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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’.

Open Access (free)
Stan Metcalfe and Alan Warde

were, self-contained and self-possessed agents whose economic behaviour is subject to control by themselves and themselves alone. The ontological reality is at least as much one of interdependence within and beyond the economic field. The social behaviours of each agent condition, to differing degrees, the social and economic behaviour of all others. Yet, the majority of economists, and a substantial proportion of scholars in most of the other social sciences, use an isolated independent rational individual as the rudimentary building-block of explanations of the

in Market relations and the competitive process
Abstract only
Bill Dunn

against treating the material as constant and homogeneous. It is as though the fall of the apple to the ground depended on the apple’s motives, on whether it is worth while falling to the ground, and whether the ground wanted the apple to fall, and on mistaken calculations on the part of the apple as to how far it was from the centre of the earth. (Keynes CWXIV: 300) Such an interdependence is at the heart of Keynes’s wariness of mathematical precision and formal mathematical presentation in preference for ‘ordinary discourse’ where ‘we can keep “at the back of

in Keynes and Marx
Constituting the cultural economy
Fran Tonkiss

were, of human with technical capital (see also Callon, 2002). Network cultures The contract for services, especially where this involves the purchase of ‘socio-technical capacity’, sits within a wider framework of network transactions that are characteristic of the cultural economy. Cultural economies tend to be organised around dense networks of small–medium enterprises, producing high degrees of interdependence, with larger firms networked in at certain points (see Lash and Urry, 1994, pp. 114–20; Scott, 2000, pp. 11–13). Contracts for services remain, it should

in Market relations and the competitive process
Open Access (free)
Stan Metcalfe and Alan Warde

–6, conveniently occupies the middle ground between the entirely conceptual material of the first and the empirical papers that form the final group of three in the volume. In chapter 4, Mark Harvey explores the idea of competition as an instituted economic process and poses the important question: ‘Why does competition not destroy the competitive process?’ He traces the interdependence of competition and markets through the writing of Weber and Polanyi and on to the modern sociology of embeddedness and networks. However, embeddedness is not fixed, nor is it absolute; economic

in Market relations and the competitive process
Open Access (free)
Brian J. Loasby

appropriate for different purposes. Institutions A necessary consequence of this process is the increasing interdependence of human society. Most of the knowledge and the skill that each person needs is held by others; and knowledge and skills are rarely re-usable without cost by those who do not already possess them. The lowest costs are typically incurred in acquiring knowledge within familiar fields from those who seem to be more knowledgeable, or by adopting the practices of those who seem to perform better. Willingness to borrow ideas and methods from others is a

in Market relations and the competitive process
Bill Dunn

can be said of Keynes’s recovery of the importance of economic aggregates (CWX: 88). He identifies the interdependence of production and consumption and singles out Malthus for praise, particularly in reviving the concept of ‘effective demand’. There is dispute about Malthus’s real influence or whether Keynes just found Malthus’s language a useful ‘hook’ on which to hang his new ideas (Hagemann 2019 ). But Keynes notices approvingly how Malthus is concerned with ‘the balance of produce and consumption’. For Malthus the ‘unproductive consumption’ of the rich is a

in Keynes and Marx
Abstract only
Bill Dunn

, Davidson 2007 , 2009 , Minsky 2008 ). Keynes’s monetary priorities also mean that he is not simply throwing extra variables into an otherwise orthodox simultaneous-equations model. He has dependent and independent variables, determinates and determinants ( 1973 : 245, 183). As above, there are later qualifications and acknowledgements of interdependence (Keynes 1973 : 247, CWXIV: 11–12) but, amongst other things, Keynes’s one-sidedness leaves him vulnerable to the criticisms of Hicks ( 1937 ) and Hansen ( 1953 ), discussed in Chapter 11 , which would reintegrate

in Keynes and Marx
Abstract only
Bill Dunn

money based on income, wealth and subjective evaluations of utility. Keynes points out the insufficiency of both mainstream views and, as seen in previous chapters, instead sees interest rates as determined through the interaction of liquidity preference and the money supply. Initially, Keynes posits these as wholly independent of what happens in the wider economy. This proves unsustainable and Keynes later retreats. But acknowledging more complex interdependence undermines his claims to provide a coherent alternative theory and lends itself to the reincorporation of

in Keynes and Marx
Bill Dunn

, sustaining domestic markets became less important for capital, undercutting an important institutional support. Capital’s backing of the liberalisation of international economic relations, of its right to move goods, services and money across borders, becomes increasingly locked in the further the process proceeds. There are precedents for high levels of economic interdependence then being reversed, but contemporary globalisation reached new heights. Levels of gross capital formation (roughly equivalent to ‘investment’ in Keynes’s sense) across high-income countries fell

in Keynes and Marx