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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

leading US defence corporations at the heart of building the Cold War armaments that dominated the era. As well as working on the Polaris missile programme, he would eventually rise to the position of programme manager in a part of the enormous Poseidon project. Managing a 280–strong engineering department based in Sunnyvale, California, at Lockheed he gained invaluable experience of working in the rapidly expanding US defence industry, building a network that in future would prove invaluable. It was experience he put to good use in securing the post of general manager

in Ferranti: A History
Why China survived the financial crisis
Shalendra D. Sharma

’s ability to withstand the crisis, must be understood within the context of its domestic political economy. While it was arguably in China’s interest not to devalue the RMB during the height of crisis, there are forces at work within the economy that may force China to rethink this strategy in the future. The economy: underlying strengths Never in recorded history has an economy grown so rapidly and as extensively as that of post-Mao China. The Third Plenum of the Eleventh Communist Party Congress in December 1978 saw the rise of the late Deng Xiaoping as the paramount

in The Asian financial crisis
Richard R. Nelson

fundamental aspect of political regimes under capitalism, so that a true democracy was very difficult to achieve so long as capitalism held sway. On the other hand, part of his argument as to why capitalism was dissolving involved precisely the extension of democracy despite the resistance of capitalism’s defenders. Neither author displayed any enthusiasm for the Soviet system that was taking shape at the time. But both clearly forecasted an economic system that involved far less competition among firms, and far more co-ordination, much more government regulation of firms

in Market relations and the competitive process
Costas Simitis

ac­ cession of 10 new members in 2004 multiplied the difficulties in consultations and decision-making in the EU. These new member states, mostly formerly in the Soviet sphere, reacted (and still react) against unifying efforts and new rules: ‘We did not become members of the Union to substitute Brussels for Moscow’. France and Germany had exerted pressure for the EU to be expanded, in the hope of acquiring new markets and new allies. However, the new countries felt that their supporter par excellence was the USA and they expressed doubts over and objections to

in The European debt crisis
Oonagh McDonald

another aspect of regulation. Johnson Matthey Bankers Ltd (JMB), a member of the London Gold Fix, was the subsidiary of a long-established company, specialising in a wide range of operations, including chemicals, emission control technologies, precious metal products and banking. In 1980, JMB had made the mistake of moving into the US jewellery trade, a new venture into unfamiliar territory, resulting in losses of over £60 million. Although JMB had benefited from the increase in bullion sales after the Soviet invasion of Afghanistan in 1980, the subsidiary was

in Holding bankers to account
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

result of increased inputs, not as a result of increased total factor productivity. Indeed, Krugman likened the experience of the fastgrowing economies of East Asia to the former Soviet Union, which grew rapidly in the 1920s and 1930s through large increases in the employment of capital and labor, rather than increases in total factor productivity. Krugman called this working harder, not smarter – growth as a result of “perspiration rather than inspiration.” This finding prompted him to refer to the highperforming economies of East Asia as a collection of paper tigers

in The Asian financial crisis