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Bill Dunn

describe capitalism but also better defend it. By the end of this period, Keynes had become both the world’s most famous economist and a leading player in the negotiations to shape the post-WWII order, now a world where the US had displaced Britain as the dominant power. The chapter’s title follows convention by putting the life first, but the content prioritises the turbulent times to highlight how Keynes’s life (1883–1946) spanned this extraordinary age. Imperfectly and with some overlap, the chapter is divided chronologically into four parts, from 1883 to 1914, to

in Keynes and Marx

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’.

Oonagh McDonald

central bank governors, 16 February 2013, available at​ 2013/2013-0216-finance.html (accessed October 2018).  2 See Financial Stability Board, Progress Report on the Oversight and Govern­ ance Framework for Financial Benchmark Reform: Report to G20 Finance Ministers and Central Bank Governors (FSB, 29 August 2013), p. 1, available at (accessed October 2018).  3 Financial Stability Board, Foreign Exchange Benchmarks: Final Report (FSB, 30 September 2014), p. 1, available at

in Holding bankers to account
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Ariane Agunsoye, Michelle Groenewald, Danielle Guizzo, and Kamal Ramburuth-Hurt

. However, critics have argued that the process of integration into the neoclassical framework often strips the theory being integrated of the content which made it valuable in the first place. For example, behavioural psychology has highlighted the prevalence of biases and imperfections in human reasoning, thus potentially undermining the economic concept of rationality and the

in Reclaiming economics for future generations
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Joe Earle, Cahal Moran, and Zach Ward-Perkins

/good-politics-bad-economics/ (accessed on 24 April 2016); Josef Josse, ‘Merkel’s Good Politics and Bad Economics’, Financial Times, 4 September 2012. Available at: (accessed 24 April 2016).  5 From Save the Children’s ‘Read on. Get on’ campaign, cited in Read on Get on: How reading can help children escape poverty, report, Save the Children, 2014, 17.  6 Mental Health and Work: United Kingdom, report, OECD Publishing, 2014.  7 Heather Power, ‘How valuable is the Queen to our economy?’, Business Life, 31 May 2012. Available at: http

in The econocracy
Constituting the cultural economy
Fran Tonkiss

discussion begins with the problematic notion of ‘cultural industries’. Such a category mimics the convention of defining industries on the basis of Markets, firms and networks 115 distinct outputs – indicating here a set of industries producing broadly ‘cultural’ products – in a context where more and more economic goods might be said to involve cultural or aesthetic content. In thinking about what is distinctly ‘cultural’ about the cultural economy, then, the discussion turns to the role of specialised knowledge in framing goods for cultural markets, and in

in Market relations and the competitive process
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Costas Simitis

EMU summit’s decisions of 26 October had created a framework for the management of the debt. The govern­ment could now move quickly to redress Greece’s woes. However, anxiety had not been removed entirely. Antagonism between the parties supporting the govern­ment was still intense and their willingness to cooperate very limited. They were far more interested in positioning themselves for the elections that would follow. The European Council detailed the plan for action: negotiations with the Troika and agreement on the content of the new Memorandum; ratification of

in The European debt crisis
Open Access (free)
Stan Metcalfe and Alan Warde

capitalism. The contributions to this volume explore this interface in a number of ways. The purpose of this Introduction is to place these contributions in the wider context and briefly to outline the content of the various chapters. We consider the best place to start to be with the analysis of the nature of markets by drawing a distinction between the general market system and particular markets. This inevitably leads us to a discussion of the relation between markets and competition. The central presence of markets in the operation of capitalism should require no

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

teaching (pedagogy) as much as any particular content (syllabus), although choices about one clearly affect the other. Our analysis of economics education at Cambridge University illustrates the centrality of pluralism to any meaningful liberal education. We introduced the concept of pluralism in Chapter 3, and Exhibit 3.1 illustrated a number of different important economic perspectives of which all economics students should have at least a basic knowledge. The historical wealth of Cambridge and Oxford means that now, of all the universities in Britain, they are best

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

economics expert and, by extension, what gives them this authority? As in all professions, the answer is formal education, training and – most importantly – qualifications, which are the concrete proof of their holder’s expertise. The content of economics education is revealing because it reflects the dominant view within the academic discipline of the knowledge and skills economists must have and what the role of an economist should be. It was this insight that inspired Paul Samuelson, one of the most influential economists of the twentieth century, to declare: ‘I don

in The econocracy