Mission Economy: A Moonshot Guide to Changing Capitalism
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- Author：Mariana Mazzucato
- ISBN：0141991682
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Summary
'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。
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。
Reviews
Luigi Benetton
，
Mazzucato makes perfect sense， and this is a comprehensively thought-out plan。 Truly admirable。 Still， I can't help but think about how such an eminently rational approach would likely fall short in a disinformation-filled world。 Helping overcome the disinformation barriers plans like this have already met is perhaps the final piece of the puzzle。 I look forward to somebody figuring out that piece。 Mazzucato makes perfect sense， and this is a comprehensively thought-out plan。 Truly admirable。 Still， I can't help but think about how such an eminently rational approach would likely fall short in a disinformation-filled world。 Helping overcome the disinformation barriers plans like this have already met is perhaps the final piece of the puzzle。 I look forward to somebody figuring out that piece。 。。。more
Simon Parent
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Pretty good examples of how we could organize to create truly democratic and important projects， but there's a failure from the author to really connect the dots and realize that it's only something possible once Capitalism falls。 Pretty good examples of how we could organize to create truly democratic and important projects， but there's a failure from the author to really connect the dots and realize that it's only something possible once Capitalism falls。 。。。more
Wietse Van den bos
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Een krachtig pleidooi van Mazzucato voor een vrij fundamenteel andere manier om naar de economie en overheid te kijken。 De overheid is niet een irritante tussenpartij die de markt vrij baan moet geven， maar een essentieel onderdeel van de maatschappij die samen met onder andere de markt moet proberen de wereld te scheppen die we willen hebben。 De markt is niet onze meester， we moeten haar krachten richten op wat we willen bereiken。De eerste helft van het boek is echt heel goed。 Interessant en ov Een krachtig pleidooi van Mazzucato voor een vrij fundamenteel andere manier om naar de economie en overheid te kijken。 De overheid is niet een irritante tussenpartij die de markt vrij baan moet geven， maar een essentieel onderdeel van de maatschappij die samen met onder andere de markt moet proberen de wereld te scheppen die we willen hebben。 De markt is niet onze meester， we moeten haar krachten richten op wat we willen bereiken。De eerste helft van het boek is echt heel goed。 Interessant en overtuigend （al geloofde ik hier eigenlijk ook al in voordat ik het las）。 De tweede helft ging over de implementatie van deze ideologie op moderne problemen。 Daar kreeg het boek wel af en toe een net iets te hoog gehalte management/consultant jargon。 Op zich logisch （klimaatverandering is oneindig veel ingewikkelder dan een puur technische uitdaging als naar de maan vliegen）， en goed dat Mazuccato erkent dat dit complexer is， maar het maakt het ook minder inspirerend en moelijker te lezen。Al met al toch zeker wel vier sterren。 Zeker hoofdstuk 3 en 4 zijn eigenijk gewoon must reads voor alle ambtenaren en politici en eigenlijk ook zakenmensen。 。。。more
Bjarte Slettebø
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Boken anbefales til alle som interesserer seg for poletikk og hvilke oppgaver det offentlige kan påta seg。
James Thomas Nugent
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Mazzucato is clearly very intelligent。 In my opinion what she is arguing for is the way forward。 However， my issue with this book， and other left leaning economic books， is that it is 90% normative theory and 10% old empirical evidence。 The only practical example given was the moon landing。 Ideally， I'd like a writer of her calibre to explain why mission based approaches to climate change and wealth inequality aren't happening today。 I want an explanation that explores power， lobbying， bureaucra Mazzucato is clearly very intelligent。 In my opinion what she is arguing for is the way forward。 However， my issue with this book， and other left leaning economic books， is that it is 90% normative theory and 10% old empirical evidence。 The only practical example given was the moon landing。 Ideally， I'd like a writer of her calibre to explain why mission based approaches to climate change and wealth inequality aren't happening today。 I want an explanation that explores power， lobbying， bureaucracy， and other factors that push individual interest above collective interests in our society。Ideally someone needs to explain with empirical evidence why and how political and economic systems have failed so dramatically。 How many missions have the EU launched over the last 30 years？ How many were successful？ How many failed？ Why doesn't anyone ask these practical questions？My own opinion is that rapid technology advances coupled with over financialisation of the real economy in a light touch regulatory environment is a recipe for powerful individual self interest dominating the collective。 Are we at a point where certain private interests are bigger than public authority？Explanations drawing evidence from reality that look at practical obstacles for change and pose rational and realistic solutions （if there are any） are what the world needs now。Nevermind the theory。 Where is the description of reality？ 。。。more
