With TEDSummit 2019 just two months away, it’s time to unveil the first group of speakers that will take to the stage in Edinburgh, Scotland, from July 21-25. Three years ago, more than 1,000 members of the TED global community convened in Banff, Canada, for the first-ever TEDSummit. We talked about the fracturing state of […]Continue reading
Why you should listen
States and governments are often depicted as slow, bureaucratic, risk-averse. That argument is used in support of making states smaller and the private sector bigger. In her latest book, The Entrepreneurial State: Debunking Private vs. Public Myths in Innovation and in her research, Mariana Mazzucato offers a bold contrarian view: States aren't only market regulators and fixers, but "market makers" -- actively creating a vision for innovation and investing in risky and uncertain areas where private capital may not see the ROI. Yes: Private venture capital is much less risk-taking than generally thought. As an example, the technology behind the iPhone and Google exists because the U.S. government has been very interventionist in funding innovation. Private investors jumped in only later. The same is true today of what promises to be the next big thing after the Internet: the green revolution.
Mazzucato, a professor of economics at the Science and Technology Policy Research Unit (SPRU, University of Sussex), argues that Europe needs today to rediscover that role -- that what the continent needs is not austerity but strategic investments (and new instruments such as public investments banks) towards an "innovation Union."
What others say
“It is about admitting that in many cases, it has in fact been the state, not the private sector, that has had the vision for strategic change, daring to think – against all odds – about the ‘impossible.’” — from "The Entrepreneurial State"
Mariana Mazzucato’s TED talk
More news and ideas from Mariana Mazzucato
GPS, lithium batteries, the internet, cellular technology, airbags: A Q&A about how governments often fuel innovation
Should the government act like a venture capitalist? It might seem crazy to some, but in today’s eye-opening talk, economist Mariana Mazzucato shows why it might just work — and how it has, in fact, been working for decades. In this talk, Mazzucato flips the script on the image of a big government meddling in […]Continue reading
Governments’ role in spurring innovation is a controversial one. In rough terms, political debates about public spending usually go something like this: One side argues governments should only spend on the most basic public goods and do whatever they can to keep out of the way of the private sector that grows the economy and […]Continue reading