Professor Sukhdev Johal

Profile

Role: 

• Professor of Accounting and Strategy
• Member of the Department of Accounting and Financial Management

Biography:

Sukhdev Johal is Chair in Accounting & Strategy at Queen Mary University of London. His current research interests include critical research on UK finance, how to adapt social and economic statistics to understand employment and wealth changes in the UK, how local authorities can adapt local CSR policies to promote economic democracy and local supply chains. He also has a long standing interest in financialization and its impact on business models with the most recent publication on the Apple Business Model. He is a long time research collaborator with the CRESC research team. Recent co-authored books include After the Great Complacence (2011), Financialization at Work (2008)  and Financialization and Strategy (2006). Alongside academic publishing are public interest reports on public policy issues such as UK rail privatization, an alternative report on UK banking reform, regional growth disparities. All these reports received extensive publicity in the broadsheet.

Research

Research Interests:

Research summary

The research has developed through a long-running collaboration that began in the 1990s. The starting point was firms, sectors and places in trouble. Manufacturing decline. The auto industry. Industrial organisation and the changing conditions of production. The work combined political economy with an accounting sensibility, using costs, margins, balance sheets and business models to see how organisations actually operated and how they explained themselves. That core team and that core approach has stayed constant. What changed over time was the span and scale of the questions.

By the mid-1990s this approach had become a way of analysing contemporary capitalism. Accounting numbers were used to test corporate stories and to show how strategy worked in practice. This included work on shareholder value, the New Economy, corporate restructuring and the financialised firm. It led to the Financialization and Strategy book which set narrative alongside numbers to show how large corporations managed expectations and distributed rewards. The argument was that financialisation was not a deviation from good capitalism. It was what capitalism was becoming, and the numbers showed it.

After 2008 the work opened up. The financial crisis did not arrive as a surprise. The accounting sensibility that had tracked financialisation, shareholder value and the hollowing out of firms had already mapped the fragility. What came next was more revealing. The failure of banks could be contained as a story of institutional malfunction. The deeper failure was political and regulatory. The system could not name, understand or reform what had happened. There were too many moving parts. That became the problem.

After the Great Complacence book, developed with long-standing collaborators, took this apart. The crisis had exposed not just a broken financial system but a broken political economy of knowledge. Expertise had been captured. Elites had insulated themselves from accountability. The numbers that should have triggered decisive intervention had been available but ignored. The book was an argument about power and regulatory capture as much as finance.

This was also the most productive period for developing the public interest report as a form. A series of detailed sectoral analyses followed in banking, private equity, rail, outsourcing, adult care and industrial policy. Each one applied the same process. Reconstruct the business model. Follow the money. Identify who gains and who carries the risk. These were not academic commentaries on policy. They were timed interventions in live arguments, aimed at reviews, consultations and moments of political pressure. Official claims about efficiency, competition and value for money rarely survived contact with the numbers.

The later period sits under the umbrella of the foundational economy. This began with the 2013 Manifesto for the Foundational Economy and started from an observation. Policy was looking in the wrong direction. It chased competitiveness, high-tech sectors and inward investment while ignoring the large, sheltered economy that supplies everyday essentials to households. The research argued that this sheltered economy is the real foundation of everyday life. Food. Housing. Utilities. Transport. Health. Care. The systems that households rely on before they can do anything else.

The work treated these systems as material, providential and practical. It examined how they are owned, financed and regulated, and how this shapes access, quality and cost. It showed how many failures in these systems are built into business models, weak regulation and forms of ownership that extract value while shifting risk onto households and places. Public interest reports on rail, adult care, Welsh small towns, housing, utilities, grounded SMEs and community endowments developed the argument across sectors and geographies. Each followed the same discipline as before, now with households and places explicitly as the starting point rather the endpoint.

From this came the focus on household liveability, developed most clearly in When Nothing Works. The book set out the basic problem. Many households are squeezed between low wages, state subvention, high fixed costs and failing systems of provision. Headline growth and average incomes tell you nothing about this. The real question is what households have left after paying for the FE4 essentials, housing, transport, utilities and food. What services they can rely on. What local infrastructure makes life possible. This made the foundational economy argument concrete. It linked everyday pressures to low growth, climate change, public-service fragility and the failures of privatised utilities. If the systems that supply essentials do not work, then nothing else works.