Sofia
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No but why am I tearing up reading about economics？？？？？？
amber
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good ideas but fails to recognise that corporations and governments collude to fuck over the working class continuously， they don’t care about us and never will。 modern day government failure isn’t about ineffective methods of reshaping and mismanaging markets， it’s about right wing monetarists in power working with corporate lobbyists to keep the poor poor and the rich rich
Steve Bennett
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Thought that I'd enjoy this kore than I did - it was a good read and i get the point which I subscribe too。 I admire the author very much and wish for her to have much more of an influence in the UK。 Thought that I'd enjoy this kore than I did - it was a good read and i get the point which I subscribe too。 I admire the author very much and wish for her to have much more of an influence in the UK。 。。。more
Krzysztof Kłobucki
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There are two main thesis in Mariana Mazzucato's "Mission Economy"。 One - that governments should not only fix the markets， but steer them in a mission oriented way。 Two - we need to change the underlying economy rules to enable greater cooperation of public and private sectors， and to distribute the profits to the broader group of value creators （stakeholders vs shareholders）。While I agree with most of Mazzucato's proposals， the problem is that they are very shallow。 The discussion of this prop There are two main thesis in Mariana Mazzucato's "Mission Economy"。 One - that governments should not only fix the markets， but steer them in a mission oriented way。 Two - we need to change the underlying economy rules to enable greater cooperation of public and private sectors， and to distribute the profits to the broader group of value creators （stakeholders vs shareholders）。While I agree with most of Mazzucato's proposals， the problem is that they are very shallow。 The discussion of this proposals takes no more than 30% of the book。 There is not much besides general directions and justification why they are necessary。 I think the hardest part - how to introduce such changes - is missing。 Especially that some of them seem revolutionary （e。g。 stakeholders vs shareholders part）。 As the western economies are heavily interconnected the change would have to be lead by one of the big players so others would follow。The remaining 60% of the book are devoted to lessons from Apollo lunar mission and several examples of current mission-like endeavors of EU and British and US governments。 There were many interesting insights in these chapters， however it was disappointed that they constituted majority of the book。Another big gap is for me is lack of any discussion about China's approach。 I think their 5 year plans are somehow similar to mission approach Mazzucato is advocating in her book。 It would be interesting to see analysis if there are elements in Chinese system which can be applied by western economies and which elements should not be considered。 。。。more
Ben Geudens
，
WEF "agenda contributor" Mariana Mazzucato's concept of the "mission economy" is in essence a less than imaginative rebranding of Mussolini's fascist view on economics: governments must force all of society to live， work and die in pursuit of a common cause; a greater good。 The nature of this greater good would then decided by an unelected managerial class and its pet scientists/propagandists。 This textbook approach to economic fascism inevitably requires that the regime also dictates what the p WEF "agenda contributor" Mariana Mazzucato's concept of the "mission economy" is in essence a less than imaginative rebranding of Mussolini's fascist view on economics: governments must force all of society to live， work and die in pursuit of a common cause; a greater good。 The nature of this greater good would then decided by an unelected managerial class and its pet scientists/propagandists。 This textbook approach to economic fascism inevitably requires that the regime also dictates what the public's views， beliefs， goals and values should be。 Mazzucato essentially brings nothing new or original to the table in this regard。 "Mission Economy" is just another propagandist piece in favor of classic textbook totalitarianism。 I can just imagine a PR team carefully considering all possible synonyms for "greater good" and calculating that the word "mission" would set off the least possible alarm bells。