miércoles, 30 de enero de 2019

"The Entrepreneurial State: Debunking Public vs. Private Sector Myths" - Marina Mazzucato

The Entrepreneurial State: Debunking Public vs. Private Sector Myths

My rating: 4 of 5 stars

A must read book if you have a left-wing vision of the mission of the State. And if you don´t have it and you are open to new ideas, perhaps it would make you think about your own convictions. Because this book, as its subtitle said, is oriented to debunk some myths about the role that the public and private sector has historically played in making fly innovative ideas. Through a compilation of examples mainly from the digital economy, Marina Mazzucato put some prejudices upside down, showing that public sector has been behind of the inception of the more profitable innovations around us.

We can call the author´s theories as post-keynesians, as she does not only reivindicate the role of the State in economy as the one that makes counter-cyclic investments. The State should have also a role as the sponsor of those projects that the private sector does not dare to tackle due to its high initial investments. The author shows that this have been the case of renewable energy devices or the Internet (both as a network and some of the most succesful applications such as the WWW or the iPhones).

But the book tackle also one of the topics more cheerished by the letf-wing policies: the need of a more fair distribution of benefits. In spite of the economic success of the innovations mentioned above, few of this profits has returned to the State for promoting new innovations (some succesful and some not) or providing services to the citizens, particularly to those affected by the disruptions caused by the innovations. The author points to this failure of the innovation system and calls for the development of mechanisms to solve the problems (including some examples).

However, some times you may feel that the book is longer that needed. I also have that feeling. But thinking over it twice, I think that the lenght is fully justified: Without plenty details it would be an impossible mission to debunk the myths. The book is written not only for those convinced of the need of an entreperneurial state, but also for those who believe in the prevalence of the private sector over the public sector.

To sum up the author thesis that I fully share, "if governments are willing to take the big risks that business will not take, they are bound to fail sometimes and suceed others. But if they do not do it, they will not succeed at all". State has already playes this role and should continue that way. However, we should solve that "risk taking has been a collective endeavour while the returns has been much less colectively distributed".

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