Mission Economy: A Moonshot Guide to Changing Capitalism
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- Author：Mariana Mazzucato
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Summary
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。
Reviews
Janna
，
I’m a fan of the Sway podcast from the New York Times， so when I heard host Kara Swisher recently introduce Mariana Mazzucato as the economist that the pope， Bill Gates， and AOC turn to these days for advice on how to reimagine a more equitable capitalist society， I was intrigued。 I focused intently on their conversation， which sounded like a radical departure from economic norms。 For me， the most important message of this book is that government has and continues to be our best solution to the I’m a fan of the Sway podcast from the New York Times， so when I heard host Kara Swisher recently introduce Mariana Mazzucato as the economist that the pope， Bill Gates， and AOC turn to these days for advice on how to reimagine a more equitable capitalist society， I was intrigued。 I focused intently on their conversation， which sounded like a radical departure from economic norms。 For me， the most important message of this book is that government has and continues to be our best solution to the limits of the market。 Listen to my complete review on Audiobook Reviews in Five Minutes:https://podcast。jannastam。com/episode。。。Rate， review， and subscribe to this podcast on Apple， Anchor， Breaker， Google， Overcast， Pocket Casts， RadioPublic， and Spotify 。。。more
Zoltan Pogatsa
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If you have read Mazzucato's previous books， there is not that much new in this one。 She basically argues for active state industrial policy and leadership， but her previous books do this better。 She takes the example of the US space programme - hence the title。 But she seems to suggest that what is missing is good policy。 Which is so nineties。 Sooner or later she will have to come to terms with the fact that the denial of an active state is a matter of political economy， not missing policy。 If you have read Mazzucato's previous books， there is not that much new in this one。 She basically argues for active state industrial policy and leadership， but her previous books do this better。 She takes the example of the US space programme - hence the title。 But she seems to suggest that what is missing is good policy。 Which is so nineties。 Sooner or later she will have to come to terms with the fact that the denial of an active state is a matter of political economy， not missing policy。 。。。more
Gregory
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Spot-on critique of hunger games capitalism， lack of systems-level public policy， and attendant economic development/tax regimes。 However， Mazzucato’s solutions ignore the many failures of 20th century industrial policy， and presume the existence of the political realignment necessary to support such a societal reboot。 It’s telling that the author’s foundational example is a Cold War response to Soviet manned space flight。 To align US society to support a modern day equivalent， you’d need an exi Spot-on critique of hunger games capitalism， lack of systems-level public policy， and attendant economic development/tax regimes。 However， Mazzucato’s solutions ignore the many failures of 20th century industrial policy， and presume the existence of the political realignment necessary to support such a societal reboot。 It’s telling that the author’s foundational example is a Cold War response to Soviet manned space flight。 To align US society to support a modern day equivalent， you’d need an existential crisis and a motivated population with real electoral access。。。。 。。。more
John
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A continuation of Mazzucato’s thesis that government should be framed as an active co-creator and stakeholder in projects that should be considered on a portfolio basis - with the consequent overall risks and rewards。 This book is perhaps a more refined version of that thesis。The charismatic Director of University College London’s Institute for Innovation and Public Purpose， Mazzucato has spoken frequently on the subject， particularly accessibly on Zoom in this pandemic。 Much of what you may hav A continuation of Mazzucato’s thesis that government should be framed as an active co-creator and stakeholder in projects that should be considered on a portfolio basis - with the consequent overall risks and rewards。 This book is perhaps a more refined version of that thesis。The charismatic Director of University College London’s Institute for Innovation and Public Purpose， Mazzucato has spoken frequently on the subject， particularly accessibly on Zoom in this pandemic。 Much of what you may have heard or read before is re-stated and expanded upon here， against the backdrop of the context of NASA’s 1960’s moon mission。Mazzucato’s overall mission （along with other economists， several in the public sphere） is to change capitalism - a very big task indeed - nothing less than the re-making of society。 This book provides part of the puzzle to how that might be accomplished， and is complimented by the work of those other economists， some of whom she namechecks。Though touched upon， the book is missing in-depth answers to the ‘mission’ approach’s key weaknesses:1。 If government is central to the process of executing long term missions， how does one manage the extreme short-termism of democracy’s 4/5-year political cycles and its ‘permanent campaigns’ - perhaps through private contracts， or the terms of development bank loans that transcend the cycle？ Do we actually need a different kind of democracy？2。 Her argument against the ‘Whitey On The Moon’ critique （man on the moon while racism， inequality and suffering on earth） is that this elite mission had by-products that benefited those ‘left behind’， and oh， there were some smart black ladies working on mission calculations。 This thinking puts the book/thesis on a slippery slope to ‘trickle down’ justifications - and we know how that has gone for the economy at large。 3。 Mission thinking assumes goodwill from government。 While I am sure this exists in abundance in the civil service， it certainly has not been shown by leadership in contemporary times。 Much more likely to encounter extremes of greed， paranoia and narcissism - driven by the context of the electoral cycle and the type of leadership personalities it rewards。 What motivations will drive these missions？ Expect spin doctors to either wrap up narrow goals in ‘mission’ clothing or insert questionable elements into seemingly sound missions。 Brexit was a mission。 Mission accomplished！Mission Economy comes across as a clarion call primarily to leadership in EU countries， but eventually also to American。 Expect Mazzucato to play a role in a future Ocasio administration。 。。。more
Lauryl
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4。5 ⭐️ Loved the concepts in this book and hope more of these policies are adopted in the US and elsewhere。 Mission-based innovation makes so much sense。 Only issue is the charts in this book are tough via audiobook。
Robert D
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What a timely book！ We are certainly at an inflexan point as we come out of the pandemic and begin to rebuild our infrastructure。 If the President could sell the process as a mission， I think it would be much more sellable。 Mariana Mazzucato book presents many ways that could be used to produce an economy that works for a much greater share of the population， working to improve public investment to work for all to improve our way of life。 I will return to rewrite this a little later as it dos no What a timely book！ We are certainly at an inflexan point as we come out of the pandemic and begin to rebuild our infrastructure。 If the President could sell the process as a mission， I think it would be much more sellable。 Mariana Mazzucato book presents many ways that could be used to produce an economy that works for a much greater share of the population， working to improve public investment to work for all to improve our way of life。 I will return to rewrite this a little later as it dos not reflect how amazingly good the book is。 。。。more
Sebastian Gebski
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This book is mainly about how governments can cooperate in modern business to evolve capitalism for everyone's benefit。 'Cooperate'， not 'support' as Mazzucato claims that govt role is not just to eliminate the obstacles， but also possibly to add value。Apart from the theory itself， it's not a very good book - when it comes to the author's writing skills。 Even if I was honestly interested in the topic and picked the book voluntarily I struggled to keep myself engaged as the book felt monotonous a This book is mainly about how governments can cooperate in modern business to evolve capitalism for everyone's benefit。 'Cooperate'， not 'support' as Mazzucato claims that govt role is not just to eliminate the obstacles， but also possibly to add value。Apart from the theory itself， it's not a very good book - when it comes to the author's writing skills。 Even if I was honestly interested in the topic and picked the book voluntarily I struggled to keep myself engaged as the book felt monotonous and done poorly when it comes to exciting the leader。Don't get me wrong - it doesn't mean that it's all theory or concepts w/o any examples to back them up。 There are examples， e。g。 the author frequently refers to NASA's coop with private companies or ARPA's role in global innovation。 But the execution is really lacking。When it comes to the key concept （effectiveness of being mission-driven and preferring moonshots over evolution for govt-driven programs） - it's interesting enough to read through， I encourage you to do so and make your own mind。 There are some things I totally do not agree with （e。g。 reasons why we were able to send people into space while we fail to solve general social problems）， but again - I value the author's opinion and I think it's worth of your time to get familiar with it。 。。。more
Hans Peter
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Very inspirational Well written and with a logic disposition the author explains her ideas in plain language。 Given the challenges the free world are facing I believe her ideas have merit。
Lisa Wright
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Can capitalism be saved？ Mazzucato makes the case that it can， indeed， be saved， fixed， transformed into something that serves all of us。 Using the Apollo moonshot as an example， she shows how what is needed is a mission and a will。 And as with Apollo， a well-defined mission will inevitably lead to innovation and invention。 Extremely readable。 I loved it。
Giuseppe Peressotti