Of course， no advocacy for totalitarianism is complete without emotional/rhetorical appeals or some sort of threat or crisis to justify the dictatorship。 After all， under normal circumstances， no one in their right mind would agree to unelected bureaucrats stripping us of basic human rights such as the right to own property or the right to independent mobility。 No one would tolerate managerial elites rationing the basic necessities we need to live， just so they and their billionaire buddies can monopolize the earth's land and resources all for themselves。 Mazzucato is faced with an extraordinarily difficult agenda to sell here， simply because the Davos worldview doesn't benefit anyone at all in any conceivable way。 To the contrary: climate fascism guarantees that most of humanity will be pushed into destitution and servitude， if it survives at all。 Faced with the monstrous task of selling arguably the most destructive attempt at central planning in recorded human history， Mazzucato didn't even bother to come up with anything original or particularly convincing。 She instead resorts to the ridiculous new age pseudo-science of anthropogenic catastrophic climate change and tiring regurgitations of long-disproven Malthusian arguments。In short: "Mission Economy" is an overall intellectually lazy appeal to convince the public to embrace climate fascism as a guiding civilizational principle so the unelected elites of our time can pursue their own Lebensraum philosophy: an empty world where Mazzucato's Davos crowd employers own everything and the plebs get equal rights/opportunities to either be slaves or to roll over and die。 。。。more
Catarina Amaral
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Interesting view of public intervention on the economy and how it can help to reshape and improve it
Paulo Adalberto Reimann
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Interesting Great book。 Much needed in this current wannabe mainstream where from prisons to parks， from schools to hospital， everything must be privatized。 Small state is state for small amount of people。
Declan
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Trying to supplement my （deeply neoliberal） economics education at my grad program with some critical perspectives。 Mazzucato has great insight， and the central metaphor of space travel as the idealized government “mission” is compelling。 However， it’s somewhat thin on practical applications， and endorses the controversial Modern Monetary Theory （MMT）， so it’s a hard sell for more timid students of economic theory。 I do plan on reading more of her work， though。
David
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"We live in an era in which capitalism is in crisis and a flawed ideology about the role of government has infiltrated our expectations of what it can do and thus what other actors can do in partnership with government。""。。。to change capitalism， we must therefore change the interrelationships between government， business and civil society， especially the underlying power relationship。 There are a variety of different forms of capitalism and we have the wrong one。 "Mariana Mazzucato "We live in an era in which capitalism is in crisis and a flawed ideology about the role of government has infiltrated our expectations of what it can do and thus what other actors can do in partnership with government。""。。。to change capitalism， we must therefore change the interrelationships between government， business and civil society， especially the underlying power relationship。 There are a variety of different forms of capitalism and we have the wrong one。 "Mariana Mazzucato 。。。more
Patrick
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innovative solutions for resourceful countries。
Jesse Geens
，
While the book presents some very interesting ideas and concepts， there are quite a few flaws in it as well。 Especially the middle chapter makes some dubious scientific claims， on top of some figures that are very misleading （eg。 saying that 90% of the Germans support the "Energiewende"， while the report in question says "90% of German citizen support its goals， although only 45% of Germans think that the Energiewende is properly managed"。 All-in-all though it is a recommended read。 While the book presents some very interesting ideas and concepts， there are quite a few flaws in it as well。 Especially the middle chapter makes some dubious scientific claims， on top of some figures that are very misleading （eg。 saying that 90% of the Germans support the "Energiewende"， while the report in question says "90% of German citizen support its goals， although only 45% of Germans think that the Energiewende is properly managed"。 All-in-all though it is a recommended read。 。。。more
Flo！
，