Accounting remains central throughout the research. It is not treated as a narrow technical field but as a way of seeing how organisations extract value, shift costs, distribute rewards, hide fragility and make claims about performance. As the Murky Water book shows, this kind of analysis exposes the failures of privatised utility systems and points towards alternatives.

Across the work on manufacturing, financialisation, the financial crisis, outsourcing, the foundational economy and utilities, the recurring concern is with the systems that organise everyday life. The research asks how firms, sectors and states allocate value, risk and responsibility, and what would have to change if households, places and foundational services became the starting point for policy.

Centre and Group Membership:

• Member of the Accounting & Accountability Research Group (AARG)

Publications

Books

• Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2025) Murky Water: Challenging an Unsustainable System, Manchester: Manchester University Press. ISBN: 9781526188700.
• Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2023) When Nothing Works: From Cost of Living to Foundational Liveability, Manchester: Manchester University Press. ISBN: 9781526173713.
• Engelen, E., Ertürk, I., Froud, J., Johal, S., Leaver, A., Moran, M., Nilsson, A. and Williams, K. (2011) After the Great Complacence: Financial Crisis and the Politics of Reform, Oxford: Oxford University Press. ISBN: 9780199589081.
• The Foundational Economy Collective, Froud, J., Johal, S., Moran, M., Salento, A. and Williams, K. (2018) Foundational Economy: The Infrastructure of Everyday Life, Manchester: Manchester University Press. ISBN: 9781526134004.
• Bowman, A., Ertürk, I., Folkman, P., Froud, J., Haslam, C., Johal, S., Leaver, A., Moran, M., Tsitsianis, N. and Williams, K. (eds) (2015) What a Waste: Outsourcing and How It Goes Wrong, Manchester: Manchester University Press. ISBN: 9780719099533.
• Bowman, A., Froud, J., Johal, S., Law, J., Leaver, A., Moran, M. and Williams, K. (2014) The End of the Experiment? From Competition to the Foundational Economy, Manchester: Manchester University Press. ISBN: 9780719096334.
• Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (eds) (2008) Financialization at Work: Key Texts and Commentary, London: Routledge. ISBN: 9780415417310.
• Froud, J., Johal, S., Leaver, A. and Williams, K. (2006) Financialization and Strategy: Narrative and Numbers, London: Routledge. ISBN: 9780415334181.
• Haslam, C., Neale, A. and Johal, S. (2000) Economics in a Business Context, 3rd edn, London: Business Press/Thomson Learning. ISBN: 9781861524003.
• Williams, K., Haslam, C., Johal, S. and Williams, J. (1994) Cars: Analysis, History, Cases, Oxford/New York: Berghahn Books. ISBN: 9781571818515.

