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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’.

Abstract only
Joe Earle, Cahal Moran, and Zach Ward-Perkins

almost everywhere. The centrality of the economy in the world sat uncomfortably with the apparent unease many of our friends and family felt talking about it. We can each remember numerous occasions on which conversations have run dry when they have reached economics. Someone asks ‘Who do we owe all the money to?’ or states ‘We can’t do that because it will ruin the economy.’ There is a silence, shrugs all round and the conversation moves swiftly on. A few people did not seem to have this hesitation. Economists, politicians, journalists and policymakers regularly

in The econocracy
Abstract only
Mike Buckle and John Thompson

box 9.1 . Similar practices were found to have been utilised by banks in the forex and are under investigation by the authorities – see section 10.4 . As an illustration of malpractice we show below a transcript of a conversation between two market traders, as reported in the Huffington Post , 6 February 2013: 7

in The UK financial system (fifth edition)
Oonagh McDonald

line’ request by a particular customer, salespeople and traders made a prior arrangement to add an undisclosed mark-up to the prices quoted by traders over the open line. For example: On July 19, 2013, a UBS FX salesperson based in Stamford, in an electronic chat with a UBS FX trader in Stamford, said, ‘so the game plan is: I will ask for the price over the hoot [i.e an internal communication system that enabled the sales staff and traders to communicate with one another over a speaker, but the conversation could be heard by someone on the end of a phone if the phone

in Holding bankers to account
John Wilson

South African matters. It transpired from this conversation that such a trading relationship was legitimate, leading Ball to visit South Africa in January 1989, along with Wayne Radcliffe of ISC Technologies Inc. A month later, Armscor sent engineers to visit the FIDL team at Hanworth, resulting in agreement in principle that the Seeker arrangement would go ahead. Before signing a contract, however, Ball wisely sought further advice from the FCO, with a request for written approval of the South African link. This prompted the FCO official to reassess his earlier

in Ferranti: A History
Abstract only
Alison Hulme

independence and self-​rule, environmental conservation, racial hegemony, philanthropy, manhood 3 Introduction 3 and womanhood, collective security, and social protest’ (2011:10). Regardless, Calder’s contention remains true –​‘no concept has been more important than thrift for shaping the moral culture of economic life under capitalism’ (2013:363). It is also worth noting that this book is largely about Western thinkers on, and versions of, thrift. There is a tangible historical conversation between the Western and the non-​Western world, and Western and non

in A brief history of thrift
Open Access (free)
Oonagh McDonald

Darling's words as a ‘red flag’. McCarthy's conversation with Geithner seems to have been more explicit. 20 On Saturday 13 September discussions continued throughout the day between the FSA and Barclays over the possible terms of an acquisition. Neither the FSA nor the board wanted Barclays to take on the assets proposed by Lehman's for REIGlobal, though Barclays were advised by the US authorities that a consortium of banks would take on these assets. Barclays also wanted the continuation of the Primary Dealer Credit Facility

in Lehman Brothers
Oonagh McDonald

that the submitters were sufficiently aware of the issue, but only to the extent that they knew they had to be discreet: no more emails and no more conversations over Bloomberg. The conversations also show that the new guidelines issued by the BBA were not being taken very seriously. The CFTC docket is more forthcoming about RBS’s awareness that other banks were also manipulating yen LIBOR. RBS’s senior yen 68 LIBOR, a chequered history trader, yen manager and other yen traders coordinated their requests for beneficial LIBOR submissions with the primary submitter

in Holding bankers to account
Joe Earle, Cahal Moran, and Zach Ward-Perkins

drive down prices to the point at which, for each university, adding one more student would equal the costs of accepting one more student, or in other words equilibrium. Detaching student numbers from resources per student provided a technical fix that avoided difficult political conversations about whether there was enough funding to provide a quality education. This is a common feature of economic decision making in an econocracy. However, in practice Rediscovering liberal education  131 the universities colluded to bid for a 19 per cent increase in student numbers

in The econocracy
John Wilson

extortion, claiming that he had taped their conversations in order to protect ISC against false accusations. This forced the authorities to initiate further investigations into the situation, but undeterred by these delaying tactics on 9 January 1990 Clark sued Guerin for allegedly violating Delaware wiretapping law, forcing the latter to break cover for the first time since Ferranti International had suspended its shares.15 By this time, of course, Guerin had also been accused publicly of violating US arms embargoes, money laundering and fraud, resulting in extensive

in Ferranti: A History