Pretty fun book， but if you have already read 'Entrepreneurial state' and 'Value of everything'， then you don't need to read this one。 The point that the author wants to make， is that government should be more mission-oriented and not just muddle around and let markets do the work。 I fully agree with that and this book does summarise the whole thought-process behind it。 For that， the book uses the Apollo Project as a government-set mission， of which the story descripted in the book is very inter Pretty fun book， but if you have already read 'Entrepreneurial state' and 'Value of everything'， then you don't need to read this one。 The point that the author wants to make， is that government should be more mission-oriented and not just muddle around and let markets do the work。 I fully agree with that and this book does summarise the whole thought-process behind it。 For that， the book uses the Apollo Project as a government-set mission， of which the story descripted in the book is very interesting。 However， besides that description of the Apollo Project， this book doesn't offer something new that we haven't read from the author already and that does disappoints me。 。。。more
Filipe R。
，
Interesting book with lots of information about other authors but in short not a lot of novelty from the author。 The ideas are interesting but just touched upon without real world application。 Interesting to start some discussions but not as good as previous works。 Recommended nonetheless for whom these concepts are new （mission economy; value based metrics; innovation; public-private partnerships）
Carlos Puig
，
Convincentes propuestas de Mazzucato para reformular objetivos y formas de relación entre el sector público， el privado y la sociedad civil para enfrentar de manera eficaz los grandes retos de la época actual。 Tomando como modelo la misión espacial que llevó al hombre a la luna y lo trajo de vuelta a la Tierra， Mazzucato expone varias formas de reorientar la función y las acciones de los gobiernos en torno a las lecciones que deja ese modelo de las misiones espaciales。 Sr trata， en definitiva， d Convincentes propuestas de Mazzucato para reformular objetivos y formas de relación entre el sector público， el privado y la sociedad civil para enfrentar de manera eficaz los grandes retos de la época actual。 Tomando como modelo la misión espacial que llevó al hombre a la luna y lo trajo de vuelta a la Tierra， Mazzucato expone varias formas de reorientar la función y las acciones de los gobiernos en torno a las lecciones que deja ese modelo de las misiones espaciales。 Sr trata， en definitiva， de lograr cambiar el actual paradigma del capitalismo por uno más inclusivo y sostenible， que permita enfrentar exitosamente las problemáticas que hoy nos afectan， con un sentido más democrático， participativo y social。 。。。more
Nabeel Al Barwani
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Good book about government working hand in hand with the private sector to shape the economy and take risks
Thor Nordahl
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Jeg liker både ideen og forfatteren， men det var da fryktelig til gjentakelse av samme konsept sagt på ulike måter。。。 hva skjedde med "brevity is the source of wit" Jeg liker både ideen og forfatteren， men det var da fryktelig til gjentakelse av samme konsept sagt på ulike måter。。。 hva skjedde med "brevity is the source of wit" 。。。more
Tobi Fairley
，
Though I dream of a world that works the way Mariana outlines I find it hard to imagine it could ever happen。 This book looks at how we could tackle the world's biggest problems if we would only come together the way we did over the Apollo space mission when we were trying to beat Russia to space。 Though I dream of a world that works the way Mariana outlines I find it hard to imagine it could ever happen。 This book looks at how we could tackle the world's biggest problems if we would only come together the way we did over the Apollo space mission when we were trying to beat Russia to space。 。。。more
Siri Arntzen
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There's a lot of interesting ideas， Mazzucato offers a different ways of viewing global problem solving that have solid and innovative arguments - which we don't have enough of in mainstream economics tbh。 I still have trouble with who is supposed to choose the missions， how to avoid lobbying being a huge part of this， and how to structure it properly， but - lots of good thoughts。 Enjoyed it。 There's a lot of interesting ideas， Mazzucato offers a different ways of viewing global problem solving that have solid and innovative arguments - which we don't have enough of in mainstream economics tbh。 I still have trouble with who is supposed to choose the missions， how to avoid lobbying being a huge part of this， and how to structure it properly， but - lots of good thoughts。 Enjoyed it。 。。。more
Nicoleta Pana
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Generic。 Reads like the type of book someone asks you to write because you are important。 She is though。 Nice stories， numbers， anecdotes etc。 though。
Manuel Barahona
