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The COVID-19 crisis is a chance to do capitalism differently

233,397 views | Mariana Mazzucato • TED2020

In the face of three simultaneous crises -- health, the economy and climate -- do we have a chance to do capitalism differently? Economist Mariana Mazzucato explains why we shouldn't try to go back to normal after the pandemic but should instead rethink how governments work together with businesses to solve big problems. Learn more about how governments can play a dynamic, proactive role in shaping markets and sparking innovation -- instead of just responding to broken systems. (This virtual conversation, hosted by TED Global curator Bruno Giussani, was recorded June 22, 2020.)

In the face of three simultaneous crises -- health, the economy and climate -- do we have a chance to do capitalism differently? Economist Mariana Mazzucato explains why we shouldn't try to go back to normal after the pandemic but should instead rethink how governments work together with businesses to solve big problems. Learn more about how governments can play a dynamic, proactive role in shaping markets and sparking innovation -- instead of just responding to broken systems. (This virtual conversation, hosted by TED Global curator Bruno Giussani, was recorded June 22, 2020.)

This talk was presented at an official TED conference. TED's editors chose to feature it for you.

Get involved with Public Purpose and their work in changing the predominant narratives around the role of the state and how public value is imagined, practiced and evaluated to tackle societal challenges.

About the speakers

Mariana Mazzucato

Mariana Mazzucato

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Mariana Mazzucato helps policymakers understand how the global economy really works (and how we need to fix it).

Bruno Giussani

TED Global curator

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Bruno Giussani is the Global Curator of TED and the Lead Curator of TED's climate initiative, Countdown.

Mariana Mazzucato | Anthem Press, 2013 | Book

The Entrepreneurial State: Debunking Public vs. Private Sector Myths

Dig in to the historical importance of the role of the state in transformative innovations, including smartphones.

Mariana Mazzucato | PublicAffairs, 2020 | Book

The Value of Everything

In The Value of Everything, I explore how our current understanding of the economy (and specifically how we have come to narrowly understand value = price) allows for value extraction to be more highly rewarded than value creation.

Mariana Mazzucato and Antonio Andreoni | Project Syndicate, 2020 | Article

"No More Free-Lunch Bailouts"

In this piece, my colleague Dr. Antonio Andreoni and I argue that governments spending on a massive scale to save industries and mitigate the economic fallout from COVID-19 should be positioning their economies for a more sustainable future.

Mariana Mazzucato and Giulio Quaggiotto | Project Syndicate, 2020 | Article

"The Big Failure of Small Government"

Head of the Regional Innovation Center in the Asia Pacific at the United Nations Development Programme Giulio Quaggiotto and I argue that it is no coincidence that countries with mission-driven governments have fared better in the COVID-19 crisis than have countries beholden to the cult of efficiency. Effective governance, it turns out, cannot be conjured up at will, because it requires investment in state capacity.

Mariana Mazzucato | The Guardian, 2020 | Article

"The Covid-19 crisis is a chance to do capitalism differently"

In this article, I make the case that government must seize the moment in having the upper hand for the first time in a generation to do capitalism differently.

Mariana Mazzucato and Els Torreele | Project Syndicate, 2020 | Article

"How to Develop a COVID-19 Vaccine for All"

This is a piece I wrote with Executive Director of the Médecins Sans Frontières Access Campaign Els Torreele on how strong health systems, adequate testing capacity and an effective, universally available vaccine will be key to protecting societies from COVID-19 — but ensuring that no one is left behind requires not just unprecedented collective investment, but also a very different approach to innovation.

Mariana Mazzucato and Azzi Momenghalibaf | New York Times, 2020 | Article

"Drug Companies Will Make a Killing From Coronavirus"

Senior program officer at the Open Society Public Health Program Azzi Momenghalibaf and I argue that, unless we fix the system, American taxpayers will get gouged on a vaccine they paid to produce.

Learn more

This talk was presented at an official TED conference. TED's editors chose to feature it for you.

Get involved with Public Purpose and their work in changing the predominant narratives around the role of the state and how public value is imagined, practiced and evaluated to tackle societal challenges.