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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
John Wilson

this sector significantly enhanced ISC’s prestige, especially as the firm was being linked to Ronald Reagan’s highly controversial ‘Star Wars’ nuclear defence system. Established in 1944 to develop airbreathing propulsion systems (or, ramjets), Marquadt’s facilities in Van Nuys, California, were amongst the most advanced in the world. By the 1980s, as well as ramjets, it had also diversified into liquid-fuelled rocket systems, the first of which had helped the US Lunar orbiter to circumnavigate the moon in 1966, laying the foundations for a long-term business with

in Ferranti: A History
Abstract only
Joe Earle, Cahal Moran, and Zach Ward-Perkins

’s experts are better equipped to understand the economy and engage with society. We are also trying to democratise economics because we believe that at its core economics should be a public discussion about how to organise society. There is an important role for experts here, but this role is as a humble advisor not a detached authority figure. Albert Camus’s generation had to prevent ‘the world from destroying itself’ in a nuclear war. Our generation has a choice of existential threats from financial meltdown to global warming and food and energy insecurity. To prevent

in The econocracy
Bill Dunn

have been more failures, whether on whaling, nuclear non-proliferation or international trade (Barbier 2011 ). The World Trade Organization notoriously disallowed environmental concerns from impinging on national trade policies (Dunkley 2004 , Gallagher 2008 , Harris 2013 ). International agreements on climate change were notoriously weak, even before the US rejection of the modest ambitions of Paris. There were some possibilities that competition could spur countries to adopt cleaner, ‘leapfrogging’ technologies and suggestions that this motivated the relatively

in Keynes and Marx
The Foundation Economy Collective

electrification programmes; in Italy, there was a tenfold increase in electricity production to 200,000 GWh between 1945 and 1985. As electricity consumption levels increased everywhere, larger generating stations were connected to national grids according to central decisions. In France, for example, the first nuclear plant opened in 1962; Prime Minister Pierre Mesmer announced in 1974 the ambition of generating all of France’s electricity from nuclear power. The shift from locally produced town gas to pipeline imported natural gas in the 1970s again displaced the possibility

in Foundational economy
John Wilson

Reagan’s presidency, George Bush had also been a director of the CIA in 1976–77, at exactly the same time that Admiral Inman had been planning the South African sonar stations to detect Russian nuclear submarines in the South Atlantic. Of course, while this is pure conjecture, one might accurately surmise that the prosecution of Guerin was consequently delayed for several months, mainly to allow the dust to settle on Desert Storm and deflect any accusations that the US government had been complicit in ISC’s nefarious activities; no regime likes to be linked to

in Ferranti: A History
Mike Buckle and John Thompson

(8 January 2012) reported that Middle Eastern sovereign funds were queuing up to invest in UK nuclear power stations. It is for these reasons that we discuss sovereign funds. Sovereign funds can be defined as pools of investment funds under the control of a state. Three types of funds are in existence: sovereign wealth funds; other state investment vehicles

in The UK financial system (fifth edition)
Abstract only
John Wilson

business units that were regarded by predators as of considerable value. The most significant of these was Ferranti-Thomson Sonar, with a flourishing order-book that included equipment to be supplied to the UK’s Trident class of nuclear-powered submarines and other navies around the world. DEMISE AND EPILOGUE 277 Although it had recently lost some highly prestigious contracts, the naval systems business at Bracknell was similarly highly regarded, not least because it was in line to perform significant upgrades to the command and control systems previously installed on

in Ferranti: A History
John Wilson

, communications and transport systems remained highly competitive, resulting in the acquisition of some highly prestigious contracts. For example, in 1991 the division supplied the eleventh offshore system to Shell for its Gannett computer-aided platform operations, while Nuclear Electric purchased an £8 million upgrade to its software controlling the advanced gas-cooled reactors. On the other hand, not only was commercial and industrial systems dogged by the ongoing Ranger saga at FICC, over the period 1988–89 to 1991–92 sales fell by over THE ‘NEW FERRANTI INTERNATIONAL

in Ferranti: A History
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

expectation among market participants that Russia would receive a rescue package because it was “too big to fail” turned out to be wrong. Indeed, the speed of the Russian collapse brought home the message that no country (not even a nuclear power) was too big to fail. The Russian default was particularly traumatic, sending investors throughout the world scrambling for cover and inflicting heavy losses on a number of large financial institutions. In fact, so severe was the impact of the Russian crisis that interest rate spreads widened significantly, seriously straining the

in The Asian financial crisis