Karel Williams

Karel Williams

What was the nature of their innovation and how did it contribute to humankind? K.W. and the team at the Centre for REsearch on Socio-cultural Change (CRESC) at Manchester University have pointed out that 'the economy' is not one single entity but may be divided into at least two; the foundational economy and the traded economy. The foundational economy employs 40% of the workforce and is both private and public. It meets everyday needs by providing taken-for-granted services and goods such as electricity cables, water and gas pipes, care, telecommunications and food. It is sustained by citizen tax revenues and unavoidable household expenditure. Unlike the traded economy, which caters for wants more than needs e.g. an iphone, the foundational economy has preconditions of national, regional and local economic security as well as social sustainability. Treating parts of the foundational economy as if they were part in the traded economy results in rent extraction, monopoly practices and political instability founded on wide-spread social anxiety. Different economies, different rules; the implications are far reaching. http://hummedia.manchester.ac.uk/institutes/cresc/workingpapers/wp131.pdf Anyone can experience the difference between a service treated as part of the foundational economy and one which is not. Simply get on a bus either in London, where the service is regulated, or go to any other city in the UK where bus services are not. Just make sure you have a pocket full of change, plenty of time and no urgent need to get to work that morning. https://www.theguardian.com/uk-news/2019/may/05/bus-fares-reveal-massively-unfair-gulf-between-london-and-rest-of-england

Points

An insight with due respect for the government, municipal de-centralized regional control one which is being taken seriously by the Welsh government.

Find out more about great innovation in thinking in the foundational economy here https://www.themintmagazine.com/4893-2

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