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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’.

Constituting the cultural economy
Fran Tonkiss

a number of sub-sectors based on different types of cultural output (see Pratt, 1997).4 Of course such distinctions – within cultural industries as elsewhere – are artificial: there tends to be a significant degree of crossover between sub-sectors, and a high degree of diversity within them. A music venue, for instance, looks more like a theatre – in terms not only of its product, but also its organisational structure, labour process, skills’ profile, market orientation and internal culture – than it does a musical instrument manufacturer’s premises, even though

in Market relations and the competitive process
Bill Dunn

either sex’ ( 2009 : 207). He acknowledges that time ‘is a source of great difficulty in economics’ ( 2009 : 30). Not least, tastes and evaluations of utility change, potentially increasing rather than decreasing over time. Marshall insists that ‘[i]t is therefore no exception to the law that the more good music a man hears, the stronger his taste for it is likely to become’ ( 2009 : 79). As ever, Marshall pulls back from any deeper interrogation of such insights and insists ‘[t]he work to be done is so various that much of it must be left to be dealt with by trained

in Keynes and Marx
Problems of polysemy and idealism
Andrew Sayer

-liberal versions. This, of course, has been music to the ears of social democrats. Now, however, since the bursting of Japan’s bubble economy in the early 1990s, the alternative model is under threat from more liberalised economic pressures and may yet give way to the liberal model. My argument is that while embeddedness, networks and trust are indeed important aspects of economic organisation, theorising about them has tended to idealise them somewhat. The focus on embeddedness can inadvertently produce an overly benign view of economic relations and processes, in showing that

in Market relations and the competitive process
The Foundation Economy Collective

fund many years of schooling (Deb 2015). And yet the GDP measure survives as a way in which policymakers talk amongst themselves and politicians address an uncomprehending public. ‘The fastest rate of GDP growth in the G7 or G20’ is a matter of bragging rights for the finance minister in your country; and every European finance minister can hope to get lucky in claiming this achievement when economic cycles in different national economies are not synchronised. Few in the political classes notice that this talk of GDP and growth rates is at best mood music in news

in Foundational economy
Abstract only
Types of banks and the risks they face
Mike Buckle and John Thompson

entertainers have securitised cash flows in order to raise capital. One of the first to do this was David Bowie, who, in January 1997, raised $55 million through the issue of 10-year bonds (Bowie bonds) backed by the royalties from his previously issued music albums. The bonds were bought by Prudential Insurance Co. It can be seen from this that securitisation can be applied to virtually any

in The UK financial system (fifth edition)