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Policy briefing report 304 views

A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales

Gary Walpole Orcid Logo

Swansea University Author: Gary Walpole Orcid Logo

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DOI (Published version): 10.25401/cardiffmet.21732050

Abstract

This report conducted a ‘Scoping and Feasibility Study for a new Foundational Economy Academy’ in Wales, during the first quarter of 2022. We explored how to effectively enhance the Foundational Economy (FE) capability of public service practitioners and learn lessons from the celebrated Preston Mod...

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Published: Welsh Government website 2023
Online Access: https://www.gov.wales/new-foundational-economy-academy-wales-scoping-and-feasibility-study
URI: https://cronfa.swan.ac.uk/Record/cronfa63223
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spelling v2 63223 2023-04-20 A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales 7563ad91843f7ea9e00890294bbd29ea 0000-0002-3438-8192 Gary Walpole Gary Walpole true false 2023-04-20 BBU This report conducted a ‘Scoping and Feasibility Study for a new Foundational Economy Academy’ in Wales, during the first quarter of 2022. We explored how to effectively enhance the Foundational Economy (FE) capability of public service practitioners and learn lessons from the celebrated Preston Model. The report conducted primary research and reviewed academic and practitioner literature. All sectors of the economy operate in a Volatile, Uncertain, Complex, Ambiguous (VUCA) world and exogenous shocks are likely to become more frequent. Public service organisations (PSOs) in Wales have had to deal with multiple challenges including COVID-19, Wellbeing of Future Generations Act obligations, 2030 Net Zero targets, social welfare reforms and Brexit repercussions. These challenges are more acute due to increased financial pressures which manifests into ‘having to do more with less’. Key foundational sectors remain resilient during times of crisis, and the foundational economy offers regional economic stability.The Foundational Economy in Wales is growing and is of vital importance to regional development. FE implementation capability is heterogeneous, and the principles of FE not fully understood. This report outlines the nascent literature and details ‘what works’ in terms of developing FE capability, in Wales. We propose a FE Capability Development framework. We also outline the lessons from the celebrated Preston model. Its success came from engaging multiple stakeholders to coproduce an ecosystem of local government, development agencies, cooperatives and trade unions to implement community wealth building principles with the University of Central Lancashire providing academic insights and facilitation.The report recommends establishing a Foundational Economy Academy in Wales to support PSOs to develop FE capability. The FE Academy could develop a repository of content and interventions and act as a quality assurance function. The FE Academy could also contribute to the development of a regional ecosystem that supports public and private sectors to collaborate with policymakers to generate and retain wealth in Wales. In terms of next steps, we suggest a study that systematically maps and reviews available FE learning content and interventions to develop a robust FE knowledge repository would be valuable. The study could also identify gaps in capability across PSOs to develop interventions, in collaboration with PSOs. A pilot FE programme community of practice would be timely to augment FE activity. Policy briefing report Welsh Government website 15 3 2023 2023-03-15 10.25401/cardiffmet.21732050 https://www.gov.wales/new-foundational-economy-academy-wales-scoping-and-feasibility-study COLLEGE NANME Business COLLEGE CODE BBU Swansea University Welsh Government 2023-05-18T09:17:19.1497684 2023-04-20T17:22:16.9620117 Faculty of Humanities and Social Sciences School of Management - Business Management Gary Walpole 0000-0002-3438-8192 1
title A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
spellingShingle A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
Gary Walpole
title_short A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
title_full A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
title_fullStr A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
title_full_unstemmed A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
title_sort A Scoping and Feasibility Study for a New Foundational Economy Academy in Wales
author_id_str_mv 7563ad91843f7ea9e00890294bbd29ea
author_id_fullname_str_mv 7563ad91843f7ea9e00890294bbd29ea_***_Gary Walpole
author Gary Walpole
author2 Gary Walpole
format Policy briefing report
publishDate 2023
institution Swansea University
doi_str_mv 10.25401/cardiffmet.21732050
college_str Faculty of Humanities and Social Sciences
hierarchytype
hierarchy_top_id facultyofhumanitiesandsocialsciences
hierarchy_top_title Faculty of Humanities and Social Sciences
hierarchy_parent_id facultyofhumanitiesandsocialsciences
hierarchy_parent_title Faculty of Humanities and Social Sciences
department_str School of Management - Business Management{{{_:::_}}}Faculty of Humanities and Social Sciences{{{_:::_}}}School of Management - Business Management
url https://www.gov.wales/new-foundational-economy-academy-wales-scoping-and-feasibility-study
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description This report conducted a ‘Scoping and Feasibility Study for a new Foundational Economy Academy’ in Wales, during the first quarter of 2022. We explored how to effectively enhance the Foundational Economy (FE) capability of public service practitioners and learn lessons from the celebrated Preston Model. The report conducted primary research and reviewed academic and practitioner literature. All sectors of the economy operate in a Volatile, Uncertain, Complex, Ambiguous (VUCA) world and exogenous shocks are likely to become more frequent. Public service organisations (PSOs) in Wales have had to deal with multiple challenges including COVID-19, Wellbeing of Future Generations Act obligations, 2030 Net Zero targets, social welfare reforms and Brexit repercussions. These challenges are more acute due to increased financial pressures which manifests into ‘having to do more with less’. Key foundational sectors remain resilient during times of crisis, and the foundational economy offers regional economic stability.The Foundational Economy in Wales is growing and is of vital importance to regional development. FE implementation capability is heterogeneous, and the principles of FE not fully understood. This report outlines the nascent literature and details ‘what works’ in terms of developing FE capability, in Wales. We propose a FE Capability Development framework. We also outline the lessons from the celebrated Preston model. Its success came from engaging multiple stakeholders to coproduce an ecosystem of local government, development agencies, cooperatives and trade unions to implement community wealth building principles with the University of Central Lancashire providing academic insights and facilitation.The report recommends establishing a Foundational Economy Academy in Wales to support PSOs to develop FE capability. The FE Academy could develop a repository of content and interventions and act as a quality assurance function. The FE Academy could also contribute to the development of a regional ecosystem that supports public and private sectors to collaborate with policymakers to generate and retain wealth in Wales. In terms of next steps, we suggest a study that systematically maps and reviews available FE learning content and interventions to develop a robust FE knowledge repository would be valuable. The study could also identify gaps in capability across PSOs to develop interventions, in collaboration with PSOs. A pilot FE programme community of practice would be timely to augment FE activity.
published_date 2023-03-15T09:17:18Z
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