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Interesting read， good point of view and accessible wording。 In my humble opinion， though， very repetitive on many of the key points， which nitpick examples without addressing the underlying problems & real challenges of a "mission based collaboration between private and public" （which is still a possible and valuable suggestion from the author nonetheless）。 Interesting read， good point of view and accessible wording。 In my humble opinion， though， very repetitive on many of the key points， which nitpick examples without addressing the underlying problems & real challenges of a "mission based collaboration between private and public" （which is still a possible and valuable suggestion from the author nonetheless）。 。。。more
Hanie Noor
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Mission Economyby Mariana Mazzucato ___Behind the scene of space exploration✔️ Rethinking economic theories & myth✔️ SDGs， aligning ambitious visions with bold possible solutions✔️Moonshot;▪️a giant leap （describing huge effort and lofty goal）▪️an act of launching spacecraft to the moonIs capitalism broken？Varoufakis et al。， （2020） did mention that capitalism is ending because it’s obsolete。 Disadvantages resurfaced more often than merit & capital is being socially produced while the returns are Mission Economyby Mariana Mazzucato ___Behind the scene of space exploration✔️ Rethinking economic theories & myth✔️ SDGs， aligning ambitious visions with bold possible solutions✔️Moonshot;▪️a giant leap （describing huge effort and lofty goal）▪️an act of launching spacecraft to the moonIs capitalism broken？Varoufakis et al。， （2020） did mention that capitalism is ending because it’s obsolete。 Disadvantages resurfaced more often than merit & capital is being socially produced while the returns are being privatised —take Tesla for example。Unlike neoclassical economics that focuses on profit maximisation， many （people， firms， etc） started to turn to sustainable， impactful， & responsible finance。 Thoughts: Islamic economics aim to balance between capitalistic and socialistic instead。 In the end， no one would want to live in ruin where the earth is dying & social problems affects quality of life no matter how lavish it get。 Economics isn’t all about money， in layman’s term I’d say it’s like parents managing the house for family needs & survival （but make it macro）。 It’s about system & those with authority should utilise it。Fascinating insights about rethinking gov capacity & role in recovering sense of public purpose。 Urge mission-based approach in creating solutions-based economy focusing on impactful goals on social， environmental， digital divide to name a few —not to be treated as an isolated project but to transform gov functions & strengthen the system by adapting concept of “moonshot” that has initiated tech innovations & open doors to many other things across different sectors。 Without space travel， we won’t have sport shoes， freeze-dried food， portable computer （computer was a size of a closet）， & etc。Opened my eyes & brings me to 1960s （and back） where it shows how US go big & made it。 Being the realist I am， it’s a tough sell & I was thinking about risk management that leads me to social engineering （not specifically mentioned）， scenario planning， and a lot of second guessing throughout the book。 It isn’t what I expected but there’s so much more to be said about this amazing writing。 Not perfect but WORTH the read and enjoyable。🌟4。2/5 。。。more
Jorge Maldonado
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Mission to bring a new economyA roadmap to how to achieve the SDG and bring about long lasting change in the economy that brings new opportunities to all walks of life。 A sight for sore eyes in these times of pandemic。
David Snower
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This review has been hidden because it contains spoilers。 To view it， click here。 In Mission Economy， Mazzucato attempts to reintroduce a forgotten idea which has driven the greatest leaps in economic growth in the US since Hamilton， namely that the government needs a strong industrial policy to create new markets and drive innovation。 Her argument is that since Reagan， government has done too little， too late， and is therefore always reacting and making repairs around the edges instead of consciously shaping our economy to reach the best outcomes。The first fundamental myth t In Mission Economy， Mazzucato attempts to reintroduce a forgotten idea which has driven the greatest leaps in economic growth in the US since Hamilton， namely that the government needs a strong industrial policy to create new markets and drive innovation。 Her argument is that since Reagan， government has done too little， too late， and is therefore always reacting and making repairs around the edges instead of consciously shaping our economy to reach the best outcomes。The first fundamental myth that she wishes to debunk is that the private sector seeks risk and makes huge innovations， and that government is slow and stodgy。 In truth， it is the government that typically takes risks developing and funding the early stages of high-risk technologies and is able to fund projects which the private sector is adverse to。 Indeed， the private sector is typically imitative instead of innovative， and lacks the guiding mission necessary to boost productivity。 Keep in mind that GPS was developed by the Navy， Siri was developed by DARPA， touch screen display was developed by the CIA， and the internet was also essentially an out-product of DARPA。 Further， most medicines owe their existence to the NIH and publicly-funded universities， and renewable energy owes most of its early development to nationalized European banks。 