Book chapters

• Earle, J., Johal, S. and Williams, K. (2024) ‘Post-crash economics: liberal education through struggle against the curriculum’ in Jones, S. (ed.), Manchester Minds: A University History of Ideas, Manchester: Manchester University Press, pp. 319–333. ISBN: 9781526176325; eISBN: 9781526176318.
• Froud, J., Johal, S. and Williams, K. (2021) ‘The foundational economy and industrial strategy’ in Berry, C., Froud, J. and Barker, T. (eds), The Political Economy of Industrial Strategy in the UK: From Productivity Problems to Development Dilemmas, Newcastle upon Tyne: Agenda Publishing, pp. 51–58. ISBN: 9781788213400; 9781788213394; eISBN: 9781788213417; 9781788213424.
• Froud, J., Hodson, M., Johal, S., Wei, H. and Williams, K. (2020) ‘Planning with citizenship: an idea whose time has come in Greater Manchester?’ in Barbera, F. and Jones, I.R. (eds), The Foundational Economy and Citizenship: Comparative Perspectives on Civil Repair, Bristol: Policy Press, pp. 105–128. ISBN: 9781447353379; eISBN: 9781447353386.
• Buchanan, J., Dymski, G., Froud, J., Johal, S., Williams, K. and Yu, S. (2020) ‘Changing employment portfolios and inclusive growth in Australia: redistributing risks at work’ in Smyth, P. and Buchanan, J. (eds), Inclusive Growth in Australia: Social Policy as Economic Investment, London: Routledge, pp. 65–88. ISBN: 9781743311301; eISBN: 9781000249934.
• Froud, J., Johal, S., Moran, M. and Williams, K. (2018) ‘Must Brexit be a waste? Economic policies for a disunited kingdom’ in Dodsworth, F. and Walford, A. (eds), A World Laid Waste? Responding to the Social, Cultural and Political Consequences of Globalisation, London: Routledge, pp. 20–42. ISBN: 9781138244986; 9780367886028.
• Froud, J., Johal, S., Leaver, A. and Williams, K. (2017) ‘Financialized business models and the corporation’ in Baars, G. and Spicer, A. (eds), The Corporation: A Critical, Multi-Disciplinary Handbook, Cambridge: Cambridge University Press, pp. 291–302. ISBN: 9781107073111; eISBN: 9781139681025.
• Johal, S., Moran, M. and Williams, K. (2017) ‘Avoiding “back to the future” policies by reforming the “foundational economy”’ in Jones, B. and O’Donnell, M. (eds), Alternatives to Neoliberalism: Towards Equality and Democracy, Bristol: Policy Press, pp. 175–192. ISBN: 9781447331148; 9781447331179; eISBN: 9781447331162.
• Bowman, A., Froud, J., Johal, S., Leaver, A. and Williams, K. (2015) ‘Reframing industrial policy’ in Bailey, D., Cowling, K. and Tomlinson, P. (eds), New Perspectives on Industrial Policy for a Modern Britain, Oxford: Oxford University Press, pp. 60–78. ISBN: 9780198706205; eISBN: 9780191016462.
• Bowman, A., Froud, J., Johal, S., Moran, M. and Williams, K. (2015) ‘Business elites and undemocracy in Britain: a work in progress’ in Morgan, G., Hirsch, P. and Quack, S. (eds), Elites on Trial, Research in the Sociology of Organizations, vol. 43, Bingley: Emerald, pp. 305–336. ISBN: 9781784416805; eISBN: 9781784416799.
• Froud, J., Buchanan, J., Johal, S., Williams, K. and Yu, S. (2014) ‘Do the UK and Australia have sustainable business models?’ in Hauptmeier, M. and Vidal, M. (eds), Comparative Political Economy of Work, London: Palgrave Macmillan, pp. 52–72. ISBN: 9781137322272; eISBN: 9781137329462.
• Moran, M., Johal, S. and Williams, K. (2011) ‘The financial crisis and its consequences’ in Allen, N. and Bartle, J. (eds), Britain at the Polls 2010, London: SAGE, pp. 89–119. ISBN: 9781849208468; 9781849208451; eISBN: 9781446269220.
• Haslam, C., Williams, K., Johal, S., Adcroft, A. and Williams, J. (1996) ‘Learning from Japan: the yeast for Britain’s manufacturing regeneration?’ in Darby, J. (ed.), Japan and the European Periphery, Basingstoke: Palgrave Macmillan, pp. 69–85. ISBN: 9780333669679; eISBN: 9781349251988.

Articles in refereed journals (since 2009)

