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A review by mominakamran
The Entrepreneurial State: Debunking Public vs. Private Sector Myths by Mariana Mazzucato
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.