Samsung would not be a player at all today if Korea’s government hadn’t seized upon semiconductor technology in the 70’s。 Even companies which seem to be paragons of free-market entrepreneurship owe a lot of their existence to government R&D and contracts。 Tesla， for example， received hundreds of millions from the government during its early development in 2009， and Musk has since received 4。9+ Billion of public funding。 We currently have a system where risks and losses are public， and gains and fame are private。 A lesson here is that large-scale public projects often pay off massively。 To build the US interstate highway system cost less than half the money （in today’s dollars） than was spent on stimulus checks in the ARP—think about how much highways changed our country economically， culturally， etc。。。 The Apollo mission gave us massive leaps forward in a brand new technology called “integrated circuits” otherwise known as “silicon chips” and used them to develop computers that were basically as small and powerful as the Commodore PET and Apple II。 The Apollo mission led to the computer mouse， wireless headphones， and the type of home installation most often used today。 This project （which cost around 250 billion in today’s dollars—way smaller than the ARP） completely revolutionized the economy。 And keep in mind that every dollar the government spends on climate change mitigation will likely save $7， every $1 spend on education contributes $4 to the economy， and for every $1 spent on projects like the Human Genome Project， the economy has received a $144 dollar return。 And really the gov is the only player even today that can drive these huge leaps forward。 She gives two main reasons why the private sector is not innovating and growing in the way it should: 1。 The financial sector is mostly financing itself and not productive uses。 In the US only about a fifth of finance goes into the productive economy and the rest goes to finance， insurance， and real estate。 60% of bank lending is going to buying real estate。 2。 An ever greater share of corporate profits has been used to boost short-term gains in stock prices rather than R&D and long term investment。 In the past ten years stock buybacks by the Fortune 500 exceeded $4 trillion。 6 of America’s 10 biggest airlines are spending 96% of their free cash flow on stock buybacks。 Other tactics to maximize shareholder value at all costs have caused companies to become loaded with debt and vulnerable to unexpected crises/downturns。 Mazzucato for Secretary of Commerce！ 。。。more
Terry
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Disappointing。 Too repetitive。 NASA and DARPA over and over。 A good magazine article， not a book。 And a bit two focused on the "how" and not the "why"。 Disappointing。 Too repetitive。 NASA and DARPA over and over。 A good magazine article， not a book。 And a bit two focused on the "how" and not the "why"。 。。。more
Lauren Pope
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Punchy and immediate。
Juan Farfán
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If we want to solve the global problems of our time the public sector must lead and expand the frontiers of the possible。 Mazzucato shows how。 And let’s be clear this transformation needs the innovation and resources of the private sector。 For public policy practitioners the book is not as detailed as you wish but it’s a great read
Steve
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We baby boomers experienced （cognizant of the phenomenon or not） the cultural norms and the kind of community purpose that animated the 1960's space/Apollo program （and put humans on the moon） morph or shift or devolve， in our lifetimes， as Mazzucato suggests， "from community obligations to individual rights。" Against that backdrop， Mazzucato's pitch is that we （desperately） need to rethink capitalism （and， for that matter， economics）， such that we get "the economy to work for societal goals， ra We baby boomers experienced （cognizant of the phenomenon or not） the cultural norms and the kind of community purpose that animated the 1960's space/Apollo program （and put humans on the moon） morph or shift or devolve， in our lifetimes， as Mazzucato suggests， "from community obligations to individual rights。" Against that backdrop， Mazzucato's pitch is that we （desperately） need to rethink capitalism （and， for that matter， economics）， such that we get "the economy to work for societal goals， rather than [tolerating a] society [that] work[s] for the economy。。。。"She's right （and she's not alone）。 But it's a tough sell。Taking a step back， I couldn't wait to read this when it came out， and， although I didn't love it， and portions left me cold/unmoved， it's well worth reading， makes a number of incredibly important and thought-provoking points， and adds great value to the ongoing discussion about how to rethink （among other things） economics and government （and， yes， capitalism） as we confront vexing， daunting challenges， ranging from climate change and income inequality， access to technology and innovation， to， of course， public health。Primary takeaway: I'd recommend the book even if you only read Part I （the first quarter - 56 pages）。 I found it thought-provoking， cohesive， and compelling。 My （personal） frustration with much of the rest of the book was that I felt it suffered， in part， from the bloom coming off the rose （or the over-reliance） on the Apollo Space Program （e。