• Bassens, D., Froud, J., Johal, S. and Williams, K. (2026) ‘The developing foundational movement’, Dialogues in Human Geography. DOI: 10.1177/20438206261438829.
• Bassens, D., Froud, J., Johal, S. and Williams, K. (2025) ‘Geography, the foundational economy, and the fallen-below’, Dialogues in Human Geography. DOI: 10.1177/20438206251388515.
• Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2024) ‘Place and mobility in Wales: challenges and opportunities for reducing car use in a car-dependent, low-density country’, Local Economy, 38(8), pp. 773–793. DOI: 10.1177/02690942241279556.
• Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2022) ‘The crisis of everyday liveability, policy and politics’, The Political Quarterly, 93(4), pp. 640–648. DOI: 10.1111/1467-923X.13196.
• Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2021) ‘Diversity in leading and laggard regions: living standards, residual income and regional policy’, Cambridge Journal of Regions, Economy and Society, 14(1), pp. 117–139. DOI: 10.1093/cjres/rsaa027.
• Froud, J., Haslam, C., Johal, S. and Williams, K. (2020) ‘(How) does productivity matter in the foundational economy?’, Local Economy, 35(4), pp. 316–336. DOI: 10.1177/0269094220956952.
• Earle, J., Froud, J., Johal, S. and Williams, K. (2018) ‘Foundational economy and foundational politics’, Welsh Economic Review. DOI: 10.18573/wer.146.
• Engelen, E., Froud, J., Johal, S., Salento, A. and Williams, K. (2017) ‘The grounded city: from competitivity to the foundational economy’, Cambridge Journal of Regions, Economy and Society, 10(3), pp. 407–423. DOI: 10.1093/cjres/rsx016.
• Froud, J., Johal, S., Moran, M. and Williams, K. (2017) ‘Outsourcing the state: new sources of elite power’, Theory, Culture & Society, 34(5–6), pp. 77–101. DOI: 10.1177/0263276417717791.
• Bowman, A., Froud, J., Johal, S. and Williams, K. (2017) ‘Trade associations, narrative and elite power’, Theory, Culture & Society, 34(5–6), pp. 103–126. DOI: 10.1177/0263276417717793.
• O’Reilly, J., Froud, J., Johal, S., Williams, K., Warhurst, C., Morgan, G., Grey, C., Wood, G., Wright, M., Boyer, R., Frerichs, S., Sankari, S., Rona-Tas, A. and Le Galès, P. (2016) ‘Brexit: understanding the socio-economic origins and consequences’, Socio-Economic Review, 14(4), pp. 807–854. DOI: 10.1093/ser/mww043.
• Johal, S., Moran, M. and Williams, K. (2016) ‘Breaking the constitutional silence: the public services industry and government’, The Political Quarterly, 87(3), pp. 389–397. DOI: 10.1111/1467-923X.12252.
• Johal, S., Leaver, A., Moran, M. and Williams, K. (2016) ‘A new constitutional settlement for big business’, Soundings, 62. DOI: not found.
• Froud, J., Johal, S., Moran, M. and Williams, K. (2012) ‘Must the ex-industrial regions fail?’, Soundings, 52, pp. 133–146. DOI: 10.3898/136266212803853581.
• Johal, S., Moran, M. and Williams, K. (2014) ‘Power, politics and the City of London after the Great Financial Crisis’, Government and Opposition, 49(3), pp. 400–425. DOI: 10.1017/gov.2014.3.
• Froud, J., Johal, S., Leaver, A. and Williams, K. (2014) ‘Financialization across the Pacific: manufacturing cost ratios, supply chains and power’, Critical Perspectives on Accounting, 25(1), pp. 46–57. DOI: 10.1016/j.cpa.2012.07.007.
• Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2013) ‘(How) do devices matter in finance?’, Journal of Cultural Economy, 6(3), pp. 336–352. DOI: 10.1080/17530350.2013.802987.
• Bowman, A., Froud, J., Johal, S., Leaver, A. and Williams, K. (2013) ‘Opportunist dealing in the UK pig meat supply chain: trader mentalities and alternatives’, Accounting Forum, 37(4), pp. 300–314. DOI: 10.1016/j.accfor.2013.07.001.
• Buchanan, J., Dymski, G., Froud, J., Johal, S., Leaver, A. and Williams, K. (2013) ‘Unsustainable employment portfolios’, Work, Employment and Society, 27(3), pp. 396–413. DOI: 10.1177/0950017013479829.
• Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2012) ‘Accounting for national success and failure: rethinking the UK case’, Accounting Forum, 36(1), pp. 5–17. DOI: 10.1016/j.accfor.2012.01.004.
• Engelen, E., Ertürk, I., Froud, J., Johal, S., Leaver, A., Moran, M. and Williams, K. (2012) ‘Misrule of experts? The financial crisis as elite debacle’, Economy and Society, 41(3), pp. 360–382. DOI: 10.1080/03085147.2012.661634.
• Johal, S., Moran, M. and Williams, K. (2012) ‘The future has been postponed: the Great Financial Crisis and British politics’, British Politics, 7(1), pp. 69–81. DOI: 10.1057/bp.2011.30.
