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stevia333k's review against another edition
3.0
Important historical book because GND & Sanders/Warren wing of the Democrats along with CPC policies. That being said, while this is important for giving historical perspective of the left in the 2010s, the faith in the market means its understanding of the social construct means this was undercooked, but for 2013 it was ahead of the curve of a lot of people so I give this 3 stars because capitalism has lost all credibility in 2020 but it is important etc.
amlecher's review against another edition
4.0
The information in this book was great. It confirmed a lot of things I was suspicious about - I've worked for a pharmaceutical company and done research into biochemistry at a large university, so the idea that most of the work to find a new drug is done using government funding feels extremely likely even though I've never looked at the numbers.
The only reason I am giving it 4 stars is that it was frustrating to read at times. The author would use a lot of cliches and would often use quotation marks around them.
The only reason I am giving it 4 stars is that it was frustrating to read at times. The author would use a lot of cliches and would often use quotation marks around them.
emmkayt's review against another edition
3.0
Mazzucato argues that the role of the State in significant innovations has been masked by the veneration of free enterprise, and that the State has an important role in taking on risks of innovation that venture capitalists are too short-termist and impatient to tolerate. There needs to be a realignment of risk and reward so that when private companies benefit from State-generated innovation, the State is not left with empty coffers while the rewards go offshore. Interesting argument, and it was definitely worthwhile to be exposed to it. Great basis for conversation and thought. Note that the book is dry, dry, dry - filled with acronyms, jargon, commas between subjects and predicates, and a particularly annoying stylistic tic involving endless, gratuitous danger quotes. I was amused that someone from the London School of Economics gave a blurb for the back describing it as 'elegant' and 'entertaining.'
mominakamran's review against another edition
4.0
Informative and well written, plenty of examples and evidence to support arguments. I especially liked that it provided recommendations on what a change in policy outlook should look like if there is to be sustainable, inclusive and long term strategic innovation in the future.
The development of Green energy, is a key industry where the State should take a dynamic and pioneering role by leading R&D and creating markets.
However this can only be efficiently done when the risks and rewards both are shared. What happens more often is the privatisation of gains and profits and the socialisation of risks and failure which the state has to bear. Mariana writes “reaping the returns is crucial, because the innovation cycle can thus be sustained over time”.
The book also acknowledges and very accurately presents the shortcomings of Venture Capital in failing to provide the long term capital and tolerance of failure that is necessary for emerging sectors like biotech or green energy. States however can provide that long term strategy and targeted investment by mission oriented R&D, policy support, professional networks and viable commercialisation.
The development of Green energy, is a key industry where the State should take a dynamic and pioneering role by leading R&D and creating markets.
However this can only be efficiently done when the risks and rewards both are shared. What happens more often is the privatisation of gains and profits and the socialisation of risks and failure which the state has to bear. Mariana writes “reaping the returns is crucial, because the innovation cycle can thus be sustained over time”.
The book also acknowledges and very accurately presents the shortcomings of Venture Capital in failing to provide the long term capital and tolerance of failure that is necessary for emerging sectors like biotech or green energy. States however can provide that long term strategy and targeted investment by mission oriented R&D, policy support, professional networks and viable commercialisation.
victorr's review against another edition
5.0
Great book shedding light on myths regarding the importance of the state intervention in the economy, broader than just on the regulatory side. The only thing other I would have liked the author to consider is the danger of corruption in the interaction between the state and the private sector. Corruption can spoil any initiative, no matter how noble and its threat exists every time there is public money to be spent.