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Un “moonshot” para repensar y transformar el sistema económico Un libro asentado en la economía concebida como ciencia social y que se nutre de otras disciplinas。 Formula la tesis de abordar los grandes retos del desarrollo mediante misiones， emulando el logro fundacional de la carrera espacial。 La autora apunta: “Aquí he reflexionado sobre cómo ir a la Luna y volver requirió， hace cincuenta años， que los agentes públicos y privados invirtieran， innovaran y colaboraran noche y día en un propósit Un “moonshot” para repensar y transformar el sistema económico Un libro asentado en la economía concebida como ciencia social y que se nutre de otras disciplinas。 Formula la tesis de abordar los grandes retos del desarrollo mediante misiones， emulando el logro fundacional de la carrera espacial。 La autora apunta: “Aquí he reflexionado sobre cómo ir a la Luna y volver requirió， hace cincuenta años， que los agentes públicos y privados invirtieran， innovaran y colaboraran noche y día en un propósito común。 Imaginemos que hoy ese propósito colaborativo fuera construir un capitalismo más inclusivo y sostenible: una producción y un consumo verdes， una desigualdad menor， una mayor realización personal， una asistencia sanitaria resiliente y un envejecimiento saludable， y una movilidad sostenible y acceso digital para todos。 Pero los cambios pequeños y graduales no nos permitirán conseguir esos resultados。 Debemos contar con la valentía y la convicción necesarias para tener miras más altas: para liderar un cambio transformativo que sea tan imaginativo como audaz， que aspire a algo mucho más ambicioso que mandar a un hombre a la Luna。” 。。。more
Prafull
，
The key message :Just as the USA united in its mission to put a man on the moon in the 1960s， today we need to come together and engage in mission-based thinking。 We’re not only facing the challenges of recovering from the Covid-19 crisis。 We also need to address deep systemic issues that prevent us from tackling huge problems like climate change and inequality。 The whole way we think about government， business， and capitalism needs to change – but with a collective sense of mission， we can do i The key message :Just as the USA united in its mission to put a man on the moon in the 1960s， today we need to come together and engage in mission-based thinking。 We’re not only facing the challenges of recovering from the Covid-19 crisis。 We also need to address deep systemic issues that prevent us from tackling huge problems like climate change and inequality。 The whole way we think about government， business， and capitalism needs to change – but with a collective sense of mission， we can do it。 。。。more
Kaitlin Hansen
，
Mission Economy makes the convincing argument that the only way for us to get out of massive crises like climate change is for governments to grow some confidence and help lead and shape the economy to tackle a collective mission， versus riding backseat and acting as a savior of last resort when markets fail。 Mazzucato is a really exciting thinker， and I love her passion and intellect and vision。 This is a great book for anyone frustrated by the insane power and wealth of corporations， and wanti Mission Economy makes the convincing argument that the only way for us to get out of massive crises like climate change is for governments to grow some confidence and help lead and shape the economy to tackle a collective mission， versus riding backseat and acting as a savior of last resort when markets fail。 Mazzucato is a really exciting thinker， and I love her passion and intellect and vision。 This is a great book for anyone frustrated by the insane power and wealth of corporations， and wanting to think more deeply about how capitalism could look differently （but not be abolished）。 I particularly loved the last chapter， where she goes into more detail about why government debt isn’t a bad thing and how profit earned by companies could be socialized。 I knocked off a star because the book is a bit dense and jargony， and I wish its writing was more accesible。 。。。more
Kevin
，
Mission stuck orbiting Western liberal capitalism？Preamble:--I jumped on this book for 2 reasons:1） To get a sense of super-star “progressive” （i。e。 capitalism reformer， see the subtitle “Changing Capitalism”） economist Mazzucato: --I bypassed her The Entrepreneurial State: Debunking Public vs。 Private Sector Myths as I’ve already gone through fellow reformist Ha-Joon Chang on developmental state-planning， and neglected her The Value of Everything: Making and Taking in the Global Economy since “ Mission stuck orbiting Western liberal capitalism？Preamble:--I jumped on this book for 2 reasons:1） To get a sense of super-star “progressive” （i。e。 capitalism reformer， see the subtitle “Changing Capitalism”） economist Mazzucato: --I bypassed her The Entrepreneurial State: Debunking Public vs。 Private Sector Myths as I’ve already gone through fellow reformist Ha-Joon Chang on developmental state-planning， and neglected her The Value of Everything: Making and Taking in the Global Economy since “value” deserves true radical thinking （from Marx’s play with labour to gift economies to care-work to reciprocity with ecology etc。） 