• Froud, J., Johal, S., Montgomerie, J. and Williams, K. (2010) ‘Escaping the tyranny of earned income? The failure of finance as social innovation’, New Political Economy, 15(1), pp. 147–164. DOI: 10.1080/13563460903553723.
• Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2010) ‘Ownership matters: private equity and the political division of ownership’, Organization, 17(5), pp. 543–561. DOI: 10.1177/1350508410372929.
• Froud, J., Johal, S., Leaver, A., Phillips, R. and Williams, K. (2009) ‘Stressed by choice: a business model analysis of the BBC’, British Journal of Management, 20(2), pp. 252–264. DOI: 10.1111/j.1467-8551.2008.00564.x.
• Froud, J., Leaver, A., Johal, S., Nilsson, A. and Williams, K. (2009) ‘Narratives and the financialised firm’, Kölner Zeitschrift für Soziologie und Sozialpsychologie, Sonderheft 49, pp. 288–304. DOI: not found.
• Folkman, P., Froud, J., Johal, S. and Williams, K. (2009) ‘Private equity: levered on capital or labour?’, Journal of Industrial Relations, 51(4), pp. 517–527. DOI: 10.1177/0022185609339516.
• Ertürk, I., Froud, J., Johal, S., Leaver, A., Shammai, D. and Williams, K. (2008) ‘Corporate governance and impossibilism’, Journal of Cultural Economy, 1(2), pp. 109–127. DOI: 10.1080/17530350802243503.
• Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2007) ‘The democratization of finance? Promises, outcomes and conditions’, Review of International Political Economy, 14(4), pp. 553–575. DOI: 10.1080/09692290701475312.
• Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2007) ‘Against agency: a positional critique’, Economy and Society, 36(1), pp. 51–77. DOI: 10.1080/03085140601089903.
• Johal, S. and Leaver, A. (2007) ‘Is the stock market a disciplinary institution? French giant firms and the regime of accumulation’, New Political Economy, 12(3), pp. 349–368. DOI: 10.1080/13563460701485490.
• Froud, J., Johal, S., Leaver, A. and Williams, K. (2005) ‘Different worlds of motoring: choice, constraint and risk in household consumption’, The Sociological Review, 53(1), pp. 96–128. DOI: 10.1111/j.1467-954X.2005.00505.x.
• Ertürk, I., Froud, J., Johal, S. and Williams, K. (2004) ‘Corporate governance and disappointment’, Review of International Political Economy, 11(4), pp. 677–713. DOI: 10.1080/0969229042000279766.
• Froud, J., Johal, S., Papazian, V. and Williams, K. (2004) ‘The temptation of Houston: a case study of financialisation’, Critical Perspectives on Accounting, 15(6–7), pp. 885–909. DOI: 10.1016/j.cpa.2003.05.002.
• Froud, J., Johal, S. and Williams, K. (2002) ‘Heaven and hell: the macro dynamics and micro experience of inequality’, Journal of Industrial Relations, 44(1), pp. 62–87. DOI: 10.1111/1472-9296.00037.
• Feng, H., Froud, J., Johal, S., Haslam, C. and Williams, K. (2001) ‘A new business model? The capital market and the new economy’, Economy and Society, 30(4), pp. 467–503. DOI: 10.1080/03085140120089063.
• Froud, J., Johal, S., Haslam, C. and Williams, K. (2001) ‘Accumulation under conditions of inequality’, Review of International Political Economy, 8(1), pp. 66–95. DOI: 10.1080/09692290010010326.
• Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) ‘Shareholder value and financialization: consultancy promises, management moves’, Economy and Society, 29(1), pp. 80–110. DOI: 10.1080/030851400360578.
• Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) ‘Restructuring for shareholder value and its implications for labour’, Cambridge Journal of Economics, 24(6), pp. 771–797. DOI: 10.1093/cje/24.6.771.
• Froud, J., Haslam, C., Johal, S. and Williams, K. (2000) ‘Representing the household: in and after national income accounting’, Accounting, Auditing & Accountability Journal, 13(4), pp. 535–560. DOI: 10.1108/09513570010338221.
• Froud, J., Haslam, C., Johal, S., Shaoul, J. and Williams, K. (1998) ‘Persuasion without numbers? Public policy and the justification of capital charging in NHS trust hospitals’, Accounting, Auditing & Accountability Journal, 11(1), pp. 99–125. DOI: 10.1108/09513579810207328.
• Froud, J., Haslam, C., Johal, S., Williams, K. and Willis, R. (1998) ‘British pharmaceuticals: a cautionary tale’, Economy and Society, 27(4), pp. 554–584. DOI: 10.1080/03085149800000033.
• Froud, J., Haslam, C., Johal, S., Williams, J. and Williams, K. (1997) ‘From social settlement to household lottery’, Economy and Society, 26(3), pp. 340–372. DOI: 10.1080/03085149700000018.
• Williams, K., Haslam, C., Cutler, T., Johal, S. and Willis, R. (1994) ‘Johnson 2: knowledge goes to Hollywood’, Critical Perspectives on Accounting, 5(3), pp. 281–293. DOI: 10.1006/cpac.1994.1017.

