The global agreement reached in Paris last week is actually the third climate agreement reached in the past month. The first happened at the end of November, when a group of billionaires led by Bill Gates, Mark Zuckerberg, and Jeff Bezos announced the creation of a $20 billion fund to back clean-energy research. On the […]
Author Archive | Mariana Mazzucato
Non lasciamo solo ai privati la green economy
L’impegno della Silicon Valley per la promozione delle energie pulite è ammirevole. Così come l’accordo di Parigi. Ma non bastano. Per una rivoluzione a basse emissioni, è necessario che settore pubblico e privato si adoperino più a fondo per l’innovazione verde, con politiche orientate all’offerta e alla domanda
From Market Fixing to Market-Creating: a new framework for economic policy
Many countries are pursuing innovation-led ‘smart’ growth, which requires certain types of long-run strategic investments. This paper argues that such investments require public policies that aim to create markets, rather than just ‘fixing’ market failures (or system failures). Such ‘mission-oriented’ investments have led to men walking on the moon (which created spillovers across the economy) […]
The Rise of Mission-Oriented State Investment Banks: the Cases of Germany’s KfW and Brazil’s BNDES
This paper focuses on the rise of state investment banks (SIBs) as lead funders of mission-oriented innovation in various countries’ agendas regarding smart (innovation-led) growth, and not just fixers of ‘market failures’. The market failure justification for public finance fails to capture the active mission-oriented role that such banks are playing in shaping and creating […]