Mariana Mazzucato

A work of tremendous ambition, academic rigor, and originality, The Value of Everything argues that American companies have for too long been valued according to the amount of wealth they capture for themselves rather than for the value they create for the economy. In fact, Pfizer, Amazon, and countless other companies that claim to drive innovation are actually hopelessly dependent on public money, spend their resources on boosting share prices and executive pay, and reap ever-expanding rewards without offering the market real value. Such parasitic behavior is only getting worse: leading American companies are profiting from the redistribution of wealth and knowledge without giving anything back to the communities that have made them so profitable. In her previous groundbreaking and controversial work, The Entrepreneurial State, Mariana Mazzucato argued that public investment has been the most significant driver of innovation and product development. The iPhone as it exists would not have been possible without government-sponsored technology like Siri, GPS, the Internet, and Touch ID. Yet Apple today, like numerous other technology and biotech companies, is engaging in a massive repurchase scheme, and for the first time has prioritized value-extraction practices such as spending to boost shareholder profit and lobbying to diminish the state and its tax policies-the very initiatives that funded their software. If private companies continue down this path, they will succeed in diminishing the size of their largest and most successful investor-the state-and will destroy powerful opportunities, shrivel markets, and depress wealth. The lesson here is urgent and sobering: to rescue our economy from the next, inevitable crisis and foster long-term economic growth, we will need to rethink capitalism, rethink the state rather than downsize it, and redefine how we measure value in our society.

Who Makes and Who Takes from the Real Economy

The Value of Everything

Debunking Public vs. Private Sector Myths

The Entrepreneurial State

The extraordinary efforts that took mankind to the moon 50 years ago were more than a scientific feat of aeronautics. They required new forms of collaboration between the public sector (notably, NASA) and private companies. This book asks- what if the same level of boldness - the boldness that set inspirational goals, took risks and explicitly recognized that this requires large spending but will be worthwhile in terms of long-term growth - was applied to the biggest problems of our time, climate change, disease and inequality, to name only a few? Mariana Mazzucato argues that applying innovation to societal goals and structuring government budgets more explicitly to the long-term, as the moon programme did, we can do government differently.

A Moonshot Approach to the Economy

Mission: Economics

Rosie Collington

How the Consulting Industry Weakens Our Businesses, Infantilizes Our Governments, and Warps Our Economies

Big Con

From one of the world's leading economists, a bestselling expose of the state's crucial role in sparking innovation and growth-and the dangers of ignoring this truth 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 entrepreneurial state has made the truly pioneering, high-risk investments. This false narrative has real world consequences - a select few get credit for what is an intensely collective effort, privatising rewards reaped from socialized risks. Mazzucato makes a powerful case that a failure to understand the state's entrepreneurial role is leading us down the wrong path-towards a future of stagnant growth and increased inequality. As we face the new challenges of the twenty-first century, Mazzucato argues that we need to reinvent the entrepreneurial state, to co-create the opportunities of the future -- and the kinds of public-private deals that will allow smart, innovation-led growth to also be more inclusive growth.

'One of the most influential economists in the world' Wired Even before the Covid-19 pandemic in 2020, capitalism was stuck. It had no answers to a host of problems, including disease, inequality, the digital divide and, perhaps most blatantly, the environmental crisis. Taking her inspiration from the 'moonshot' programmes which successfully co-ordinated public and private sectors on a massive scale, Mariana Mazzucato calls for the same level of boldness and experimentation to be applied to the biggest problems of our time. We must, she argues, rethink the capacities and role of government within the economy and society, and above all recover a sense of public purpose. Mission Economy, whose ideas are already being adopted around the world, offers a way out of our impasse to a more optimistic future.

A Moonshot Guide to Changing Capitalism

Mission Economy

Michael Jacobs

"Thought provoking and fresh - this book challenges how we think about economics.” Gillian Tett, Financial Times Watch an interview with Mariana Mazzucato at Bloomberg here and here. Download the introduction of the book here. Order the book now and receive 20% discount - simply enter promotion code SSHJB at the www.wiley.com online checkout (please click here for further information). Western capitalism is in crisis. For decades investment has been falling, living standards have stagnated or declined, and inequality has risen dramatically. Economic policy has neither reformed the financial system nor restored stable growth. Climate change meanwhile poses increasing risks to future prosperity. In this book some of the world’s leading economists propose new ways of thinking about capitalism. In clear and compelling prose, each chapter shows how today’s deep economic problems reflect the inadequacies of orthodox economic theory and the failure of policies informed by it. The chapters examine a range of contemporary economic issues, including fiscal and monetary policy, financial markets and business behaviour, inequality and privatisation, and innovation and environmental change. The authors set out alternative economic approaches which better explain how capitalism works, why it often doesn’t, and how it can be made more innovative, inclusive and sustainable. Outlining a series of far-reaching policy reforms, Rethinking Capitalism offers a powerful challenge to mainstream economic debate, and new ideas to transform it.