2） To see a progressive’s take on state planning， esp。 in a war economy: --Another reformist Steve Keen （similar politically but less willing to sugar-coat his delivery） recently shifted his attention to the economics of climate change/ecological crises， including the most plausible scenario of nationalist war-economy responses/rationing。 Unfortunately， this book is set after WWII （focusing on the Apollo program） and completely encrusted with sugar-coating。 It bypasses much of the war-related aspects with a Global North “Cold War” framing， i。e。 “cold” rather than “hot” wars despite the genocidal bombardments of Korea， Vietnam， etc。 and their tumultuous effects not just to those countries but also to the global economic system （more on this later）。The Good: 1） Dispelling the lowest hanging fruit of Market fundamentalism: --The theology of Market fundamentalism is so far-removed from real-world capitalism that progressives can provide an accessible first-step in its dismantlement。 --Mazzucato upturns the cult of mainstream economics （Market Failure Theory， Public Choice Theory， New Public Management， etc。） with a gentle dose of reality: the social creation of “value” （not just from private firms）， market efficiency as a static snapshot （missing high-risk/long-term investments + spillovers）， etc。--Despite their insistence that “There Is No Alternative” to letting “the Market” transform all social relations into casinos， Market fundamentalists must annihilate reality to justify their fetishism。 This leaves no space for even the pretense of “enlightened capitalism”， which progressives are happy to （try to） claim。--The state and markets are actually two sides of the same coin （literally: one side of a coin is stamped with the state’s figurehead; the other side is the commodity exchange value: Debt: The First 5，000 Years）。 Mazzucato details the “Entrepreneurial State” in high-risk， long-term innovations with wide spillovers that rarely survive in the private market of short-term profit-seeking competition。 The Apollo program is reviewed to consider organizational learning and dynamism （esp。 top-down goals while decentralized project-execution/risk-taking）， government capabilities in procurement and directing public-private collaborations， etc。 2） A Hint of Revolutionary Reforms: --The next step （where progressives often falter） is revolutionary reforms， i。e。 reforms that can open the door to more transformative change （as emancipation is a process of building social trust and capabilities）， rather than reforms that temporarily rescue capitalism only to erode into the next crisis。 --Besides the state policy theories （bulk of the book）， we only get whispers: value should not be confused with price （funny， boogeyman Marx had something about use-value vs。 exchange-value that was the foundation of Capital: A Critique of Political Economy， Volume 1）… State theory of money （MMT: Stephanie Kelton）， and the curious case of government bonds creating a bondholder class， which ties in to economic rent （see Michael Hudson， too bad-ass for Mazzucato to reference）… reforming intellectual property patents for the public interest and related: the Commons （Elinor Ostrom）… “pre-distribution” （rather than redistribution of taxation） i。e。 public wealth funds/social dividends/ worker ownership （also too bad-ass: Another Now: Dispatches from an Alternative Present）… “circular economies” supposedly “disconnects economic growth from the extraction and consumption of materials” （I’ll have to finish reviewing Kate Raworth as I think her message on “economic growth” is more nuanced; also see Less is More: How Degrowth Will Save the World）。 --Note: disappointing even by progressive standards is highlighting the “European Green Deal” by the EU Commission， rather than the “Green New Deal for Europe” by DiEM25 （who are after all “progressives”）。 The Farcical: --It’s hard for me to justify rating this book higher than 2 stars when that’s what I gave to a book titled The Socialist Manifesto: The Case for Radical Politics in an Era of Extreme Inequality。 Just who is the target audience of Mazzucato’s book？ Given the growing popularity of the “S” word even within the paranoid empire， the target must be Western middle/upper-class boomers who mistake their own shadows for the Red Menace and who heard Bernie Sanders and thought “no thanks， America is #1 in freedom and freedom is paying private middlemen or else Stalin”。 Consider:1） Real-world capitalism and Crises: --In their insistence to rescue “capitalism”， progressives hit a brick wall: why did capitalism need you to rescue it in the first place？ In this case， Mazzucato stops at the “deeper forces” of Financialization， the Satan that dismantled her glorious “Entrepreneurial State”; there’s a chapter titled “Bad Theory， Bad Practice”， as if Western capitalism just fell for the sin of Market fundamentalist “bad theory”。 How convenient; this may explain how…but why？ There is zero explanation; Financialization just happened。 