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Don’t Defund the BBC

Understanding the BBC’s contributions to the British economy and society – and the concept of public value more broadly – requires a new conceptual framework. Rather than viewing public institutions' role as being limited to fixing market failures, organizational structures like the BBC are also market shapers.

LONDON – In last year’s Reith Lectures – the BBC’s annual radio series – former Bank of England Governor Mark Carney observes that, since the 2008 financial crisis, norms and institutions have increasingly been defined by their monetary value. What is often missing from this discussion of price being confused with value, is how to capture the real worth of the public institutions that enrich us.