Public interest reports/Working papers (selected since 2012)

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2026) Energy Justice and Progressive Charging for Utilities, FERL.

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2025) Notes on Foundational Economy as Grey Skies Thinking, FERL.

Froud, J., Haslam, C., Johal, S. and Williams, K. (2025) A Foundational Approach to Affordability in Welsh Social Housing, FERL.

Calafati, L., Folkman, P., Froud, J., Haslam, C., Johal, S. and Williams, K. (2025) A Community Endowment Fund for Bethesda and Blaenau?, FERL.

Folkman, P., Froud, J., Haslam, C., Johal, S. and Williams, K. (2025) Six Reasons Why Zip World Should Not Get £6.2 Million, FERL.

Calafati, L., Haslam, C., Johal, S. and Williams, K. (2023) Things Have to Change: Elite Priorities vs Household Priorities in the EU’s Recovery Strategy and Institutions, FERL / Counter Balance.

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2023) Municipal Trading Then and Now: A Foundational Perspective, FERL.

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2023) Habitation and the Ideal of the 15-Minute City in Wales, Foundational Economy Collective Working Paper No. 12.

Bassens, D., Froud, J., Haslam, C., Johal, S. and Williams, K. (2023) Market Entitlement and the Foundational Economy / FE4 Metric after the Cost of Living Crisis, Foundational Economy Collective Working Paper No. 11.

Calafati, L., Froud, J., Haslam, C., Johal, S., McGrady, I. and Williams, K. (2022) NHS Wales as a Driver of Economic Value, FERL Public Interest Report.

Calafati, L., Froud, J., Haslam, C., Jeffels, S., Johal, S. and Williams, K. (2022) Jobs and Liveability: A Report by Foundational Economy Research Ltd for Karbon Homes, FERL.

Bowman, A., Froud, J., Haslam, C., Johal, S., Morgan, K. and Williams, K. (2021) What Can Welsh Government Do to Increase the Number of Grounded SME Firms in Food Processing and Distribution?, FERL / Welsh Government.

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2021) Small Towns, Big Issues: Aligning Business Models, Organisation, Imagination, FERL / Welsh Government.

Calafati, L., Earle, J., Froud, J., Haslam, C., Jeffels, S., Johal, S. and Williams, K. (2021) What If Social Democracy Cannot Capture the Central State? The Foundational Approach to a Politics of Liveability and Sustainability, Foundational Economy Collective Working Paper No. 10.

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2021) Meeting Social Needs on a Damaged Planet: Foundational Economy 2.0 and the Care-ful Practice of Radical Policy, Foundational Economy Collective Working Paper No. 8.

Calafati, L., Froud, J., Haslam, C., Johal, S. and Williams, K. (2020) Serious About Green? Building a Welsh Wood Economy through Co-ordination, FERL / WoodKnowledge Wales.

Froud, J., Haslam, C., Johal, S., Law, J. and Williams, K. (2020) When Systems Fail: UK Acute Hospitals and Public Health after Covid-19, Foundational Economy Collective Research Report.

Foundational Economy Collective, Froud, J., Haslam, C., Johal, S., Moran, M. and Williams, K. (2020) What Comes after the Pandemic? A Ten-Point Platform for Foundational Renewal, Foundational Economy Collective.

Froud, J., Haslam, C., Johal, S. and Williams, K. (2020) Cohesion through Housing? Residual Income, Housing Tenure and UK Regional Policy, Foundational Economy Collective Working Paper No. 6.

Calafati, L., Ebrey, J., Froud, J., Haslam, C., Johal, S. and Williams, K. (2019) How an Ordinary Place Works: Understanding Morriston, Foundational Economy Collective Research Report.

Froud, J., Haslam, C., Johal, S., Tsitsianis, N. and Williams, K. (2018) Foundational Liveability: Rethinking Territorial Inequalities, Foundational Economy Collective Working Paper No. 5.

Earle, J., Froud, J., Haslam, C., Johal, S., Moran, M. and Williams, K. (2017) What Wales Can Do: Asset Based Policies and the Foundational Economy, CREW / Foundational Economy report.

