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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’.

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institutions today including Lehman Brothers, Lloyd’s of London, Aetna Insurance, Barclays, JPMorgan Chase and the slave-driven cotton industry. He explains that ‘narratives and litigation records show how these organisations monetised the African slave trade to leverage resources for the building of their personal empires and global brands’. 11 The

in Reclaiming economics for future generations
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Jack Mosse

young black boy in French military uniform proudly salutes what we assume to be an out of frame tricolour. The image freezes and solidifies a controversial vision of the world – a myth that the colonies are grateful towards the colonisers. Yet, unless you take the time to deconstruct and break the image down, you wouldn't see how this works, how the image sweeps away the complex, violent and oppressive history of the French empire, and naturalises a distorted notion of colonialism. You would just see a black boy in French uniform saluting the tricolour, and this would

in The pound and the fury
Bill Dunn

1929, to 1939 and to 1946, reasonably marking stages in Keynes’s intellectual and political career. The belle époque and its demise (1883–1914) Keynes was born into a world of affluent complacency. British capitalism seemed unthreatened either at home – Chartism was a distant memory – or abroad – industrial and military superiority could see off resistance in the colonies with murderous efficiency. The British Navy, in particular, protected the Empire from European challengers. Keynes would later articulate this pre-war world with typical panache

in Keynes and Marx
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Costas Simitis

Christians in the Ottoman Empire. This was supposed to be limited to just one year, but it was quickly extended to two. Initially, this Harachi was collected through the electricity bill, so if any household failed to pay the tax, the electricity would be cut off. However, the Supreme Court for Administrative Affairs ruled that tying the provision of electricity to the payment of tax was unconstitutional. For weeks, confusion continued as the Ministry of Finance did not respond to the ruling. At the same time, there were other taxes on real estate which remained

in The European debt crisis
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John Wilson

extremely low price of $7.5 million for 16,000 radios, in the hope that this loss-leader would provide an entrée into defence markets. It was later calculated that Hamilton was losing at least $200 per radio, while the substantial investment in a refurbished factory further sapped the ailing corporation’s resources. Undaunted by these problems, Guerin talked to colleagues about opening a division of the business in South East Asia and buying a corporate jet to transport executives between the proposed far-flung parts of the Hamilton empire. He also used his charismatic

in Ferranti: A History
Open Access (free)
Stan Metcalfe and Alan Warde

. (1957), ‘The economy as instituted process’, in Polanyi, K. Arensberg, C. and Pearson H. (eds), Trade and Market in the Early Empires, New York, Free Press.

in Market relations and the competitive process
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John Wilson

clear that Lord Weinstock had confounded his critics and pulled off a superb deal for GEC. As Brummer and Cowe also argue, both the DTI and MoD had been complicit in this strategy, accepting Weinstock’s argument that in view of global political trends they should be supporting the creation of a ‘UK defence champion’ that was capable of matching the US and European conglomerates that were also pursuing aggressive merger and acquisition strategies.92 Although he was never able fully to achieve this aim, because BAe remained independent of the GEC-Marconi empire, in

in Ferranti: A History
John Wilson

, the apparently trusted entrepreneurial philanthropist who had built an industrial empire from virtually nothing, surrounded by City advisors that were willing to vouch for his business probity. The internal Ferranti report, of course, was not the only document circulating at the time which expressed some concerns about the nature of ISC’s overseas business. As a major shareholder and former executive chairman of Ferranti, Sebastian de Ferranti had commissioned a report on ISC by Lazard Brothers, another distinguished City institution, which struck right at the heart

in Ferranti: A History
John Wilson

. 38 G. Owen (1999), From Empire to Europe. The Decline and Revival of British Industry since the Second World War, HarperCollins, pp. 455–7. 39 Quoted in M. Seagrim (1992), ‘The effect of defence spending upon the UK economy’, Royal Bank of Scotland Review, No. 173, March. 40 J. Lovering, (1995), ‘Opportunity or crisis? The remaking of the British arms industry’, in R. Turner (ed.), The British Economy in Transition, Routledge, p. 100. 41 D. Greenwood (1984), ‘Managing the defence programme and budget’, The Three Banks Review, No. 142, June, 34–50. 42 See Ch. 6 in

in Ferranti: A History