Debunking Public vs. Private Sector Myths
From one of the world's leading economists, a bestselling exposé of the state's crucial role in sparking innovation and growth - and the dangers of ignoring this truth.
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.