2 We would like to thank Shiv Chowla for providing the statistics for this paper.
3 For a far more detailed analysis of the dual economies of Athens and Rome see Maurice Glasman, Landed and Maritime Markets in Ancient Rome: The Polanyi Paradigm Reconsidered (unpublished manuscript).
4 An excellent analysis of the different types of economy that makes this distinction between formal and substantive through the idea of a foundational economy of material and providential goods is made in Luca Calafati, Julie Froud, Sukhdev Johal, and Karel Williams, “Building Foundational Britain: From Paradigm Shift to New Political Practice,” Renewal 27, no. 2 (Summer 2019): 13–23.
5 See Andrew Bowman et al., The End of the Experiment?: From Competition to the Foundational Economy (Manchester: Manchester University Press, 2014). See also, “Productivity Puzzles,” lecture given by Andrew G. Haldane (chief economist, Bank of England), London School of Economics, March 20, 2017.
6 For the U-shaped concept see, Jean-Louis Arcand, Enrico Berkes, and Ugo Panizza, “Too Much Finance?,” Journal of Economic Growth 20, no. 2 (2015): 105–48.
7 The Report of the Committee of Finance and Industry, June 1931. It is worth noting that while Harold Macmillan was chair, Keynes and Ernest Bevin were active members of the committee. For a long-term perspective on this see, Raymond Frost, “The Macmillan Gap 1931–53,” Oxford Economic Papers 6, no. 2 (June 1954): 181–201. The Macmillan Gap refers to the lack of investment in small and medium sized business. In Germany this is known as the Mittelstand, and their sectoral and local banking arrangements are of great interest.
8 See Margaret Ackrill and Leslie Hannah, Barclays: The Business of Banking (Cambridge: Cambridge University Press, 2001), 320–60.
9 Citizens Advice Bureau, Payday Loans: An Improved Market?: Overview of the Trends in the Payday Loans Market, March 2016.
10 See “Tackling Financial Exclusion: A Country That Works for Everyone,” Select Committee on Financial Exclusion, UK Parliament, March 25, 2017.
11 David Merlin-Jones, “The Industrial and Commercial Finance Corporation: Lessons from the Past for the Future,” Civitas, 2010, 3.
12 R. Coopey and Donald Clarke, 3i: Fifty Years Investing in Industry (Oxford: Oxford University Press, 1995), 376.