that a mutual principle could "play a role in strengthening the democratic accountability" of the BBC, which is one of our "most treasured and important public institutions".
"Owned by the British public and paid for directly through each household's TV licence, it is only right that ordinary members of the public should have a real say in how [the BBC] is run," Miliband and Jowell said.
"Under a mutual model, membership of the BBC could be open to everyone who pays the licence fee. Members could have the right to elect representatives to a members' council that would elect a majority of members of the BBC Trust. This would give licence fee payers a way to [get a] democratic voice in the priorities of the BBC."
Miliband and Jowell claim that the co-op system would make those running the BBC "directly accountable" to their members, with a "clear mandate to canvas licence fee payers on all major policy decisions".
They added: "Economic recovery should bring with it different and stronger relationships between the public and organisations that exert influence in their lives.
"Co-operative banks, building societies and credit unions all embody the best of the mutual tradition, meeting the needs of consumers while also promoting a model of ethical, values-led businesses, behaving responsibly in an industry where too many have not."
The MPs believe that the "moment for mutualism has arrived" as the system offers an opportunity to "fundamentally recast the way that both our economy and our society operate around the inherent human values of equity, solidarity and reciprocity".