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COMMENTS 

The Democratic Disconnect

In the eurozone, the EU needs greater legitimacy at the national level not only to secure space for domestic politics but also to secure respect for social and economic commitments over time.
Prof. Albert Weale
24 November 2014 More...

Starts: Nov 24, 2014 12:00:00 AM

Europe: Six decades of strife and controversy for UK

It's groundhog day in Britain, where the European Union is concerned. The context changes, but the basic issues do not.
Sir Stephen Wall
18 November 2014 More...

Starts: Nov 18, 2014 12:00:00 AM

The 9 November poll in Catalonia

The recent Scottish referendum set a precedent in contemporary Europe by seeking to deliver, in agreement between Westminster and Holyrood, a binding decision on Scotland's future. The 'participatory process' that took place in Catalonia on 9 November could not be more different. Why is this so, what are its consequences, and where might we be heading?
Dr Claire Colomb
Dr Uta Staiger

13 November 2014
More...

Starts: Nov 13, 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