«THE ENTREPRENEURIAL STATE»
ONE OF THE ‘3 MOST IMPORTANT THINKERS ABOUT INNOVATION’ BY THE NEW REPUBLIC. FOUNDING DIRECTOR, INSTITUTE FOR INNOVATION & PUBLIC PURPOSE AT UNIVERSITY COLLEGE LONDON (UCL).
Mariana Mazzucato (PhD) is a professor of Innovation and Public Value Economics at University College London (UCL), where she is the founding director of the . The IIPP is dedicated to rethinking the role of public policies in shaping the pace and direction of economic growth, and to training the next generation of global leaders to establish partnerships that can address mission-oriented social goals. UCL Institute for Innovation & Public Purpose (IIPP)
Mariana Mazzucato, the
leading global expert on policy innovation and public-private partnerships focused on 21st-century missions, argues that whether it’s in environmental care, the discovery of new miraculous cures, or the achievement of defined goals in space exploration, the State must break free from the confines of “market correction” and transition to actively shaping and co-creating new markets through missions that encompass the entire economy.
Currently, Mariana Mazzucato
advises policymakers around the world on innovation-driven growth. Additionally, she is a member of the Economic Advisory Council for the Scottish Government, the Leadership Council of the United Nations Sustainable Development Solutions Network, and the Advisory Panel of SITRA in Finland.
His acclaimed book “
The Entrepreneurial State: debunking public vs. private sector myths” (2013) investigates the role of public organizations in performing the role of “first investor” in the history of technological change. His 2018 book “The Value of Everything: making and taking in the global economy” (2018) puts the theory of value back at the center of the economy to reward value creation over value extraction. It was the 2018 book of the year by Strategy & Business and was shortlisted for the 2018 Financial Times and McKinsey Business Book of the Year award .
She is the winner of the 2014 New Statesman SPERI Prize for Political Economy, the 2015 Hans-Matthöfer Prize, the 2018 Leontief Prize for the Advancement of Economic Thought, and the 2019 Madame de Staël Prize for Cultural Values from all European Academies.
Mariana Mazzucato has become a crucial voice in the field of academic thinking and is included in the list of the
50 most influential people of 2020 according to GQ magazine. In 2019, she was named one of the “3 most important thinkers on innovation” by New Republic magazine, and she was also on “The Bloomberg 50” list of people to watch in 2019.
Among the global organizations that have requested his conferences are the
OECD, the World Bank, and the World Economic Forum, among others. His global TED talk, “Government: Investor – Risk Taker – Innovator,” has been viewed over 700,000 times.
The Value of Things: Who Produces and Who Gains in the Global Economy.
In this presentation based on her new book, “The Value of Everything: Making and Taking in the Global Economy” (Public Affairs, 2018), renowned economist and public policy expert Mazzucato analyzes where true value comes from in our economy, and reveals to business leaders why the amount of money generated by companies is not an accurate measurement of their long-term ability to produce, innovate and thrive.
The problem, she believes, is that by accepting the conventional wisdom that delivering value for shareholders is the same as delivering value for the whole economy, we have confused value creation with value extraction. Mazzucato argues it is not just the public sector and taxpayers, but the private sector as well, that stands to lose from an economy whose real foundations are being continually eroded.
Rethinking Capitalism: Designing Inclusive Growth through Innovation.
The notion that innovation can help deliver economic growth for everyone without increasing inequality is a popular one with business theorists, economists and politicians. But in practice – where public funds are used by private companies to subsidize risk-taking – the rewards are generally reaped by companies, while the risks are borne by taxpayers. Mariana Mazzucato, who sees a vital role for government in risk-taking and innovation, says the key is not to withdraw the state as an actor in the economy, but to develop a new framework which socializes both risks and rewards.
In a modern, globalized economy where tax rates are far lower than they once were, devising a way to give government equity in innovative companies is essential to ensuring funds for the public welfare are not depleted. Based on her research and real-world involvement in such enterprises as the Scottish National Investment Bank, in this presentation, Mazzucato emphasizes the need to give the state, and by extension the taxpayers, a stake in the innovation they help fund, so the public at large (rather than just the private actors) can benefit from economic growth and dynamism.
The Entrepreneurial State: Myths of the Public Sector versus the Private Sector.
In this presentation, based on her best-selling book, “The Entrepreneurial State: Debunking Public vs. Private Sector Myths,” Mazzucato illustrates how contrary to popular belief, the private sector has generally been timid in putting up the money for groundbreaking technology, only doing so after public funds paved the way forward, and provides evidence and a practical framework for rethinking public-private partnerships. If policymakers and entrepreneurs alike do not acknowledge and embrace such a role for the state, the innovative breakthroughs of the past are unlikely to be repeated.
