The Entrepreneurial State
Debunking Public vs. Private Sector Myths
Anthem Press
2013
Présentation de l'éditeur
This book debunks the myth of a dynamic private sector vs. a
sluggish public sector by providing a detailed account of the role of
the public sector in taking on high-risk entrepreneurial investments,
from the Internet to the ‘green revolution’.
Debunking the myth of a laggard State at odds with a
dynamic private sector, Mazzucato reveals in case study after case
study that in fact the opposite situation is true, with the private
sector only finding the courage to invest after the entrepreneurial
State has made the high-risk investments. Case studies include examples
of the State’s role in the ‘green revolution’, in biotech and
pharmaceuticals, as well as several detailed examples from Silicon
Valley. In an intensely researched chapter, she reveals that every
technology that makes the iPhone so ‘smart’ was government funded: the
Internet, GPS, its touch-screen display and the voice-activated Siri.
Mazzucato also controversially argues that in the history of modern
capitalism the State has not only fixed market failures, but has also
shaped and created markets, paving the way for new technologies and
sectors that the private sector only ventures into once the initial risk
has been assumed. And yet by not admitting the State’s role we are
socializing only the risks, while privatizing the rewards in fewer
hands. This, she argues, hurts both future innovation and equity in
modern-day capitalism.
Mariana
Mazzucato is RM Phillips Professor in the Economics of Innovation, SPRU,
University of Sussex. Named one of the ‘three most important thinkers
about innovation’ by the ‘New Republic’, she lectures widely and advises
the UK government and the European Commission on innovation-led growth
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