Foundational Economy - (Manchester Capitalism) 2nd Edition by The Foundational Economy Research (Paperback)

About the Book

This book shows how the foundational economy - public services, infrastructure, education and health care - was built up between 1880 and 1980 so that they were collectively paid for, collectively delivered and collectively consumed. This system of provision has been undermined in the age of privatisation and outsourcing.

Book Synopsis

This book shows how the foundational economy - public services, infrastructure, education and health care - was built up between 1880 and 1980 so that they were collectively paid for, collectively delivered and collectively consumed. This system of provision has been undermined in the age of privatisation and outsourcing.

From the Back Cover

'The Foundational Economy provides a springboard for the new deal working people need.'
Frances O'Grady, General Secretary, Trades Union Congress

'An interesting and important contribution to the economic debates going on today.'
John McDonnell, Shadow Chancellor of the Exchequer (2015-20)

'This inspirational reformulation of the Foundational Economy explains why we need to stop wrecking our public services in Europe and start refashioning their future in the twenty-first century.'
Henrietta L. Moore, Director of the UCL Institute for Global Prosperity

'This fascinating book can be seen as a contribution to the debate about measuring, understanding and, ultimately, reshaping economic systems. More than that, it is a critique of existing custom and practice when measuring, understanding and shaping the economy.'
Andy Haldane, former Chief Economist, Bank of England

The foundational economy is everywhere: from clean water to care homes, schools to hospitals, these vital services were established between 1880 and 1980 to be collectively paid for, collectively delivered and collectively consumed. This essential framework has transformed the lives of billions, but in the last generation it has come under considerable attack. Privatisation, market choice and outsourcing have depleted the material infrastructure at the core of everyday life, and the foundational economy is in desperate need of renewal.

This book sets out the principles and initiatives to end the degradation of the foundational economy and restore its essential place in society. In the face of our growing needs, the authors argue, politics must refocus on foundational consumption and universal minimum access and quality.

Review Quotes

'A compelling counter-project against neoliberalism: restoring the collective foundations of everyday life.'
Wolfgang Streeck, Max Planck

'This is an interesting and important contribution to the economic debates going on today. It underlines the centrality of collectivism and universalism as pillars of a decent society, as well as asking searching questions about the kind of solutions we need to the economic problems of our age.'
John McDonnell, Shadow Chancellor of the Exchequer (2015-20)

'There is now a widespread and growing view that the UK economy has ceased to work effectively for ordinary people. This original and challenging book sets out a compelling argument for why this is happening. You do not have to sign up to every individual point made in the book to recognise the power of the overall argument. At the heart of the book is the idea of the 'foundational economy', its rise in the municipal era, its fall in the neo liberal era and how it might be renewed again. The term foundational may not be in everyday use but what it describes represents the essential fabric of our lives - the essential infrastructure of energy, water, and transport and the essential services of education, health and care. These are distinguished by being essentially collective goods. They cannot simply be 'bought' by an individual but must be decided by society as a whole. For the last 30 or so years, it has been the accepted wisdom of many politicians and policy makers that these services are best enabled publicly but delivered privately. The book provides a robust challenge to this view. Those looking to find individual policy solutions in this book will be disappointed. It is much more about changing the way we think about economics and society. But is does contain a message of hope in some pretty challenging times. Recommended reading lists for civil servants are quite a common occurrence at Christmas time. This book deserves to be on those lists.'
Lord Bob Kerslake, Head of the UK Civil Service (2011-14)

'In the honourable tradition of provincial radicalism, the Foundational Economy Collective open new horizons for social, economic and political renewal with their provocative and yet practical proposals for reconstructing everyday economies. This is not the time for incremental tinkering with the status quo, nor critique solely for its own sake. Instead, the Foundational Economy delivers an arresting and imaginative manifesto for rebuilding our communities from the ground up. Founded on a political economy of hope, not despair, this approach is radical in all of the best senses of the word: it cuts to the root of wicked problems, rethinking from first principles; it steadfastly refuses to be cowed or constrained by stale orthodoxies; and it illuminates an alternative pathway, guided by the principles of inclusive citizenship, social innovation, ethical investment, and progressive political renewal. This is a book that is sure to change some minds, and maybe even the future.'
Jamie Peck, University of British Columbia, Canada

'Read this book if you want to understand why the NHS is not funded through taxes raised from the private sector; if you want to know why our children will not be mostly employed in 'high tech' industry in future (and cannot be); or why the welfare state was a good protection racket; why British privatized rail companies lie so much about their 'greatness'; why care homes are so badly run at such great private profit by 'entrepreneurs'; and how those who rob us so often claim a defense of 'diminished responsibility' for their acts of great harm. All that is in just the first two dozen pages of the 'Foundational Economy'. The collective that produced this book of wonders deserves to be warmly congratulated on producing such a clear explanation of, amongst so much else, how 'the British and Americans led the way to a new kind of rentier capitalism.' An

About the Author

The Foundational Economy collective: Davide Arcidiacono, Filippo Barbera, Andrew Bowman, John Buchanan, Sandro Busso, Joselle Dagnes, Joe Earle, Ewald Engelen, Peter Folkman, Julie Froud, Colin Haslam, Sukhdev Johal, Ian Jones, Dario Minervini, Mick Moran, Fabio Mostaccio, Gabriella Pauli, Leonhard Plank, Angelo Salento, Ferdinando Spina, Nick Tsitsianis, Karel Williams.