Europe UK (Commonwealth Union) – The foundational economy (FE) refers to the essential goods and services that are necessary for everyday life, such as healthcare, education, housing, food, and transportation. These industries form the backbone of society and are critical to maintaining economic and social stability. However, despite their importance, these sectors often receive less attention and investment compared to other industries, leading to a lack of quality and accessibility for many individuals and communities.
One of the main benefits of the FE approach is its potential to create more resilient communities. By prioritizing essential goods and services, communities can better withstand economic shocks and disruptions. For example, investing in local food production can help ensure food security in the event of a crisis, while investing in affordable housing can help prevent displacement and homelessness. Many within the community can also support local communities by shopping locally and supporting their local small businesses
A new study looking into the ways the FE can be backed in Wales is assisting in providing information for government policy for the future.
The research which was, A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales was conducted by Swansea University, Cardiff Metropolitan University along with the University of Central Lancashire. The results were mentioned in the most recent cabinet statement by Welsh Minister for Economy Vaughan Gething.
The study draws its attention towards backing for the FE in Wales and looked into ways to effectively improve the FE capability of public service practitioners along with ways to gain knowledge on lessons obtained from the Preston Model – a guideline for creating community wealth.
Mr. Gething further indicated that the study has given them better knowledge of the FE possibilities across the public sector as well as attitudes on the FE adoption right now.
“This is helping to shape our FE capability program to ensure we provide the right tools and support to practitioners so that strong and vibrant FE sectors can be nurtured and accessed, improving wellbeing for the citizens of Wales,” he added.
