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The well-being of Europe’s citizens depends less on individual consumption and more on their social consumption of essential goods and services – from water and retail banking to schools and care homes – in what we call the foundational economy. Individual consumption depends on market income, while foundational consumption depends on social infrastructure and delivery systems of networks and branches, which are neither created nor renewed automatically, even as incomes increase. This historically created foundational economy has been wrecked in the last generation by privatisation, outsourcing, franchising and the widespread penetration of opportunistic and predatory business models. The distinctive, primary role of public policy should therefore be to secure the supply of basic services for all citizens (not a quantum of economic growth and jobs). Reconstructing the foundational has to start with a vision of citizenship that identifies foundational entitlements as the conditions for dignified human development, and likewise has to depend on treating the business enterprises central to the foundational economy as juridical persons with claims to entitlements but also with responsibilities and duties. If the aim is citizen well-being and flourishing for the many not the few, then European politics at regional, national and EU level needs to be refocused on foundational consumption and securing universal minimum access and quality. If/when government is unresponsive, the impetus for change has to come from engaging citizens locally and regionally in actions which break with the top down politics of ‘vote for us and we will do this for you’.

Jonathan Michie

attempting to secure television rights, since the biggest and most popular club would already be owned by one of the other broadcasting companies. This would no doubt have provoked those other broadcasters to buy up top football clubs themselves. Whether the BBC would have been permitted to defend itself in this way is, however, rather to be doubted. Nor would such a defense of the BBC’s interests be something to be welcomed; on the contrary, it would replicate many of the anti-competitive dangers described in this section, and would further divide the Premiership between

in Market relations and the competitive process
Joe Earle, Cahal Moran, and Zach Ward-Perkins

collaborators because they have been proactive and willing to attend student-organised debates about the future of economics education. However, less positively we feel that CORE is positioning itself publicly (at the moment quite successfully) as the answer to our calls for reform, despite the fact that its authors know very well how much our visions differ. Following a BBC radio programme in March 2016 on the student movement, Wendy Carlin responded to the presenter in a letter, subsequently published on the BBC’s website, strongly implying that CORE answers our demands

in The econocracy
Abstract only
Myth in the political sphere
Jack Mosse

left-wing interventionist policy) 25 produced the following chart (see Figure 2 overleaf), which illustrates who benefited from the budget and who didn't: Figure 2 Impact of tax and benefit reforms, 2015–2019 Source: based on B. Milligan, ‘Budget 2015: Squeeze to Hit 13m Families, says IFS’ (9 July 2015), BBC, www.bbc

in The pound and the fury
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

was now a matter of time before more sustained speculative attacks would begin. The attack came in several waves: first on May 10, 1996, when the country’s ninth-largest commercial bank, the Bangkok Bank of Commerce (BBC) collapsed (despite the massive injections of liquidity by the BOT), under the weight of non-performing property loans that totaled nearly half its US$7.2 billion of assets (Economist 1996, 77). Though the BBC was run by a well-connected former central bank official, Krikkiat Jalichandra, it came to public light “that the central bank knew in 1993

in The Asian financial crisis
Abstract only
Jack Mosse

economy functions. When economic stories make it into the mainstream press, it is usually due to there being some kind of cataclysmic event that just can't be kept off the front pages. The 2008 financial crisis and its aftermath is a case in point. If we go back to a younger version of myself, pacing my parents’ living room with BBC News 24 on and trying to make sense of it, then it's possible to see the difficulty economic journalists face in trying to communicate with an economically illiterate public. In order to engage with what I was watching

in The pound and the fury
Abstract only
Joe Earle, Cahal Moran, and Zach Ward-Perkins

: http://www.ft.com/cms/s/0/9bcf0eea-6f98-11e2-b90600144feab49a.html#axzz46V5sxFR8 (accessed 24 April 2016); Milton Friedman. Optimum Quantity of Money, Chicago: Aldine, 1969, 4. 57 Sarah O’Connor, ‘Drugs and prostitution add £10bn to UK economy – FT.Com’, 29 May 2014. Available at: http://www.ft.com/cms/ s/2/65704ba0-e730-11e3-88be-00144feabdc0.html#axzz46k4tODTg (accessed 24 April 2016) 58 BBC, ‘UK economy records fastest growth since 2007’, 27 January 2015. Available at: http://www.bbc.co.uk/news/business-30999206 (accessed 24 April 2016). 59 Stephanie Linning

in The econocracy
Joe Earle, Cahal Moran, and Zach Ward-Perkins

also Tim Harford, ‘Black-Scholes: the maths formula linked to the financial crash’, BBC, 2012. Available at: http://www.bbc.co.uk/news/magazine-17866646 (accessed 24 April 2016). 23 Andrew Haldane, ‘The revolution in economics’, foreword to the Post-Crash Economics Society Report Economics, Education and Unlearning: Economics Education at the University of Manchester, April 2015, 3–6. Available at: http://www.post-crasheconomics.com/ economics-education-and-unlearning/ (accessed 22 April 2016). 24 The letter from Besley and Hennessy is available at: http

in The econocracy
Abstract only
John Wilson

German defence ministry expressing considerable scepticism about the ability of Ferranti Defence Systems Ltd to complete what could be a £2 billion radar contract for the EFA radar system,29 those employed in the much-maligned ISC divisions feared that they would never be able to secure another government contract. Such was the publicity surrounding the company’s plight that on 18 September the BBC’s Nine O’Clock News covered the story, quoting Sir Derek’s plea that: ‘The company will survive because it’s a great company. It employs an enormous number of people. It

in Ferranti: A History
The Foundation Economy Collective

, internet and BBC TV licence (Social Prosperity Network 2017, p. 12). The shift from income to infrastructure and services and the emphasis on universal basic entitlement are both significant and welcome. These interventions by the Industrial Strategy Commission and the Social Prosperity Network mark important developments in the debates about infrastructure policy and public service provision, so they deserve close attention. And it is when we give them close attention that some difficulties emerge. In essence, the problems they address are blurred and ill-defined; as a

in Foundational economy