g。， the moonshot） as an anecdote， case study， or animating theme。 In the author's defense， she specifically spoke to my frustration - that daunting， challenging， seemingly impossible technical challenges are still， in some ways， easier to solve than "wicked" societal problems， the latter of which requires active engagement of the public， citizens， or the people。I particularly enjoyed Mazzucato's frequent references to the U。N。 SDG's （or sustainable development goals）。 My sense is that these are far more part of the governance equation， discussion， and nomenclature in international institutions and outside the U。S。 than in DC or the 50 State capitals （and that's a shame）。 Like many in my world， I share her respect for DARPA （the Internet？， GPS？）， but for the kind of folks who geek out on innovation， DARPA （or， for that matter， Big Safari） history， policy， and practice， this seemed rather light fare。Quirky perspective/apples & oranges: While it's not fair， it's still a fact that most of us are incapable of reading/consuming books and ideas in a vacuum; rather we compare them to what we've read before。 While it's significantly heavier - by any measure - I much preferred Tirole's Economics for the Common Good - https://www。goodreads。com/review/show。。。， which I realize may simply not be as accessible as Mazzucato's riff。 No， they don't plow exactly the same ground， nor do they sing the same song， but 。。。。 Maybe the better comparison is Raworth's Doughnut Economics， https://www。goodreads。com/review/show。。。， which （at least to me） preached a more clear and cohesive message。 （Best I could tell， while Mazzucato points to Raworth's work， she didn't mention Tirole。。。。） Approaching these issues more broadly， I probably also preferred both Dan Rather's recent What Unites Us， https://www。goodreads。com/review/show。。。， and Robert Reich's The Common Good， https://www。goodreads。com/review/show。。。， both of which， of course， are far more US （as opposed to UK & US） centric。 But， ultimately， these are all very different books。。。。 。。。more
Nini
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I'm a new fan and look forward to read her other works。 In short， I largely agree with this book and how government should play role。 But， I finished this book rather quick so I might miss it。 There is big hope and belief in the government in this book， but the current practice she is criticizing has been embedded to deep。 The public sector is now too weak and in getting where Mariana expects them to be will require a really strong political will and heavy lifting to build the internal capacity。 I'm a new fan and look forward to read her other works。 In short， I largely agree with this book and how government should play role。 But， I finished this book rather quick so I might miss it。 There is big hope and belief in the government in this book， but the current practice she is criticizing has been embedded to deep。 The public sector is now too weak and in getting where Mariana expects them to be will require a really strong political will and heavy lifting to build the internal capacity。 Another issue I wish her to touch more is on the topic of corruption。 I'm a big promoter of outcome based financing/procurement but in a place with high corruption， this is a nightmare。。。。 。。。more
Peter Timson
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Excellent book。 Don't like "moonshot" bit about the subtitle but I suppose it helps get attention: but maybe to something that's too distant for many。The idea of a "mission" approach is the real point though and so much better than using the phrase "war on。。。" or although the total nature of the two world wars is probably somewhere on the think that's needed。It possibly talks most to the already converted and I hope it makes some progress against the ca。 third of the population （maybe around hal Excellent book。 Don't like "moonshot" bit about the subtitle but I suppose it helps get attention: but maybe to something that's too distant for many。The idea of a "mission" approach is the real point though and so much better than using the phrase "war on。。。" or although the total nature of the two world wars is probably somewhere on the think that's needed。It possibly talks most to the already converted and I hope it makes some progress against the ca。 third of the population （maybe around half of voters） who have the very different view now of economics - despite that view being deeply flawed。Being a little pessimistic he book really comes down to how we choose and benefit from investment projects。 How many discussions on these lines - and nothing changes - I've sat through is beyond counting。 What is vital - as Mariana Mazzucato says - is that money created （printed） by sovereign governments must be spent on such investments: even if some are not successful。 Governments themselves （and thus the people as a whole） must be beneficiaries of the successes not just insurance for the loses。 This should not be hard to reconcile but， with the current leadership in so many countries， it seems such a long way off。Mariana provides and methodology and insight and she certainly seems to have oodles of energy: reports （rather similar to each other） produced for a number of countries。 I hope they are not ignored or turned on the heads。 Her webinars are worth a listen - much better from just trying to listen to politicians who seem to say nothing new or just the opposite of what they intended to support。