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COMMENTS 

Don’t let the Paris murderers win

Professor Laborde warns against the reactivist response to the Paris murders: they misunderstand the role played by free speech and by laïcité. Further, they allow criminals to set the term of the debate on how to better facilitate Muslim integration if France.
Professor Cécile Laborde
26 February 2015 More...

Starts: Feb 26, 2015 12:00:00 AM

Britain and EU reform

Piet Eeckhout revisits the question of EU reform, including different options for and legal as well as political constraints of such reform.
Professor Piet Eeckhout
20 January 2015 More...

Starts: Jan 20, 2015 12:00:00 AM

Europe and Research Excellence in the UK

Prof. Dame Julia Goodfellow examines the role of EU research collaboration and funding in sustaining and fostering research excellence in the UK.
Professor Dame Julia Goodfellow
9 February 2015 More...

Starts: Feb 7, 2015 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