The role of the state in modern capitalism has gone beyond fixing market failures. Those regions and countries that have succeeded in achieving smart innovation-led growth have benefited from long-term visionary mission-oriented policiesfrom putting a man on the moon to tackling societal challenges such as climate change and the wellbeing of an ageing population. This book collects the experience of different types of mission-oriented public institutions around the world, together with thought-provoking chapters from leading economists. As the global debate on deficits and debt levels continues to roar, the book offers a challenge to the conventional narrativeasking what kinds of visionary fiscal policies we need to help promote smart innovation-led, inclusive, and sustainable growth.
Mariana Mazzucato is professor in the economics of innovation in the Science Policy Research Unit (SPRU) of the University of Sussex.
Caetano C. R. Penna is research fellow in finance and innovation at SPRU, University of Sussex.
Introduction: Mission-Oriented Finance for Innovation, Mariana Mazzucato and Caetano CR Penna / I: HOW ECONOMISTS GOT IT WRONG AN ALTERNATIVE DIAGNOSIS / Fast Finance and Slow Growth, Andrew Haldane / The Social Value of Finance: Problems and Solutions, Adair Turner / How Maximising Shareholder Value Stops Innovation, William Lazonick / Dispelling Myths About Government Deficits, L Randall Wray / II: WHAT GOVERNMENTS NEED TO DO TO CREATE REAL LONG-TERM GROWTH / Steering Economies Towards the Next Golden Age, Carlota Perez / Why We Need Public Endowments for Transformative Research, Arun Majumdar / Six Decades of Mission-Oriented Finance for Industrialisation, Technical Change and Innovation in Brazil, Mariano Laplane / Challenges and Opportunities for a Knowledge-Based UK Economy, Vince Cable MP / Why a Fundamental Shift in Innovation Policy is Needed, Tera Allas / III: LEARNING FROM SUCCESS AND FAILURE / Development, Uncertainty, and thelĂ0
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