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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.

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.
Working
Earlier
Right
Trends
People
Across
Diverged
Expect
Pronounced
Growth
Economies
Started
Trend
Share
Advanced
Economy
Productivity

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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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Unfortunately, simplistic framing of problems leads to simplistic answers.
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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.
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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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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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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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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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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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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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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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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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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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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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We should be investing where the public returns are greatest - that is in innovation.
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Brexit and Trump's election are forcing countries to come up with new radical ideas.
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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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