The Entrepreneurial State: Debunking Public Vs. Private Sector Myths

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Penguin Books, 2018 - Diffusion of innovations - 288 pages
According to conventional wisdom, innovation is best left to entrepreneurs. Mariana Mazzucato demolishes this myth, revealing how, from Silicon Valley to medical breakthroughs, government investment has been the engine of wealth creation. Ignoring this history, business has shared the risks, while privatising the rewards - increasing inequality and jeopardising future innovation. Conventional wisdom holds that innovation is the preserve of the private sector, best left in the hands of that modern day folk hero - the lone entrepreneur. In this popular tale, the role of the public sector is simply to get out of the way, at best fixing market failures, in order to facilitate our daring hero's bold, risk-taking endeavours. But what if this powerful, contemporary myth is wrong? In this sharp and controversial expose, Mariana Mazzucato comprehensively debunks the myth of a lumbering, bureaucratic state weighing down a dynamic private sector, to reveal how public investments have been behind many of the greatest innovations of our time. From the technologies that make the iPhone 'smart', to biotech, pharmaceuticals and today's emerging green technologies, it is the state that has been the investor of first resort, our boldest and most valuable innovator. Meanwhile, the private sector only finds the courage to invest after the State has made the truly pioneering, high-risk investments. --

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User Review  - Dilip-Kumar - LibraryThing

Makes the point in great detail and length that many of the most revolutionary technical and technological advances have been achieved with the active support and initiative of governments, and not by ... Read full review

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User Review  - rivkat - LibraryThing

State financing, not private investment, lays the groundwork for much valuable innovation, and pretending that it doesn’t has led to the fetishization of private business, the stripping of government ... Read full review

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About the author (2018)

Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London (UCL), where she is also Founder and Director of the Institute for Innovation and Public Purpose. Her widely published research focuses on the relationship between public policy, innovation, and economic growth and she advises policymakers around the world on how to steer innovation so that it produces growth that is more inclusive and sustainable. She is co-editor of Rethinking Capitalism- Economics and Policy for Sustainable and Inclusive Growth and her new book The Value of Everything- making and taking in the global economy will be published by Penguin (Allen Lane) in April 2018. She is winner of the 2014 New Statesman SPERI Prize in Political Economy, the 2015 Hans-Matth fer-Preis and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She was named as one of the 'three most important thinkers about innovation' in New Republic.

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