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COMMENTS 

A Question of Trust

The age-old question of what holds our societies together re-emerges periodically, particularly in times of crisis. In a world ever more globalised and virtual, the answer is often cast in terms of "trust", with its pivotal role as regularly called upon as its health called into question. How has trust risen to this centrality, and is it all as straightforward as it seems?
Dr Uta Staiger
13 August 2014
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Starts: Aug 13, 2014 12:00:00 AM

"A bad day for Europe"?

Juncker’s nomination was not a sudden, not an unexpected and not even a distinct event. Neither does it spell an end to the European Council’s dominance in constitutional politics or make EU reform less likely.
Dr Christine Reh
2 July 2014
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Starts: Jul 1, 2014 12:00:00 AM

When anger masks apathy

As a closer look at the European Parliament Elections in Central and Eastern Europe suggests, it may be non-voting, rather than populist protest voting, which could prove the real long-term threat to sustainability of the EU’s troubled democratic institutions.
Dr Sean Hanley
2 June 2014 More...

Starts: Jun 2, 2014 12:00:00 AM

Green Social Democracy

Publication date: Feb 13, 2013 5:15:34 PM

Start: Feb 12, 2013 9:00:00 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