As for social factors， we get a pop-psych one-liner: “increasing prosperity and consumerism eroded the bonds of collective interest in favour of individual advancement”。--Now， Mazzucato’s hints of revolutionary reforms reveal that she can dig deeper; she just has no confidence with her target audience。 I think this is a mistake; we can be pragmatic in avoiding trigger words， but we should still find ways to provide the substance and connect the dots。--While Mazzucato debunks the lowest hanging fruit of Market fundamentalism， this still does not explain what real-world “capitalism” is and why she clings to it。 The book suggests “asking what kind of markets we want， rather than what problem in the market needs to be fixed”; let’s start here。 --“Capitalism” is built on 3 peculiar markets: labour market （thus the wage contract）， land market and money/financial market（s）。 Thus， capitalism is a “market society” as opposed to “society with markets” that preceded capitalism （i。e。 markets exchanging goods/services， but where labour/land/money are not dominated by markets）。 Brilliant intro: Talking to My Daughter About the Economy: or， How Capitalism Works—and How It Fails; Note: Market fundamentalists conveniently focus on the goods/services markets to paint a utopic world where everyone is an individual shopkeeper bartering commodity goods。--After Mazzucato exhausts the typical progressive “better regulations” spiel， she has reached the progressive’s cliff。 All these regulations have already been dismantled with style in the real world（！）， so another repetition is rather anticlimactic。 This forces Mazzucato to acknowledge the aforementioned revolutionary reforms that directly challenge the 3 peculiar markets of capitalism！ Suddenly， the “S” word is no longer “Stalinist”， if only we connect the dots！ Mazzucato’s lauded “stakeholder capitalism” buzzword suddenly seems childishly contradictory。 --Next， let us consider why Financialization occurs。 As mentioned， money/financial markets are a fundamental component to capitalism; credit is the first step in social mobilization for the capitalist， where the creditor draws on future expectations of growth and brings it into the present for use。 This brings up the “prophecy paradox” based on confidence， which can go both ways。 Thus， the spectacular volatility of real-world capitalism’s history of booms and busts。 The full story once we consider the geopolitics of the 20th century is a must-read: The Global Minotaur: America， the True Origins of the Financial Crisis and the Future of the World Economy2） Real-world capitalism and the War economy: --It gets worse。 This entire book is trying to square （1） missions for the public interest （*cough* socialism） with （2） capitalism。 So， we take the glimmering surface of the Apollo program as a shining example of social mobilization for science， technology and “progress”。 Mazzucato skates over the arms race context of the Cold War， briefly halting to consider “The Moon and the Ghetto” debates regarding why public spending was not directly targeting poverty。 The conclusion is we need both， since abstract science has unexpected spillovers。 This is followed by a long section applying mission maps to the UN’s shiny Sustainable Development Goals （SDGs）。 --Mazzucato describes US’s post-WWII global system as “The global， multilateral system painfully constructed after World War Two and the broadly liberal， open values it embodies”; fellow reformist Ha-Joon Chang also lauds this “Golden Age of Capitalism” and it is startling the lack of historical context。--After all， this period occurred after the escalating boom/bust cycles of real-world capitalism， which saw the “Roaring Twenties” （1920’s） crash into the endless Great Depression。 The capitalist world could only escape this vortex of despair with the creative destruction of the greatest war in human history （WWII）， which purged stagnant capital while spawning the US military industrial complex。 The Western welfare state was a compromise with domestic labour struggles given their heightened socialization during the war and the alternative of socialism on the world stage。 Chang’s romanticized Japanese Miracle reindustrialization was subsidized by war contracts from the US’s genocidal bombardment of Korea。 Chang’s South Korean rapid industrialization was subsidized by war contracts from the US’s genocidal bombardment of Vietnam （Drums of War， Drums of Development: The Formation of a Pacific Ruling Class and Industrial Transformation in East and Southeast Asia， 1945-1980）。 …It is too convenient for us to externalize modern war as some political sideshow/“human nature” and not recognize its functions under capitalism。 Here's the punchline: it is the War economy of Mazzucato's triumphant （capitalist） “Entrepreneurial State” that directly unleashed global Financialization！ In summary， the US's “Cold” War bombardment of Korea/Vietnam drained US gold reserves， causing the US to dismantle its post-WWII global plan （recycling US surpluses） and flip to becoming a debt empire by controlling the flow of others' surpluses （which required unleashing Wall Street！）。 