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Lynne Layton

I grew up in the heyday of 1950s US conformity, consciously rather oblivious to class differences, heteronormativity, and systemic racism, but highly attuned to differences in what was possible for a girl versus a boy to do and to be. Unconsciously, of course, all of the above was doing its psychic work. I became a teenager in the socially turbulent 1960s and went to

in Clickbait capitalism
Bill Dunn

particularly strong case for seeing him as a product of and spokesperson for his class and nation. Keynes’s thinking was shaped during times of remarkable social and economic upheaval. Following an age of apparent stability and complacent British imperial hegemony, the period from 1914 to 1945 was one of drastic change. This ‘Thirty Years’ War’ (Dowd 2004 ) saw the end of the belle époque , of ‘liberal’ capitalism and of peace within the imperialist heartlands. Western capitalism descended into the Great Depression and sharpened class struggles. The Russian Revolution

in Keynes and Marx

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’.

Ariane Agunsoye
,
Michelle Groenewald
,
Danielle Guizzo
, and
Bruno Roberts- Dear

At the age of sixteen, Francesca Rhys-Williams, a contributor to this book, decided she wanted to study economics; however, it was not a subject option available at her high school, so she went to another school for her economics course. She was surprised to find the class included few women. The lack of gender diversity in economics is well

in Reclaiming economics for future generations
Benjamin Franklin, Samuel Smiles and Victorian moralism
Alison Hulme

Puritans. Besides, as the nineteenth century progressed, this specifically religious motivation for thrift became more aligned to a general sense of social morality typified by Victorian middle-​class attitudes. As Yates and Hunter put it, Puritan thrift gave way to ‘classic thrift’ –​an emphasis on the morality of the individual’s financial behaviour (2011). They argue that it was at this moment that ‘thrift and this [pan-​Protestant] ethical sensibility gradually detached themselves from the Puritan providentialist cosmology that originally underwrote them. Thrift in

in A brief history of thrift
Mark Harvey

concept of ‘instituted economic process’ with the other and more widely adopted Polanyan legacy of ‘embeddedness’, the chapter explores competition as an instituted economic process in five dimensions: the co-institution of competitive processes and markets; relations of power and mutual dependence between classes of economic agent; the formation of units of competition; the formation of scales of competition; and the development of formal and informal norms of competition. The chapter then provides an exemplification of this analytical framework through a schematic

in Market relations and the competitive process
Abstract only
Ariane Agunsoye
,
Michelle Groenewald
,
Danielle Guizzo
, and
Kamal Ramburuth-Hurt

the three Ds). This is crucial for economics to contribute effectively to creating economies which promote racial justice, gender and social class equality, and stewardship of the planet for future generations. Diversifying economics is about broadening both the people and knowledge of the discipline. This requires moving from rigid hierarchies where certain groups and countries

in Reclaiming economics for future generations
Abstract only
Thoreau in the city
Alison Hulme

the condition of the people’ (1884). Maria Ossowaska describes thrift as ‘that sovereign bourgeois virtue’ (1986). Belfort Bax, the well-​known socialist leader of the Victorian era, saw thrift as part of capitalism, arguing ‘the aim of the Socialist therefore, which is the enjoyment of the products of labour as opposed to that of the bourgeois which is their mere accumulation with a view to “surplus-​value”, is radically at variance with “thrift” ’ (1884). This class angle on thrift was arguably best articulated by Algernon Sidney Crapsey, in The Rise of the

in A brief history of thrift
Abstract only
Keynes, consumer rights and the new thrifty consumers
Alison Hulme

) and upon its publication immediately inspired a political mass movement in which ‘Bellamy Clubs’ were set up to discuss and put into action the book’s ideas. Thorstein Veblen’s Theory of the Leisure Class (1899), whilst broadly aligned to Marxist thought in some ways, was in others a treatise in favour of individualism in that he saw conspicuous consumption as un-​American because it encouraged the working and middle classes to copy the style of the upper classes rather than seek their own social status, prestige and happiness. Yet the combination of these three

in A brief history of thrift
Amin Samman
and
Stefano Sgambati

the Joker delivers his punchline, stock indexes for the world’s top exchanges flash losses in red over the blood spattered scene. A grin cracks across his face as the indexes quickly recover. Though on the gorier end of the spectrum, YouTube videos such as this reveal how class warfare today takes shape through a specific form of apocalyptic imagination, characteristic of financial society and built on an

in Clickbait capitalism