Wrecking the foundational
in Foundational economy
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The period since 1979 is identified as the period when the historically created foundational economy was comprehensively wrecked by a mixture of public policy and changes in business practices. The UK and Italy are used as two case studies of a process which has proceeded by different routes but arrived at the same destructive destination. The histories of privatisation, of franchising, and of outsourcing in sectors as different as rail transport and personal care are examined for illustrative purposes. The chapter shows how shareholder value priorities and the practices of financial engineering have opened the door to a wide range of opportunistic business practices by private firms that now dominate the foundational economy.

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