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The globalized nature of production and innovation means that the benefits don't necessarily stay in the country where the investments are made.

Mariana Mazzucato

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Mariana Mazzucato
Age: 56
Born: 1968
Born: June 16
Author
Economist
University Teacher
The Eternal City
Mariana Francesca Mazzucato.
Means
Investments
Nature
Production
Country
Productions
Mean
Innovation
Made
Investment
Necessarily
Benefits
Stay
Globalized

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Growth in productivity has diverged from growth in the share that working people can expect right across advanced economies, but this trend started earlier and has been more pronounced in the U.S.
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There is a lot of flesh to be put on the bones - but there is at least an opening for a more pragmatic, less ideological debate about how to build economies that work for people, within the limits of our planet.
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If we want growth today to be more innovation-driven, more inclusive and more sustainable, then we need a more active state, not a less active one. Yet we still hear the dogma that we should just fix market failure by focusing on science and infrastructure, and to level the playing field.
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If we look at the complexity of the challenges facing western societies today, we see that the problems are not really about outsiders, but have their roots much closer to home.
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Too many politicians seem to reach for 'infrastructure' as the default answer to investment, as if roads and bridges were the answer to everything. Even the IMF and the World Bank seem to mainly offer infrastructure spending as an alternative to austerity, although they are right to focus on the need for investment.
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Brexit and Trump have brought the problems of capitalism into sharp relief, but both are only making things worse. Take the investment challenge - businesses invest where there they see technological or market opportunity.
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Another similarity of Brexit and Trump's campaigns was an attack on so-called elites. This is not so much a failure of capitalism as of its high priests in the economic profession, for which we must all take some responsibility.
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While infrastructure is of course important, it must be part of a bigger vision. The point is not to simply dig ditches but to steer those investments towards transformational growth.
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Government support is not only investing in upstream areas like basic research, but also in downstream areas like applied research and early-stage financing for the companies themselves. This means there are great risks.
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Markets are not static entities that are 'intervened' in (for good or bad) but are outcomes of public and private interactions.
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Brexit has shrunk the market opportunities. Exiting trade deals will do the same for the U.S. Those deals must be actively shaped and governed to make growth more inclusive.
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Unfortunately, simplistic framing of problems leads to simplistic answers.
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We should be investing where the public returns are greatest - that is in innovation.
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Once we admit that the public sector takes an immense amount of risk along the entire innovation chain, it becomes crucial to find ways to share both risks and rewards.
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With a Trump administration we don't know enough yet to make predictions, but if past behavior is any indication, I am not encouraged.
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Germany is using its Energiewende policy as a way of envisioning a green transformation and innovation across many sectors.
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The actual division of labor must be reflected in the division of the rewards (and prices, which is the way the consumer gets rewarded).
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Rethinking capitalism means rethinking the role of the public sector, the role of the private sector, the role of finance, and the relationship between them all.
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