Changing the frame
There’s more than one show in town
in The end of the experiment?
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This chapter starts from a critique of the corporate practice and government policy, and argues that a 'point value' logic lies at the heart of the mismanagement of the foundational. The foundational economy is partly financed indirectly by tax revenues and partly by direct household expenditure. The capital market demands shareholder value and sets sectoral rate requirements for return on equity (RoE) and earnings growth in a frame where all firms are expected to earn abnormal profits. To reframe the foundational economy as a matter of social license is to insist that the foundational is not simply about point-value economic transactions, but also about reciprocal social relations within local, regional and national spaces. The chapter also suggests that the post-1979 policy experiment is now using 'bolt-ons', like industrial policy, to ensure that state policy answers exigencies without addressing fundamentals.

The end of the experiment?

From competition to the foundational economy

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