Froud, J., Johal, S., Moran, M. and Williams, K. (2017) How to Make Brexit Work: Foundational Policies for a Disunited Kingdom, Foundational Economy Collective Working Paper No. 2.

Folkman, P., Froud, J., Johal, S., Tomaney, J. and Williams, K. (2016) Manchester Transformed: Why We Need a Reset of City Region Policy, CRESC Public Interest Report.

Burns, D., Earle, J., Folkman, P., Froud, J., Hyde, P., Johal, S., Rees Jones, I., Killett, A. and Williams, K. (2016) Why We Need Social Innovation in Home Care for Older People, CRESC Public Interest Report.

Burns, D., Cowie, L., Earle, J., Folkman, P., Froud, J., Hyde, P., Johal, S., Rees Jones, I., Killett, A. and Williams, K. (2016) Where Does All the Money Go? Financialised Chains and the Crisis in Residential Care, CRESC Public Interest Report.

Brill, L., Cowie, L., Folkman, P., Froud, J., Johal, S., Leaver, A., Moran, M. and Williams, K. (2015) What Wales Could Be, CRESC / FSB Wales Report.

Engelen, E., Froud, J., Johal, S., Salento, A. and Williams, K. (2015) How Cities Work: A Policy Agenda for the Grounded City, CRESC Working Paper No. 141.

Bowen, R., Brill, L., Froud, J., Folkman, P., Johal, S. and Williams, K. (2015) The Missing Welsh Mittelstand: An Argument for Re-connecting Finance with Ownership, CRESC Working Paper No. 139.

Johal, S., Law, J. and Williams, K. (2014) From Publics to Congregations? GDP and Its Others, CRESC Working Paper No. 136.

Bowman, A., Folkman, P., Froud, J., Johal, S., Law, J., Leaver, A., Moran, M. and Williams, K. (2013) The Conceit of Enterprise: Train Operators and Trade Narrative, CRESC Public Interest Report.

Bowman, A., Froud, J., Johal, S. and Williams, K. (2013) The Foundational Economy: Rethinking Industrial Policy, CRESC Public Interest Report / One Nation Register political note.

Johal, S. and Williams, K. (2013) The Enfield Experiment, short report for LB Enfield executive.

Johal, S. and Williams, K. (2013) Turnaround or Churnaround on the West Coast Line, CRESC short report.

Williams, K., Bowman, A., Folkman, P., Froud, J., Johal, S., Law, J., Leaver, A. and Moran, M. (2013) The Great Train Robbery: The Economic and Political Consequences of Rail Privatisation, CRESC Public Interest Report.

Bentham, J., Bowman, A., Froud, J., Johal, S., Leaver, A. and Williams, K. (2013) Against New Industrial Strategy: Framing, Motifs and Absences, CRESC Working Paper No. 126.

Bowman, A., Froud, J., Johal, S., Moran, M. and Williams, K. (2013) Business Elites and Undemocracy in Britain: A Work in Progress, CRESC Working Paper No. 125.

Bentham, J., Bowman, A., de la Cuesta, M., Engelen, E., Ertürk, I., Folkman, P., Froud, J., Johal, S., Law, J., Leaver, A., Moran, M. and Williams, K. (2013) Manifesto for the Foundational Economy, CRESC Working Paper No. 131.

Bowman, A., Ertürk, I., Froud, J., Johal, S., Law, J., Leaver, A., Moran, M. and Williams, K. (2012) The Finance and Point-Value-Complex, CRESC Working Paper No. 118.

Bowman, A., Ertürk, I., Froud, J., Johal, S., Law, J., Leaver, A., Moran, M. and Williams, K. (2012) Scapegoats Aren’t Enough: A Leveson for the Banks?, CRESC Public Interest Report.

Bowman, A., Froud, J., Johal, S., Law, J., Leaver, A. and Williams, K. (2012) Bringing Home the Bacon: From Trader Mentalities to Industrial Policy, CRESC Public Interest Report.

Froud, J., Johal, S., Leaver, A. and Williams, K. (2012) Apple Business Model: Financialization across the Pacific, CRESC Working Paper No. 111.

Ertürk, I., Froud, J., Johal, S., Law, J., Leaver, A., Moran, M. and Williams, K. (2012) Deep Stall? The Euro Zone Crisis, Banking Reform and Politics, CRESC Working Paper No. 110.

