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COMMENTS 

The aftermath of Berlin: what implications for German politics?

Uta Staiger, Executive Director of the European Institute, comments on the German political and media responses after the Christmas market attacks, in a piece originally published by the New Statesman.
20 December 2016
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Starts: Dec 20, 2016 12:00:00 AM

What will Brexit mean for London's digital entrepreneurs?

Oliver Patel, Research Assistant at the European Institute, offers three reasons why the Brexit vote is worrying for London's tech community.
Oliver Patel (UCL European Institute)
19 December 2016
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Starts: Dec 19, 2016 12:00:00 AM

More than just populism

On 4 December Italians rejected Matteo Renzi’s proposed constitutional reforms, leading to his resignation as Prime Minister. Roberta Damiani and Meg Russell argue that the referendum result demonstrated the perils of referendums on detailed constitutional matters and in particular of attempted second chamber reform.
16 December 2016
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Starts: Dec 5, 2016 12:00:00 AM

Green Social Democracy

Publication date: Feb 13, 2013 05:15 PM

Start: Feb 12, 2013 09:00 AM

Michael Jacobs

Prof Michael Jacobs
February 2013

Despite its worthy motives, social market philosophy provides neither a useful analytical framework for understanding modern capitalism, nor the policy tools to address our present economic and social predicament.  The concept of ‘market failure’, with its underlying assumption of market equilibrium, does not capture the systemically adverse outcomes of collective market forces.  A more sophisticated understanding of capitalist economies, and the societies in which they exist, would recognise that the market economy is a dynamic but not self-regulating system.  It is embedded in, and impacts on, four other economies – of the natural environment, of family and care, of voluntary association, and of the public sector – which operate under different motivations and allocative principles.  The role of government is central, to balance the values created by different kinds of institutions and to constrain the dynamic impacts of market forces.  A number of policy conclusions are offered arising from this framework.

Biography: Michael Jacobs is Visiting Professor in the Department of Political Science / School of Public Policy at University College London and Co-Editor of The Political Quarterly.

Acknowledgements: Fabian Society