Financing the Green Economy: Quantity versus Quality.
Bringing about the next generation of green technology is a perfect example of an undertaking that needs both public and private sector support. But simply pumping money into renewable energy and other environmentally friendly technologies can distort incentives, acting as a public subsidy for private industry. What was to be a public good can become yet another instance of rent-seeking at the taxpayers’ expense.
In this presentation, Mariana Mazzucato outlines how government can move from subsidization to a goal-oriented approach to investing in green technology, focusing on how particular countries specialize in certain niches of the green economy. By building legitimate public/private sector partnerships – and emphasizing the quality of investment over the quantity of funds – policymakers and entrepreneurs can ensure taxpayer money is invested wisely in a program of inclusive growth and innovation, all while helping stem the tide of environmental degradation.
The Big Con: How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies.
A vital and timely investigation into the opaque and powerful consulting industry—and what to do about it
There is an entrenched relationship between the consulting industry and the way business and government are managed today that must change. Mariana Mazzucato and Rosie Collington show that our economies’ reliance on companies such as McKinsey & Company, Boston Consulting Group, Bain & Company, PwC, Deloitte, KPMG, and EY stunts innovation, obfuscates corporate and political accountability, and impedes our collective mission of halting climate breakdown.
The “Big Con” describes the confidence trick the consulting industry performs in contracts with hollowed-out and risk-averse governments and shareholder value-maximizing firms. It grew from the 1980s and 1990s in the wake of reforms by the neoliberal right and Third Way progressives, and it thrives on the ills of modern capitalism, from financialization and privatization to the climate crisis. It is possible because of the unique power that big consultancies wield through extensive contracts and networks—as advisors, legitimators, and outsourcers—and the illusion that they are objective sources of expertise and capacity. In the end, the Big Con weakens our businesses, infantilizes our governments, and warps our economies.
In The Big Con, Mazzucato and Collington throw back the curtain on the consulting industry. They dive deep into important case studies of consultants taking the reins with disastrous results, such as the debacle of the roll out of HealthCare.gov and the tragic failures of governments to respond adequately to the COVID-19 pandemic. The result is an important and exhilarating intellectual journey into the modern economy’s beating heart. With peerless scholarship, and a wealth of original research, Mazzucato and Collington argue brilliantly for building a new system in which public and private sectors work innovatively for the common good.
Mission Economy: A Moonshot Guide to Changing Capitalism.
Longlisted for the 2021 Porchlight Business Book Awards, Big Ideas & New Perspectives
“She offers something both broad and scarce: a compelling new story about how to create a desirable future.”—New York Times
An award-winning author and leading international economist delivers a hard-hitting and much needed critique of modern capitalism in which she argues that, to solve the massive crises facing us, we must be innovative—we must use collaborative, mission-oriented thinking while also bringing a stakeholder view of public private partnerships which means not only taking risks together but also sharing the rewards.
Capitalism is in crisis. The rich have gotten richer—the 1 percent, those with more than $1 million, own 44 percent of the world's wealth—while climate change is transforming—and in some cases wiping out—life on the planet. We are plagued by crises threatening our lives, and this situation is unsustainable. But how do we fix these problems decades in the making?
Mission Economy looks at the grand challenges facing us in a radically new way. Global warming, pollution, dementia, obesity, gun violence, mobility—these environmental, health, and social dilemmas are huge, complex, and have no simple solutions. Mariana Mazzucato argues we need to think bigger and mobilize our resources in a way that is as bold as inspirational as the moon landing—this time to the most ‘wicked’ social problems of our time.. We can only begin to find answers if we fundamentally restructure capitalism to make it inclusive, sustainable, and driven by innovation that tackles concrete problems from the digital divide, to health pandemics, to our polluted cities. That means changing government tools and culture, creating new markers of corporate governance, and ensuring that corporations, society, and the government coalesce to share a common goal.
We did it to go to the moon. We can do it again to fix our problems and improve the lives of every one of us. We simply can no longer afford not to.
The Entrepreneurial State: Debunking Public vs. Private Sector Myths.
'Superb ... At a time when government action of any kind is ideologically suspect, and entrepreneurship is unquestioningly lionized, the book's importance cannot be understated' Guardian
According to conventional wisdom, innovation is best left to the dynamic entrepreneurs of the private sector, and government should get out of the way. But what if all this was wrong? What if, from Silicon Valley to medical breakthroughs, the public sector has been the boldest and most valuable risk-taker of all?
'A brilliant book' Martin Wolf, Financial Times
'One of the most incisive economic books in years' Jeff Madrick, New York Review of Books
'Mazzucato is right to argue that the state has played a central role in producing game-changing breakthroughs' Economist
'Read her book. It will challenge your thinking' Forbes.
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