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The Foundation Economy Collective

-down policymaking agendas and ‘business friendly’ policies while at the same time refinancing the state and recognising the limits of government as we know it. The third and final section takes us to next steps and argues that everyday practice can begin to make hope practical. In the world as it is, change will not begin with some miraculous alignment of our four preconditions. But radical change does not wait for this kind of utopia. We do not have to ask permission to start a local foundational experiment tomorrow, from which can come learning and political mobilisation that

in Foundational economy
Abstract only
Kamal Ramburuth-Hurt

overshoot our planetary boundaries. 12 National economies are not a singular entity but multiple distinct economies which operate in different ways. Local, regional and national economies overlap and intersect with each other and are shaped by particular geographies, cultures and histories which inform how they are organised. Different sectors of the economy also operate in

in Reclaiming economics for future generations
Jonathan Michie

have been transformed into plcs raises particular issues in the case of professional league sports. In particular, it is evident that institutional investors in football clubs may have very different objectives from those of supporter shareholders. Unlike the latter, institutional investors do not contribute directly to the joint production of the product. At the same time institutional shareholders are not subject to the kind of brand loyalty that makes them peculiarly vulnerable to exploitation of local monopoly power. This implies that there is an incentive for

in Market relations and the competitive process
Open Access (free)
A Crisis of Value
Author: Oonagh McDonald

This book explains the fundamental causes of the bank's failure, including the inadequacy of the regulatory and supervisory framework. For some, it was the repeal of the Glass-Steagall Act that was the overriding cause, not just of the collapse of Lehman Brothers, but of the financial crisis as a whole. The book argues that the cause is partly to be found both in weak and ineffective regulation and also in a programme of regulation and supervision that was simply not fit for the purpose. Lehman Brothers' long history began with three brothers, immigrants from Germany, who sold selling groceries and dry goods to local cotton farmers. Dick Fuld, the chairman and CEO, and his senior management, ignored the increased risks, choosing to rely on over-valuations of the firm's assets. The book examines the regulation of the Big Five investment banks in the context of the changes which took place in the structure of banking after the repeal of the Glass-Steagall Act. It describes the introduction of the European Union's Consolidated Supervision Directive in 2004. The book examines the whole issue of valuing Lehman's assets and details the regulations covering appraisals and valuations of real estate, applicable at the time and to consider Lehman's approach in the light of these regulations. It argues that that the valuation of Lehman's real estate assets was problematic to say the least, as the regulators did not require the investment banks to adopt a recognized methodology of valuation, and that Lehman's own methods were flawed.

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

. The later stages of the existence of Lehman Brothers were dominated by Dick Fuld, one of the longest-serving chief executives on Wall Street. Fuld's dominance of the company, which he had built up and which he regarded as almost a personal possession, was one of the causes of its ultimate failure. Lehman Brothers' long history began with three brothers, immigrants from Germany, setting up a small shop in Alabama, selling groceries and dry goods to local cotton farmers. Their business soon evolved into cotton trading. Henry, the eldest brother

in Lehman Brothers
Why China survived the financial crisis
Shalendra D. Sharma

strategy of “crossing the river by groping for stepping-stones” have been the 253 The Asian financial crisis catalyst behind China’s phenomenal economic growth. The core of this strategy has been “decentralization.” In the Chinese context, decentralization has meant, on the one hand, devolving the power of decision-making from the central to local governments, and on the other hand, from planning authorities to state-owned enterprises. It is widely recognized that the devolution of government power and authority from the central to sub-national or local governments (the

in The Asian financial crisis
Joe Earle, Cahal Moran, and Zach Ward-Perkins

preferences that make up society or incorporate relevant locally situated knowledge and expertise. As a result the decisions made are both undemocratic and, to use neoclassical language, socially suboptimal.6 A broad democracy must develop democratic processes through which collective agreement is reached, first locally and then nationally, on the way society and the economy should be organised. The resulting system would be one in which individuals and communities have real ‘ownership’ of local and central government. In a broad democracy the line between the state and the

in The econocracy
Abstract only
Jack Mosse

started adopting firm positions rather than acting as a digest. In the discourse generated by this stance, events in all their local complexities do not need detailed analysis; instead, the world is imagined in terms of its implications for the balance-sheets of investors. Kantola's work on The Financial Times 's coverage of elections shows the political implications this generalising discourse has. Her extensive analysis demonstrates that in the pages of the Financial Times , liberal free-market economic reform is presented as inevitable and

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

regimes, and trade and price controls to direct the pattern of private investment, besides supporting extensive public investment in infrastructure. During the 1960s and early 1970s, industrial policies strongly supported capital-intensive import-substitution industrialization (ISI). Import tariffs were sharply raised to protect local industries, with special incentives for the production of final goods based on imported intermediate and capital goods. Indeed, as Christensen et al. (1997, 354) note, “the BOI’s most significant power was over imports. It could exempt

in The Asian financial crisis