An upper/insole assembly for use in constructing an article of footwear includes an upper and an insole. The upper has an inner surface, an outer surface, a lateral peripheral flange, and a medial peripheral flange. The insole has a top surface, a bottom surface, a lateral peripheral edge, a medial peripheral edge, an arch portion, a phalangeal portion, and a heel portion. At least a portion of the lateral and medial peripheral flanges of the upper are stitched to the insole in the phalangeal and heel portions but they are not stitched to the insole through the arch portion. Additionally, the lateral peripheral flange of the upper is wrapped around the lateral peripheral edge of the insole in the arch portion and the medial peripheral flange of the upper is wrapped around the medial peripheral edge of the insole in the arch portion. Moreover, the lateral and medial peripheral flanges are secured to the bottom surface of the arch portion of the insole. An article of footwear includes the upper/insole assembly and a bottom component that includes an outsole component, a midsole component, and preferably at least one shank that provides support to the arch portion of the upper/insole assembly and article of footwear. At least a portion of the midsole component is fixed to the upper/insole assembly. A method for manufacturing an upper/insole assembly includes stretching an upper over a last such that a lateral peripheral flange and a medial peripheral flange of the upper extend past the edges of a lateral peripheral edge and a medial peripheral edge of an insole; adhesively securing an inner surface of the lateral peripheral flange to a bottom surface of an arch portion of the insole; adhesively securing an inner surface of the medial peripheral flange to the bottom surface of the arch portion of the insole; stitching the upper to a heel portion of the insole; and stitching the upper to a phalangeal portion of the insole.