In providing a methodology the book to better than many that just lament the current situation。 For those who have read her earlier book on the role of the state maybe only the last two chapters of this book bring you up to date。I worry with the amount of money in the economy at the moment， that if investment is not achieved， we will see inflation。 Mariana thinks that the conditions are different this time around: I am not so sure。 Inflation scares me - especially now I'm older but she rightly indicates that the continual drive to lower interest rates and taxation is not the solution。 She doesn't say it - I think - but these concepts has little basis in fact。 They are a major plank of ruling theories currently followed by our leading parties。 What we need are worthwhile projects or missions - there are plenty of those。。。 it's enough to agree on some and make a start。 。。。more
Nils
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A plea to give up the myths of the passive neoliberal in favor of an activist state that sets explicit goals and understands the complex systems in which all productive activity are embedded。
Martine Delannoy
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Amazing！Anybody that has any type of link to government or living on planet earth should read this book。Mariana manages to combine concrete practical examples with innovative ideas in a convincing way。 I hope this book contributes to making the world a better place。
David Wineberg
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We had it and we lost it。 According to Mariana Mazzucato， the USA showed precisely how to energize and motivate an entire country and its economy in the 1960s。 Today’s USA shows no signs whatsoever of that spirit。 It is everyone for themselves， and public institutions have become liabilities instead of levers。 Mazzucato’s The Mission Economy is a delightfully positive， thoroughly thought through， universal solution to what ails capitalism。 It is an object lesson in solutions hiding in plain sigh We had it and we lost it。 According to Mariana Mazzucato， the USA showed precisely how to energize and motivate an entire country and its economy in the 1960s。 Today’s USA shows no signs whatsoever of that spirit。 It is everyone for themselves， and public institutions have become liabilities instead of levers。 Mazzucato’s The Mission Economy is a delightfully positive， thoroughly thought through， universal solution to what ails capitalism。 It is an object lesson in solutions hiding in plain sight。It was President John F。 Kennedy who， fearing the USA was falling behind the USSR， suddenly pledged to land Americans on the moon before the end of the decade。 He acknowledged this would be risky and expensive， but he knew in advance it would send the US economy in all kinds of new directions。 Some 400，000 people worked on the project。 It led not only to major advancements in information technology and computers， but even to management methods as companies found they needed to communicate freely with competitors and their own employees。 The economy boomed。 And men walked on the moon。Today， Mazzucato says， we desperately need a mission like the moon landing to not only give the economy a focus， but also to solve major overhanging problems the country cannot address through individual or corporate action。 It/they would leverage the intellects and creativity out there， take the country in bold new directions， improve productivity by inventing new processes， and also create whole new industries and markets along the way。 Basically， there is no downside to remaking the economy through missions of moon landing scale。She gets right down to business; it’s one of the things that makes this book great。 Usually， there is a long， hundred page history of the issue for those new to the planet， followed by a short， pie-in-the-sky conclusion that will not work。 The Mission Economy dispenses quickly with the single story of the moon mission， and gets right into the mechanics of replicating that success in numerous fields such as climate change， healthcare， ending poverty and several others。 It is a pleasure of positive vibes。 From an economist， not a dreaming-in-Technicolor futurist。 Make that a superstar economist。Mazzucato uses government agencies （horror！） to manage various aspects of the missions she describes。 Government agencies have the talent and the money to give the economy the boost it needs。 They have the bench strength， the institutional memory and the network connections to coordinate major missions across numerous fields and sectors of the economy。 It has been government， after all， that continually funds risky bets， creating new industries where none existed， and bailing out companies as needed。This， she says， reveals a large problem America didn’t use to have: the socialization of costs。 In America， if a business fails， the government eats the loss。 If it succeeds， it shares none of the profit。 Profits are privatized， losses are socialized。 If the government were to share in the success of its investments， it could invest more often and in bigger projects。 Instead， the conversation is now always about budgets， interference in private affairs， and incompetence。 And as always， freedom。 Despite all the evidence to the contrary。At the same time， business leaders rely massively on government aid。 She points out that Tesla， the poster child for private industry innovation， got $465 million in loan guarantees to get itself launched， and its founder， Elon Musk， has since obtained $4。