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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’.

Afterword by Andy Haldane
Andy Haldane

social, that people require? One based on the twin pillars of monetary and fiscal policy, on which so much weight has been placed over recent years? Or one that augments these levers with structural policies to support provision of the social goods and services essential to everyone? The contours of this policy debate have already changed over recent years. Internationally, there is greater recognition than there has been for a generation on the importance of structural policy intervention to support provision of essential services, from transport to education to

in Foundational economy
Abstract only
Costas Simitis

single-currency area. This was an indirect recognition that the Greek crisis had now peaked. Notes  1 Financial Times, ft.com, 16 May 2012.   2 The exchange rate of €1 was $1.25. Its usual exchange rate throughout 2011 was between $1.40 and $1.30.   3 See www. Finfacts.ie/irish_financenews/European/article 1024698. For recent develop­ ments in unemployment at a European and a member state level see epp.eurostat.​ec.​ europa.​eu/​statistics unemployment, 31 December 2013.  4 See Le Monde, 27–28 December 2012, p. 13.  5 See Le Monde, 1 June 2012, p. 6.   6 G

in The European debt crisis
Abstract only
Jack Mosse

words?). Both in the media and in everyday conversations, statements that would have been common place 30–40 years ago are now condemned and can rightly cause those making them to lose their jobs, or to be dropped from a social circle. Language has taken on a significance it didn't previously have; it is recognised as something that shapes our world, and as something that can be as harmful as a physical weapon. Going further back, we can see that hand in hand with this recognition of the power of language has been a movement towards exposing the

in The pound and the fury
Abstract only
Costas Simitis

followed the mantra that highlighting the problems alone was sufficient and then, once aware of the shortcomings, the government in Athens would quickly be able to redress them. While there was limited recognition of the ‘lack of know-how’ in Greece, the challenge of political and social change was never given the attention or focus it required.5 The other report came from the IMF and was published in December 2011.6 It was the fifth report from the Fund regarding the progress made by Greece in the efforts at reform. According to this report: the economic situation in

in The European debt crisis
Costas Simitis

report reveal that the IMF had misjudged the economic situation in Greece. Yet its authors maintained that under the circumstances in which the programme was designed, the IMF’s policy was the only available option. The following extracts are revealing: Q ‘Should the larger economic downturn have been expected?’ A ‘There were a number of reasons why the actual decline in GDP was so much greater than anticipated: … The program initially assumed a multiplier of only 0.5 despite staff’s recognition that Greece’s relatively closed economy and lack of an exchange rate

in The European debt crisis
Open Access (free)
Stan Metcalfe and Alan Warde

boundaries of any market depends on Introduction 9 agreement as to the particular definition of the items being sold therein. This focuses attention on what he calls the ‘the process of materialization’. Not a new process at all, this involves a recognition of the process whereby a particular item, including an event, comes to be recognised as one thing rather than another. It requires examination of ‘the social processes by which things come to be treated as things in the social world’ (p. 96). This normally requires recognition in terms of both functional and symbolic

in Market relations and the competitive process
The Foundation Economy Collective

permanent bond consists in the reference to the well-being of its members as a whole. It has been the social recognition grounded on that reference that has rendered certain of his powers rights. If upon new conditions arising, or upon elements of social good being taken account of which had been overlooked before, or upon persons being taken into the reckoning as capable of participating in the social well-being who had previously been treated merely as means to its attainment, – if in any of these ways or otherwise the reference to social wellbeing suggests the

in Foundational economy
Oonagh McDonald

land inventory which do not generate current cash flow but have substantial value and are often overlooked in evaluating its worth … in recognition of the change in real estate valuation metrics, we have taken a significant markdown on the position. Our equity exposure in Archstone is currently carried at 75 for a value of less that $1.8bn. 1 Lehman claimed that the valuations were fair, but that was on the basis of their own valuations with the assistance of their real estate adviser

in Lehman Brothers
Jonathan Michie

There is now a growing recognition that match-going fans are intrinsically involved in the joint production of football matches. Crowd involvement and support can add greatly to the entertainment value of matches, and a match played before a packed stadium is more enjoyable and provides more qualityadjusted units of output than one played in front of empty seats. This is particularly the case for matches that are screened live, where the crowd adds greatly to the audio-visual content of the programme. For that reason, together with the considerations that football

in Market relations and the competitive process