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COMMENTS 

The Constitution of Democracy

Albert Weale argues that the Article 50 case did not represent the judges against the people, as some newspaper headlines suggested, but the judges for the people. More...

Starts: Nov 18, 2016 12:00:00 AM

The Brexit Brokers

Meet the people who will deal the cards that could seal Britain's fate - on Europe's behalf.
Uta Staiger and Nicholas Wright (UCL)
18 November 2016
More...

Starts: Nov 18, 2016 12:00:00 AM

In Defence of Miller

Jeff King and Nick Barber present a rigorous and legally dense defence of the High Court’s recent decision that parliament must give its approval before the government can trigger Article 50.
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Starts: Nov 24, 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