Economics and Policy for Sustainable and Inclusive Growth

Rethinking Capitalism

There is an entrenched relationship between the consulting industry and the way business and government are managed today which must change. Mariana Mazzucato and Rosie Collington show that our economies' reliance on companies such as McKinsey, Boston Consulting Group, Bain & Company, PwC, Deloitte, KPMG and EY stunts innovation, obfuscates corporate and political accountability and impedes our collective mission of halting climate breakdown. The 'Big Con' describes the confidence trick the consulting industry performs in contracts with hollowed-out and risk-averse governments and shareholder value-maximizing firms. It grew from the 1980s and 1990s in the wake of reforms by both the neoliberal right and Third Way progressives, and it thrives on the ills of modern capitalism, from financialization and privatization to the climate crisis. It is possible because of the unique power that big consultancies wield through extensive contracts and networks - as advisors, legitimators and outsourcers - and the illusion that they are objective sources of expertise and capacity. To make matters worse, our best and brightest graduates are often redirected away from public service into consulting. In all these ways, the Big Con weakens our businesses, infantilizes our governments and warps our economies. Mazzucato and Collington expertly debunk the myth that consultancies always add value to the economy. With a wealth of original research, they argue brilliantly for investment and collective intelligence within all organizations and communities, and for a new system in which public and private sectors work innovatively for the common good. We must recalibrate the role of consultants and rebuild economies and governments that are fit for purpose.

How the Consulting Industry Weakens our Businesses, Infantilizes our Governments and Warps our Economies

The Big Con

Making and Taking in the Global Economy [Paperback] Mazzucato, Mariana

¿En qué mundo queremos vivir? Mariana Mazzucato, la economista del momento, prende la mecha de un debate necesario. «Mucho ojo con Mazzucato, la economista más temible del mundo.» Helen Rumbelow, The Times ¿Quién crea realmente la riqueza? ¿Qué actividades la impulsan? ¿Cuáles se limitan a extraerla? ¿Cuáles la destruyen? Nuestras economías tienden a premiar la extracción de valor antes que su creación -el proceso productivo que verdaderamente impulsa una economía y una sociedad saludables-, y la diferencia entre ambos conceptos se ha desdibujado de manera notable. A partir de ejemplos que van desde Silicon Valley hasta el sector financiero pasando por las grandes farmacéuticas, Mariana Mazzucatomuestra de manera magistral cómo las nociones borrosas que tenemos del valor han permitido a ciertos actores de la economía retratarse a sí mismos como generadores de valor, mientras que en realidad se limitan a mover el existente o, lo que es peor, a destruirlo. Tendemos a perder de vista la auténtica naturaleza del valor y por qué es importante, cuestiones que en el pasado estuvieron en el centro del pensamiento económico y que, sencillamente, ya no se discuten. Si queremos reemplazar el actual sistema parasitario por otrosostenible que funcione para todos, es urgente y necesario repensar el origen de la riqueza y responder las preguntas clave de Mazzucato, que nos llevan al verdadero gran interrogante: ¿en qué mundo queremos vivir? La crítica ha dicho : «Mazzucato nos obliga a cuestionar creencias arraigadas sobre cómo funcionan las economías y quién se beneficia en realidad. Este libro agrega valor en sí mismo.» Martin Wolf, Financial Times «Uno de loslibros de economía más incisivos de los últimos tiempos.» Jeffrey Madrick, The New York Review of Books «Las ideas de Mazzucato son combustible para un debate creciente sobre qué parte de la riqueza del país debería estar a manos del sector privado.» Rana Foroohar, Time «Rápidamente Mazzucato se está situando entre los intelectuales públicos más importantes del mundo.Le ha ofrecido a la izquierda una visión positiva del crecimiento basada en la innovación y la participación en los beneficios.» The Spectator «Un libro oportuno sobre conceptos cruciales que se han esfumado del discurso dominante. Una denuncia de cómo los extractores de valor y los buscadores de renta se han disfrazado de creadores de valor en la economía global.» Fran Boait, Prospect «Alguien debería hacer un musical de este libro. Eso es bastante improbable, lo reconozco, pero no tanto como parece. En 1893, el teatro Savoy organizó la penúltima opereta de Gilbert y Sullivan, Utopia, Limited. Es horade volver a trabajar en la idea y Mariana Mazzucato es candidata para escribir el libreto.» Philip Collins, The Times «Una reflexión fundamental sobre qué constituye el verdadero valor en la economía.» Stephen Denning, Forbes «Una mirada fresca al significado del valor en economía. Este libro accesible seducirá a cualquier lector curioso.» Booklist

Quién produce y quién gana en la economía global

El valor de las cosas

lecciones de la COVID-19

No desaprovechemos esta crisis

Alan Shipman

Andrew Trigg

Personal Investment in an Uncertain World aims to provide a sound introduction to personal financial investment. It considers the co-evolution of financial products, markets, regulation and socio-economic change. The challenge for individual investors is how best to negotiate this difficult and shifting terrain over a lifetime of varying choices and responsibilities. The purpose of the book is two-fold: to endow the reader with a fundamental knowledge of financial markets; and to equip them with the skills necessary for achieving their financial goals through investments. An expert author team from The Open University uses a sociological perspective to show how people can adapt to the increasing 'financialisation' of their lives, due in a large part to the shift in financial responsibility from the state to the individual. They also highlight the increasing degree to which financial markets, and the various products that are sold in those markets, affect economic stability. The book shows how personal investment decisions are located within, and influenced by, a myriad of factors in the wider world of finance and trade, and how available tools and resources can be used effectively to manage personal investments and risk. Key financial principles, practices, instruments and institutions are explained, drawing on a range of international examples and comparative case studies. Companion Website: http://www.palgrave.com/business/mazzucato/