9 billion in public subsidies for his various companies。 Musk is off and on now the richest person in the world。 But the American government is not participating in his success。 Mazzucato says “Instead of government going to the moon， it’s more as if in recent decades it has been taken for a ride。” She calls instead for the socialization of investment。Since the Reagan-Thatcher era， government has become the problem， not the solution。 But as succeeding administrations have slashed government budgets and outsourced more and more activity， the results have been dismal at best。 The outsourcing has cost far more rather than saving any money。 Government employees get paid less than private contractors， and private contractors also require a profit。 Private enterprise cannot perform as effectively as government agencies。 Going private means the achievements of government have fallen to essentially nothing。 Instead of building on the success of the moonshot to create a permanent， virtuous circle of talent in government agencies， the US has discouraged it， stripped it， crippled it， and then blamed it for not performing。 Eloquently， Mazzucato says “a government that lacks imagination will find it more difficult to create public value。” An understatement visible to all who live in the country。Another problem is capitalism itself。 Mazzucato says there are four reasons capitalism has led to the crippling point: 1） the short-termism of the financial sector 2） financialization of business， 3） climate emergency， and 4） slow or absent governments。 She says markets are focused on the next quarter， on investing in financial products not major new developments。 Companies are all about pleasing shareholders with stock buybacks， a dead end investment of its funds instead of expanding its business。 Only bold government could mobilize a moonshot in this choking atmosphere。America is all about freedom from government。 It should only be there to bail out markets when greed leads to a crash。 It’s only there to correct market failures， but it should be about shaping markets and creating new ones， like an outer space industry in the 60s。 Instead， Americans must wait for rich individuals to start new businesses。 The result is slow going: “Our lethargic transition pace， globally， is a lesson in what can happen if government leaves the market to sort out problems and abstains from assuming its entrepreneurial role in society，” she says。 This is of course， not news。 She says John Maynard Keynes wrote of it in his “1936 magnum opus The General Theory of Employment， Interest and Money。 There， he identified three major tasks to be undertaken in order to save capitalism from its own demise: ‘parting with liquidity’， ‘euthanizing the rentiers’ and ‘socializing investment’。” Throughout the book， Mazzucato draws on her own rich and varied experience advising governments around the world。 She has refined the concept into mission maps that lay out the approaches needed to tackle various moonshot scale problems。 Because nothing is simple or straightforward。 Relationships need to be defined and refined。 The direction of communication， process and production is interconnected and needs to be reversible。 Unintended consequences， side issues and peripheral developments all need to be accounted for， preferably in planning。 It’s laid out clearly in her mission maps。She doesn’t lack for ideas， either。 Mazzucato has mission maps for climate change， plastics remediation， health care， poverty- everything government is not addressing， when it is really the only entity that can。 A green new deal could employ millions while finally solving pollution issues。 That is， if government stepped up to drive it。 Because industry can’t。 The Mission Economy suffers from nothing。 It demonstrates clear thinking， straightforward language， actionable points， roadmaps， and results where it has been tried。 It is a lovely， uplifting and positive experience to read。 Yes， we can tackle these intractable problems。 And yes， we can actually thrive in doing so rather than suffer with austerity for doing nothing but destroy the government – the very agent that can lead these massive efforts。 Mazzucato’s reputation for straightforward thinking and explanation of complex economic principles is fully on display in The Mission Economy。“Mission-oriented thinking cannot be based on the status quo。 The mission attitude is not about picking individual sectors to support but about identifying problems that can catalyse collaboration between many different sectors。 It is not about handing out money to firms because they are small or because they are in need， but structuring policies that can crowd in different solutions （projects） by multiple types of organizations。 It is not about fixing markets but creating markets。 It is not about de-risking but sharing risks。 It is not about picking winners but picking the willing。 And it is not simply about setting the ‘rules of the game’ but about changing the game itself so that a new direction can foster change – change towards a green transition and/or the digitalization of a population。” David Wineberg 。。。more
James
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What's not to like。 A book on economics using the Apollo missions as a guide to how to put an economy to work。 I love the idea of adopting a central mission for an economy and putting everyone to work on achieving it。 What's not to like。 A book on economics using the Apollo missions as a guide to how to put an economy to work。 I love the idea of adopting a central mission for an economy and putting everyone to work on achieving it。 。。。more