See Global Minotaur + Super Imperialism: The Origin and Fundamentals of U。S。 World Dominance。3） Real-world capitalism and Imperialism: --We can now consider: is there a function for poverty under capitalism？ Capitalism’s profit-driven industrialization has been predicated on cheap raw material inputs + cheap labour， thus the violent （and continuing） history of both de-industrializing the Global South （with the glaring examples of colonial India and China） and forcing the South/periphery into cheap export dependency: The Divide: A Brief Guide to Global Inequality and its Solutions--Progressives always focus on capitalist profit-seeking competition resulting in technocratic innovations。 They always neglect the easier method （esp。 on the global scale）: cut costs by externalizing it onto labour in the periphery + the environment。 Indeed， it is often resistance to this easier method that forces capitalists to innovate。 Why did capitalists develop the elaborate， outsourced global commodity chain （“disarticulated” factories/satellites/databases/container shipping） if it wasn’t for labour’s better bargaining power via strikes that shut down domestic， centralized factories？ Why did capitalists alter patent monopolies to claim the entire product as opposed to just the process （thus disincentivizing innovations in new processes！） if it wasn't for the challenge of Third World Industrialization？ The Poorer Nations: A Possible History of the Global South--We reach farcical levels when we realize that all the examples in this book about state policies are Western （US， Britain， and of course the poster-child Scandinavia）。 This is where it’s important to consider the class characteristic of the state， i。e。 is the state primarily dominated by capitalist interests （State Capitalism） or are there greater social struggles/contradictions at play？--Vietnam’s state response to COVID is lauded at the introduction， but this is tepid since the Western imperialist worldview trivializes Vietnam in terms of “socialist threats” unlike say Cuba （not mentioned） or China。 China receives the following: Today， China， the leading authoritarian economy， remains weighed down by inefficient and heavily indebted state industries， a banking system with huge ‘zombie’ loans， an ageing population， and the massive task of shifting the economy away from excessive export dependency and towards greater domestic consumption。 To be fair， it is making progress， and has real ambition about greening its economy， with over $1。7 trillion being invested as part of its five-year plan。 But a central planning model is not likely to be one that will be able to take on the bold reforms to public and private collaboration that this book envisages。 [emphases added]--When your entire book is supposed to de-mystify state policies， this imperialist liberal use of “authoritarian” is downright embarrassing。 Ideologically， imperialism is somehow not authoritarian （well， it’s not acknowledged to begin with）。 Mass foreclosures （yes， including liberal hero Obama） and homelessness is somehow not authoritarian; the dispossessed have the freedom to be shelter-less and starve， after all。 But even on a technical level， to just slap on the label of “central planning”。。。 do Western imperialists ever stop and think how modern China with its 1。4 billion people can even function with just “central planning”？！？！ This goes back to Western caricatures of Asiatic/Oriental despotism。 --This is what separates self-proclaimed “anarchist” David Graeber from vulgar anarchism/Western-centric views; Graeber takes state formation seriously and unpacks its various functions and contradictions throughout the world。-For a light intro （i。e。 Ted talk） on China state policies: https://youtu。be/s0YjL9rZyR0-Deeper: Vijay Prashad is essential for amplifying Global South perspectives: https://youtu。be/8-m-DZHLNGs 。。。more
Sheirly
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I tried the Blink version of this book。 Key takeaways:Just as the USA united in its mission to put a man on the moon in the 1960s， the book calls out the need for us to come together and engage in mission-based thinking。 We’re not only facing the challenges of recovering from the Covid-19 crisis but also need to address deep systemic issues that prevent us from tackling huge problems like climate change and inequality。 The author shares few examples on how the government role is crucial and that I tried the Blink version of this book。 Key takeaways:Just as the USA united in its mission to put a man on the moon in the 1960s， the book calls out the need for us to come together and engage in mission-based thinking。 We’re not only facing the challenges of recovering from the Covid-19 crisis but also need to address deep systemic issues that prevent us from tackling huge problems like climate change and inequality。 The author shares few examples on how the government role is crucial and that our pessimistic attitude towards government needs to change。 。。。more
Yates Buckley
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