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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

6 Between markets, firms and networks: constituting the cultural economy Fran Tonkiss Introduction Cultural and creative sectors have come to represent key areas of growth within a number of regional and national economies, and figure prominently within arguments regarding the increasingly ‘cultural’ character of economic processes and the restructuring of market forms. An emergent cultural economy is also of critical interest for institutional analysis, and for a number of reasons. Firstly, such an analysis addresses very clearly the need to take culture

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

from a discussion of the degree of competition that prevails in any particular market. This emphasis upon the efficiency properties of the market–competition complex is of course important, but it is by no means the whole story or the story that most adequately captures the operation of capitalism. Markets are devices for adapting to new possibilities and creating new resources; markets, that is, facilitate and stimulate economic and social change as well as allocating given resources. It is this creative aspect of the market system which is lost in the concern to

in Market relations and the competitive process
Costas Simitis

of Greece, the deficit figures of the other countries emerged only after repeated reappraisals of government expenditure by Eurostat. However, the slanderous charge of ‘creative accounting’ was reserved for Greece alone.4 Only Greece was continually discussed in such terms in global media coverage and political discourse, despite the challenges and irregularities both Spain and Portugal presented. It was in Greece alone that the government of the day systematically blamed its predecessor for deceiving and misleading the European Union (EU) and international public

in The European debt crisis
Joe Earle, Cahal Moran, and Zach Ward-Perkins

a self-fulfilling prophecy as democratic attempts to scrutinise and direct central banks would lead to a loss of credibility in important financial markets.27 So while Parliament has formal powers to revoke central bank independence, in practice the principle of independence requires central bank decision making to be taken outside of the political sphere. Public Interest Economists would challenge this status quo and find creative ways to make central banks more accountable, open and accessible to the wider public. Public Interest Economists must not be

in The econocracy
Alison Hulme

of this. Philibert argues that consumption in the developing world is part of the impact of neo-​colonialism due to the way in which cheap copies displace local culture, convincing those who buy them that they will attain modernity and sophistication in doing so (Philibert, 1990). For Philibert, then, developing world consumers can only ever purchase things in order to try (and fail) to aspire to some kind of norm or quality created by developed countries. In contrast, Wilk insists on consumers’ (including those in the developing world) ability to make creative

in A brief history of thrift
Abstract only
Thoreau in the city
Alison Hulme

108 Conclusion: Thoreau in the city The title of this book is not only descriptive, but wilfully creative of a new history. Thrift has tended to be portrayed in historical and economic discourse as either a ‘new movement’, or as something that has occurred in historical ‘blips’ or ‘moments’ when historical conditions impacted negatively upon capitalism’s ability to provide. There is so much wrong with this interpretation that it is difficult to know where to begin! For a start, capitalism is not known for its ability to provide for all; rather for its ability

in A brief history of thrift
Abstract only
Bill Dunn

) argues, is to make economic decisions, which actively change the economy and shape the future. Conventional models based on rational individual ‘robot decision makers’, ‘cannot explain the essential creative function of entrepreneurial behaviour in a Keynes-Schumpeter world, where the reality is transmutable’ (Davidson 2009 : 113). Crucially, the concept of utility collapses; if the future is unknowable, it becomes meaningless to invoke a utilitarian calculus which discounts future pleasures against the present (Skidelsky 1992 ). People can never reliably ascertain

in Keynes and Marx
Oonagh McDonald

Fuld's staff survived. When Lehman Brothers moved to their new headquarters in 2002, the chief operating officer at the time, Bradley H Jack, grouped the bankers by industry group, so that bankers specializing in everything from stocks to bonds and convertibles worked alongside each other in ‘pods’, each representing a different industry. The aim was to ensure that bankers working for the same client communicated with each other and were in a position to offer creative solutions. ‘Before the spin-off in 2004’, Fuld told Business Week , ‘success was measured by what

in Lehman Brothers
Abstract only
Frugality, de-growth and Voluntary Simplicity
Alison Hulme

through our own autonomous human endeavours has become an important part of the de-​growth discourse. In addition to arguing for a quantitative reduction in production and consumption, de-​ growth places emphasis on human well-​ being through reciprocity and conviviality (see Bonaiuti, 2001, 2005; Georgescu-​Roegen, 2004; Ariès, 2005, Latouche, 2005, 2010). This idea of conviviality originates with the work of Illich who describes it as ‘the opposite of industrial productivity … autonomous and creative intercourse among persons, and the intercourse of persons with their

in A brief history of thrift