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Full Description
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" policies—from 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 narrative—asking what kinds of visionary fiscal policies we need to help promote "smart" innovation-led, inclusive, and sustainable growth.
Contents
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 the Role of State Investment Banks, Luciano Coutinho, João Carlos Ferraz and Felipe Silveira Marques / Financing Energy Innovation - the Case of ARPA-E, Cheryl Martin / The Rise of the State Investment Banks, Matthias Kollatz / The European Investment Bank - Supporting Innovation in Europe, Shiva Dustdar / The State as Venture Capitalist - the Case of the Danish Growth Fund, Christian Motzfeldt, / Financing Innovation - Lessons from Innovate UK, Iain Gray / Conclusion: Beyond Market Failures - Shaping and Creating Markets for Innovation-Led Growth, Mariana Mazzucato