Sarah
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https://www。theguardian。com/books/202。。。 https://www。theguardian。com/books/202。。。 。。。more
Deborah
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Brilliant book。 Makes very clear arguments， full of facts and good common sense。 If all the world followed what Mazzucato says， we would be in a much better place。 Highly recommended。
Gregory Cornelius
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Mariana Mazzucato's thesis is that capitalism as we know it now has some challenges - which are well understood I think - and that government has fallen into a self-limiting role doing little more than tinkering with economic regulations， and that's no longer enough， when we need a war footing to tackle the grand challenges of our age such as climate crisis。 Mazzucato believes in rethinking government for the twenty first century in order to reshape capitalism。 That's a proposition I agree with。 Mariana Mazzucato's thesis is that capitalism as we know it now has some challenges - which are well understood I think - and that government has fallen into a self-limiting role doing little more than tinkering with economic regulations， and that's no longer enough， when we need a war footing to tackle the grand challenges of our age such as climate crisis。 Mazzucato believes in rethinking government for the twenty first century in order to reshape capitalism。 That's a proposition I agree with。 The role of government should be to set market-shaping mission oriented goals; and to invest in private and public innovation: like NASA did with the Apollo mission and DARPA did with the internet。 Government should become a risk-taker （again） with improved contracting to create true public private partnerships that work symbiotically towards a common goal， and achieve value distribution to all stakeholders not just shareholders。 Mission Economy fits together nicely with a read of Stephanie Kelton's The Deficit Myth， about Modern Money Theory， which Mazzucato mentions late in her book。 。。。more
mylogicisfuzzy
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Mission Economy suggests an ambitious， bold and progressive way of tackling major global challenges of the 21st century。 Its central idea is that governments should actively shape markets in order to meet challenges such as climate crisis: setting clear goals and instigating public-private partnerships that encourage innovation， risk taking and collaboration for the good of society as a whole。 Mazzucato uses the Apollo program to illustrate how this approach would work。 The mission – i。e。 sendin Mission Economy suggests an ambitious， bold and progressive way of tackling major global challenges of the 21st century。 Its central idea is that governments should actively shape markets in order to meet challenges such as climate crisis: setting clear goals and instigating public-private partnerships that encourage innovation， risk taking and collaboration for the good of society as a whole。 Mazzucato uses the Apollo program to illustrate how this approach would work。 The mission – i。e。 sending a man to the moon and back， required US governmental agency and businesses to work together to find solutions to complex problems。 While cost and risk were high， the mission also hugely benefited society in the long run， not least in the technological innovations that have since found many practical uses from water purification， landmine removal to firefighting equipment， to name a few。This mission based approach to solving the myriad of problems we face today， from digital divide to social care， from responses to global pandemics to climate emergency also necessarily requires rethinking of capitalism to primarily serve public good rather than private interest， to consider social benefits as value rather than just cost。 It requires governments to bring back innovative， big thinking into civil service and letting it run public-private partnerships rather than outsourcing public services to private interests， which are primarily guided by profit。 We are all currently experiencing the disastrous effects of years of public service cut-backs and austerity – the failure of the outsourced test and trace system to effectively test and trace Covid infections in the UK being one of many examples。 So， things must change and Mazzucato’s way forward is admirable and compelling。 However， I wasn’t fully convinced that it would work when applied to some of the big problems facing society today。 There is no doubt that capitalism is in crisis but is there enough collective and political will to change it to serve common good？ Mazzucato gives examples of recent projects she has been involved in， working with European Commission and Camden Council on tackling climate change but the outlines of the missions given in the book are somewhat nebulous。 How have these been practically implemented and how are they working out in real life？ Still， Mission Economy does offer solutions rather than just highlight problems and the solutions put forward are inspiring as well as inclusive。 Three and a half stars， which I am rounding up to four because it advocates positive change and I’d like to encourage people to read it。My thanks to Penguin， Allen Lane and Netgalley for the opportunity to read Mission Economy。 。。。more
Alison Labbate
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