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’.
attempting to secure television rights, since the biggest and most
popular club would already be owned by one of the other broadcasting companies. This would no doubt have provoked those other broadcasters to buy
up top football clubs themselves. Whether the BBC would have been permitted to defend itself in this way is, however, rather to be doubted. Nor
would such a defense of the BBC’s interests be something to be welcomed;
on the contrary, it would replicate many of the anti-competitive dangers
described in this section, and would further divide the Premiership between
collaborators because they have been proactive and willing
to attend student-organised debates about the future of economics
education. However, less positively we feel that CORE is positioning
itself publicly (at the moment quite successfully) as the answer to
our calls for reform, despite the fact that its authors know very well
how much our visions differ. Following a BBC radio programme in
March 2016 on the student movement, Wendy Carlin responded
to the presenter in a letter, subsequently published on the BBC’s
website, strongly implying that CORE answers our demands
left-wing interventionist policy)
produced the following chart (see Figure 2 overleaf), which illustrates who benefited from the budget and who didn't:
Impact of tax and benefit reforms, 2015–2019
Source: based on B. Milligan, ‘Budget 2015: Squeeze to Hit 13m Families, says IFS’ (9 July 2015), BBC, www.bbc
, he or she would physically go to the hospital.
This is more likely to be the case in poorer countries with less well-educated populations. So, for example, only 10% of Sierra Leoneans used mobile internet to get information, compared to 95% who simply called other people, according to a 2016 BBC Media Action survey.
Friends and family and a range of other face-to-face encounters were as likely to be information sources as the internet, according to a 2017 USAID survey in Somalia
Reporters (23 December 2016), http://saharareporters.com/2016/12/23/mtn-fires-amina-oyagbola-over-bribery-buhari%E2%80%99s-chief-staff-abba-kyari (accessed 7 December 2021). He died on 17 April 2020, of COVID-19.
‘Nigeria agents in corruption raid’, BBC News (17 August 2006), http://news.bbc.co.uk/1/hi/world/africa/5259252.stm (accessed 7 December 2021
Making sense of what has happened over thirty-five years
See also Y.L. Womack, Afrofuturism: The World of Black Science Fiction and Fantasy Culture (Lawrence Hill Books, 2013).
‘Mozambique “blocked texts” during food riots’, BBC News (14 September 2010), www.bbc.co.uk/news/world-africa-11300211 (accessed 8 December 2021).
There are several
a matter of time before more sustained speculative attacks would begin.
The attack came in several waves: ﬁrst on May 10, 1996, when the country’s ninth-largest commercial bank, the Bangkok Bank of Commerce (BBC)
collapsed (despite the massive injections of liquidity by the BOT), under
the weight of non-performing property loans that totaled nearly half its
US$7.2 billion of assets (Economist 1996, 77). Though the BBC was run by
a well-connected former central bank ofﬁcial, Krikkiat Jalichandra, it came
to public light “that the central bank knew in 1993
When economic stories make it into the mainstream press, it is usually due to there being some kind of cataclysmic event that just can't be kept off the front pages. The 2008 financial crisis and its aftermath is a case in point. If we go back to a younger version of myself, pacing my parents’ living room with BBC News 24 on and trying to make sense of it, then it's possible to see the difficulty economic journalists face in trying to communicate with an economically illiterate public. In order to engage with what I was watching
: http://www.ft.com/cms/s/0/9bcf0eea-6f98-11e2-b90600144feab49a.html#axzz46V5sxFR8 (accessed 24 April 2016); Milton
Friedman. Optimum Quantity of Money, Chicago: Aldine, 1969, 4.
57 Sarah O’Connor, ‘Drugs and prostitution add £10bn to UK economy –
FT.Com’, 29 May 2014. Available at: http://www.ft.com/cms/
(accessed 24 April 2016)
58 BBC, ‘UK economy records fastest growth since 2007’, 27 January
2015. Available at: http://www.bbc.co.uk/news/business-30999206
(accessed 24 April 2016).
59 Stephanie Linning