Personal Investment: financial planning in an uncertain world

Siempre se ha considerado que el sector privado es innovador, dinámico y competitivo, mientras que el Estado desempeña un rol más estático, intervinien­do en el mercado tan solo para subsanar posibles fallos en sus actividades. La economista Mariana Mazzucato se encarga de desmontar este falso mito para demostrar que el Estado es la organización más emprendedora del mercado y la que asume in­versiones de mayor riesgo. Con una nueva edición actualizada, El Estado em­prendedor propone cambiar los parámetros del tra­dicional debate Estado versus sector privado para plantear una relación simbiótica en la que ambas partes resulten beneficiadas.

Mitos del sector público frente al privado

El Estado emprendedor

Von Schöpfern und Abschöpfern

Wie kommt der Wert in die Welt?

Le grandi multinazionali della consulenza – McKinsey, Deloitte, Kpmg e poche altre – hanno conquistato in breve tempo un potere enorme nell'economia contemporanea. Come hanno fatto? Perché i governi di tutto il mondo hanno affidato scelte decisive per i propri paesi a società che rispondono solo ai propri azionisti? Con quali conseguenze per tutti noi? In tutto il mondo, negli ultimi trent'anni, imprese private e governi si sono affidati sempre più spesso a società di consulenza per ricevere consigli sulla propria gestione o sugli orizzonti strategici da perseguire. L'esito è stato disastroso: l'affidamento delle nostre economie a società come McKinsey & Company, Boston Consulting Group, Bain & Company, PwC, Deloitte, Kpmg ed Ey non ha soltanto bloccato l'innovazione, ma ha reso sempre più opaca e meno trasparente la responsabilità politica e aziendale. L'industria della consulenza ha messo in atto un vero e proprio inganno nei confronti di governi svuotati e avversi al rischio e di aziende che si preoccupano unicamente di massimizzare il valore per gli azionisti. Un inganno reso possibile dall'enorme potere che queste mega società esercitano attraverso contratti e reti di relazione ampie – consulenti, lobbisti e outsourcer – e dal presentarsi come i veri detentori di competenze e capacità oggettive. Questo libro rompe il silenzio sulle società di consulenza mostrando come indeboliscono le imprese, infantilizzano i governi e distorcono l'economia. A riprova degli esiti disastrosi del loro operato, vengono portati casi internazionalmente significativi, tra cui – ed è solo un esempio – i tragici fallimenti dei governi nel rispondere in modo adeguato alla pandemia di Covid-19. Il risultato è un'analisi originale e sorprendente che ci porta a conoscere il cuore pulsante dell'economia contemporanea.

Come le società di consulenza indeboliscono le imprese, infantilizzano i governi e distorcono l'economia

Il grande imbroglio

The book begins by reviewing the connection between firm size, innovation and market structure from a theoretical and an empirical point of view, with emphasis on the 'complexity' that defines this relationship. It then goes on to build an evolutionary model which explores different Schumpeterian propositions regarding the positive and negative feedback between firm size and innovation as well as the role of idiosyncratic random events on industry market structure. The concluding chapter uses 100 years in the history of the US automobile industry to explore the relationship between market share instability and stock price volatility and the degree to which this relationship is connected to industry specific factors. This innovative new book will prove invaluable to researchers, lecturers and scholars of industrial organisation, technology and market structure.

The Evolution of Industry Concentration and Instability

Firm Size, Innovation, and Market Structure

Jonquil Lowe

This innovative new teaching text provides an introduction to personal investment in a world defined by uncertainty. With a focus on risk, socio-economic change and the regulatory framework, and a wealth of international case studies, the book covers all the key issues that affect personal investment decisions and their ultimate success or failure.

Giovanni Dosi

Written by internationally acclaimed experts in the economics of innovation, this volume examines how the biotechnology and pharmaceutical sector is affected by the dynamics of innovation, institutions, and public policy. It contributes both theoretically and empirically to the increasingly influential Schumpetarian framework in industrial economics, which places innovation at the centre of the analysis of competition. Both quantitative and qualitative studies are included, and this varied perspective adds to the richness of the volume's insights. The contributors explore different ideas regarding the historical evolution of technology in the sector, and how firms and industry structure have co-evolved with innovation dynamics. Important policy questions are considered regarding the future of innovation in this sector and its impact on the economy.

The Case of Pharma-Biotech

Knowledge Accumulation and Industry Evolution

Caetano C. R. Penna

This book captures what is missing from the current limited, deficit-cutting discourse of the campaigns: asking politicians instead to think boldly about the kind of investment needed to deliver future growth.

Mariana Mazzucato

About

Books

Join the club