Froud, J., Johal, S., Leaver, A., Moran, M. and Williams, K. (2011) Groundhog Day: Elite Power, Democratic Disconnects and the Failure of Financial Reform in the UK, CRESC Working Paper No. 108.

Ertürk, I., Froud, J., Johal, S., Leaver, A., Moran, M. and Williams, K. (2011) City State against National Settlement: UK Economic Policy and Politics after the Financial Crisis, CRESC Working Paper No. 101.

Ertürk, I., Froud, J., Johal, S., Leaver, A., Moran, M. and Williams, K. (2011) Haldane’s Gambit: Political Arithmetic and/or a New Metaphor, CRESC Working Paper No. 97.

Engelen, E., Ertürk, I., Froud, J., Johal, S., Leaver, A., Moran, M. and Williams, K. (2011) Misrule of Experts? The Financial Crisis as Elite Debacle, CRESC Working Paper No. 94.

Froud, J., Johal, S., Law, J., Leaver, A. and Williams, K. (2011) Rebalancing the Economy (or Buyer’s Remorse), CRESC Working Paper No. 87.

Froud, J., Johal, S., Law, J., Leaver, A. and Williams, K. (2011) Knowing What to Do? How Not to Build Trains, CRESC Public Interest Report.

Buchanan, J., Froud, J., Johal, S., Leaver, A. and Williams, K. (2009) Undisclosed and Unsustainable: Problems of the UK National Business Model, CRESC Working Paper No. 75.

Froud, J., Johal, S., Montgomerie, J. and Williams, K. (2009) Escaping the Tyranny of Earned Income? The Failure of Finance as Social Innovation, CRESC Working Paper No. 66.

Froud, J., Johal, S., Leaver, A. and Williams, K. (2008) Ownership Matters: Private Equity and the Political Division of Ownership, CRESC Working Paper No. 61.

Ertürk, I., Froud, J., Johal, S., Leaver, A., Shammai, D. and Williams, K. (2008) Corporate Governance and Impossibilism, CRESC Working Paper No. 48.

Johal, S. and Leaver, A. (2007) Is the Stock Market a Disciplinary Institution? French Giant Firms and the Regime of Accumulation, CRESC Working Paper No. 38.

Folkman, P., Froud, J., Johal, S. and Williams, K. (2006) Working for Themselves? Capital Market Intermediaries and Present Day Capitalism, CRESC Working Paper No. 25.

Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2006) Agency, the Romance of Management Pay and an Alternative Explanation, CRESC Working Paper No. 23.

Froud, J., Johal, S., Leaver, A., Phillips, R. and Williams, K. (2006) Stressed by Choice: A Business Model Analysis of the BBC, CRESC Working Paper No. 22.

Ertürk, I., Froud, J., Johal, S., Leaver, A. and Williams, K. (2005) The Democratisation of Finance? Promises, Outcomes and Conditions, CRESC Working Paper No. 9.

Froud, J., Johal, S., Leaver, A. and Williams, K. (2005) General Electric: The Conditions of Success, CRESC Working Paper No. 5.

Impact case

RAE 2014: New Directions for Local Economic Renewal (Royal Holloway were unable to use this case study as I left before the RAE submission).

In summary the research was directly applied within Enfield Borough Council to change its economic renewal strategies from a training and infrastructure focus, to one on re-building local supply chains, leading to job creation, and the re-investment of pension funds to fund the delivery of social housing.

Enfield had co-opted the private sector by encouraging major employers, such as utility companies, to think of corporate social responsibility in a more local frame and the pension fund managers re-engineered financial flows from the local authority pension fund.

(for REF 2020)

Submitted by QMUL for external consideration.

Supervision

PhD Supervision Completions:

• David Quentin, 'Materialist political economy of corporate tax.' Awarded 2020.

Public Engagement

I am a member of a unique, inter-disciplinary semi-permanent but evolving research team that eventually formed part of the ESRC funded CRESC network of researchers. Prior to CRESC, this collaboration was already working productively throughout the 1990s. The work included publications on manufacturing decline and the auto industry. This period laid the foundations that have served the research well as it embodied intellectual and methodological adaptation. The research attracted international attention while also gaining international recognition that included a leadership role in the EU funded Framework 5 COCKEAS project.

Media work

'How to build a fairer city', The Guardian, 24 September 2014.