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dlewisleipz's review against another edition
3.0
Interesting thesis and compelling argument, but sorta repetitive and narrow.
miguelf's review against another edition
4.0
Mazzucato makes a very convincing case for continued State support of investment into key R&D initiatives, where government has showed a strong string of successes throughout the past 100 years. She demonstrates how prior government funded programs and initiatives have paid back private industry and society in the form of key technologies and platforms. One need look no further than the Internet to see this.
In engineering management graduate work (not exactly a bastion of progressive thought), one comes across numerous DARPA related projects that are viewed as great successes. Yet conservatives will scream to the hilt about examples like Solyndra (which Mazzucato addresses fully) that show that the Govt can’t invest correctly, essentially saying that the Govt must bat 100% with every investment dollar, while private equity has a success rate that often falls short (also conservatives have no problem with privatizing gains but socializing losses when the values are high enough – see the ’08 crash and the current Covid bailouts as examples). Mazzucato argues how Govt is best positioned for a number of important areas for funding – areas that private industry views as too risky to take on and where scale is needed (fusion research as a quintessential example). My only quibble with the book is that the topic is so common sense that there shouldn’t need to be a full length volume describing this, yet here we are in 2020 and this is not a convincing argument to many in the US.
In engineering management graduate work (not exactly a bastion of progressive thought), one comes across numerous DARPA related projects that are viewed as great successes. Yet conservatives will scream to the hilt about examples like Solyndra (which Mazzucato addresses fully) that show that the Govt can’t invest correctly, essentially saying that the Govt must bat 100% with every investment dollar, while private equity has a success rate that often falls short (also conservatives have no problem with privatizing gains but socializing losses when the values are high enough – see the ’08 crash and the current Covid bailouts as examples). Mazzucato argues how Govt is best positioned for a number of important areas for funding – areas that private industry views as too risky to take on and where scale is needed (fusion research as a quintessential example). My only quibble with the book is that the topic is so common sense that there shouldn’t need to be a full length volume describing this, yet here we are in 2020 and this is not a convincing argument to many in the US.
deleonhtx's review against another edition
5.0
A key work of political economy in the 21st century, showing not only that states serve the public interest best when they’re bold and mission-oriented, but also reminding that “the capitalist economy will always be subordinate to the State and subject to its changes.”
inquiry_from_an_anti_library's review against another edition
adventurous
hopeful
informative
inspiring
reflective
medium-paced
4.0
Is This An Overview?
There is a myth that governments cannot make appropriate investments, and intervention in the market would create problems. The myth implies that the main role of the government is to fix the private sector, to fix market failures, and to provide equitable laws. This myth enabled the dismantling of public organizations and outsourcing responsibilities. Leading to governments lacking tacit knowledge, and preventing long term agendas. The myth of government’s ability, is associated with the myth of the lone entrepreneur who knows how to invent and invest in the future.
In practice, many entrepreneurs innovated state-funded technologies and used public funding sources. Private sector investments tend to occur when an idea is ready for commercialization, after various failed ideas have been filtered out. Governments tend to invest in earlier stages of an idea before commercialization. Governments invest in the seed stage of an idea, which carries more uncertainty and higher risk than the later commercialization stage. The private sector invests in ideas after government has transformed the uncertainty of an idea into much lower risk.
Government has more patience with lower expectations of returns to ideas. A strategy that has been effective, given that while government is spending more on Research and Development, the private sector is spending more on boosting share prices. Government investments enabled forthcoming innovations, thereby stimulating private investments rather than crowding out investments.
Caveats?
In trying overcome one myth, another myth was written. Although the author references that effective innovation is a collaboration between public and private sectors, the book prioritizes state activities. A myth that the private sector is secondary to the state, being not as effective with financing and social functions. Sharing only little reference to the consequences of state activities. The bias in favor of state action, reduces the value of collaboration.
ekruzel's review against another edition
5.0
This is an incredible book about the genuine sources of long-term economic innovation. Mazzucato offers a dense and meticulously cited takedown of the mythology around VC/private sector R&D, as short sighted fiscal opportunism built on decades of foundational discovery supported by taxpayers.
Given years of anti-public sector propaganda, public perception around this needs to adapt to align with the reality if we are to tackle our biggest challenges: Climate change, inequality, pandemics....
I highly recommend for citizens, voters, and the pro-science community alike.
Given years of anti-public sector propaganda, public perception around this needs to adapt to align with the reality if we are to tackle our biggest challenges: Climate change, inequality, pandemics....
I highly recommend for citizens, voters, and the pro-science community alike.
cstovall17's review against another edition
4.0
Same thesis essentially as American Amnesia, but far more repetitive and less enjoyable to read.
jcoker10's review against another edition
4.0
The thesis and policy recommendations warrant five stars, but I deduct one for Mazzucato's dry and occasionally downright awkward writing style. That being said, Mazzucato is absolutely correct and offers a bold vision for rescuing the stagnant global economy. Must read for anyone interested in innovation or economic growth.