Abstract
This theoretical paper synthesises research on the foundational economy and its contribution to a social–ecological transformation. While foundational thinking offers rich concepts and policies to transition towards such transformation, it fails to grasp the systematic non-sustainability of capitalism. This weakness can be overcome by enriching contemporary foundational thinking with feminist and ecological economics. Whereas the feminist critique problematises foundational thinking’s focus on paid labour, the ecological critique targets Sen’s capability approach as a key inspiration of foundational thinking, arguing that a theory of human needs is better suited to conceptualise wellbeing within planetary boundaries. Based on this, we outline a novel schema of economic zones and discuss their differentiated contributions to the satisfaction of human needs. By privileging need satisfaction, such broadened foundational thinking demotes the tradable sector and rentier economy, thereby revaluating unpaid work as well as respecting ecological imperatives. This empowers new articulations of social and ecological struggles to improve living conditions in the short run, while having the potential in the long run to undermine capitalism from within.
Highlights
Since its 2013 Manifesto for the foundational economy [1], the Foundational EconomyCollective (FEC), a group of European researchers, has challenged mainstream thinking about the character of our economy as well as economic policy making
We distinguish between the foundational economy as an empirical reality (: foundational economy) and foundational thinking as a specific thoughtstyle disseminated by the Foundational Economy Collective (: Foundational EconomyCollective (FEC)) as a thought collective. (For the notions of thought collective and thought styles, see [5].) Our goal is to discuss the potential of foundational thinking for a social–ecological transformation, defined as a comprehensive change of society-nature relations in the 21st century, enabling a good life for all within planetary boundaries
Due to a sometimes-limited grasp of capitalism, foundational thinking tends to underestimate systemic restraints in order to prioritise the foundational economy in capitalist economies in which the tradable and rentier economy dominates and social–ecological reproduction is structurally subordinated to commodity production
Summary
Since its 2013 Manifesto for the foundational economy [1], the Foundational EconomyCollective (FEC), a group of (mainly) European researchers, has challenged mainstream thinking about the character of our economy as well as economic policy making. Drawing upon the work of Fernand Braudel [2,3], the FEC argues for an understanding of the economy as composed of different zones, with the foundational economy vital for our everyday life. This includes inter alia provision of electricity and water, garbage disposal, food supply, education, health, care, social housing, and police. These activities constitute capitalism’s non-capitalist foundation, the “everyday communism” that sustains and enables it (Streeck, foreword in [4]).
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