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The Entrepreneurial State: Debunking Public vs. Private Sector Myths Paperback – 15 April 2018

by Mariana Mazzucato (Author)
4.4 4.4 out of 5 stars 739 ratings
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From one of the world's leading economists, a bestselling expose of the state's crucial role in sparking innovation and growth - and the dangers of ignoring this truth

Conventional wisdom holds that innovation is the preserve of the private sector, best left in the hands of that modern day folk hero - the lone entrepreneur. In this popular tale, the role of the public sector is simply to get out of the way, at best fixing market failures, in order to facilitate our daring hero's bold, risk-taking endeavours. But what if this powerful, contemporary myth is wrong?

In this sharp and controversial expose, Mariana Mazzucato comprehensively debunks the myth of a lumbering, bureaucratic state weighing down a dynamic private sector, to reveal how public investments have been behind many of the greatest innovations of our time. From the technologies that make the iPhone 'smart', to biotech, pharmaceuticals and today's emerging green technologies, it is the state that has been the investor of first resort, our boldest and most valuable innovator. Meanwhile, the private sector only finds the courage to invest after the State has made the truly pioneering, high-risk investments.
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  1. Print length
    304 pages
  2. Language
    English
  3. Publisher
    Penguin Press
  4. Publication date
    15 April 2018
  5. Dimensions
    21.6 x 13.8 x 1.74 cm
  6. ISBN-10
    9780141986104
  7. ISBN-13
    978-0141986104
  8. See all details
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Read her book. It will challenge your thinking ― Forbes

One of the most incisive economics books in years ― New York Review of Books

This book has a controversial thesis. But it is basically right ― Financial Times

Book Description

From one of the world's leading economists, a bestselling expose of the state's crucial role in sparking innovation and growth - and the dangers of ignoring this truth

Product details

  • ASIN ‏ : ‎ 0141986107
  • Publisher ‏ : ‎ Penguin Press; 1st edition (15 April 2018)
  • Language ‏ : ‎ English
  • Paperback ‏ : ‎ 304 pages
  • ISBN-10 ‏ : ‎ 9780141986104
  • ISBN-13 ‏ : ‎ 978-0141986104
  • Dimensions ‏ : ‎ 21.6 x 13.8 x 1.74 cm
  • Customer Reviews:
    4.4 4.4 out of 5 stars 739 ratings

About the author

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Mariana Mazzucato

Mariana Mazzucato

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Mariana Mazzucato (PhD) is Professor in the Economics of Innovation and Public Value at University College London (UCL), where she is Founding Director of the UCL Institute for Innovation & Public Purpose (IIPP).

She received her BA from Tufts University and her MA and PhD from the Graduate Faculty of the New School for Social Research. Her previous posts include the RM Phillips Professorial Chair at the Science Policy Research Unit (SPRU) at Sussex University. She is a selected fellow of the UK’s Academy of Social Sciences (FAcSS) and of the Italian National Science Academy (Lincei).

She is winner of international prizes including the 2020 John Von Neumann Award, the 2019 All European Academies Madame de Staël Prize for Cultural Values, and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She was named as one of the '3 most important thinkers about innovation' by the New Republic, one of the 50 most creative people in business in 2020 by Fast Company, and one of the 25 leaders shaping the future of capitalism by Wired.

Her highly-acclaimed book The Entrepreneurial State: debunking public vs. private sector myths (2013) investigates the critical role the state plays in driving growth—and her book The Value of Everything: making and taking in the global economy (2018) looks at how value creation needs to be rewarded over value extraction.

She advises policy makers around the world on innovation-led inclusive and sustainable growth. Her current roles include being a member of the Scottish Government’s Council of Economic Advisors; the South African President’s Economic Advisory Council; the OECD Secretary General’s Advisory Group on a New Growth Narrative; the UN’s Committee for Development Policy (CDP), Vinnova’s Advisory Panel in Sweden, and Norway’s Research Council.

She is a Special Economic Advisor for the Italian Prime Minister (2020), and through her role as Special Advisor for the EC Commissioner for Research, Science and Innovation (2017-2019), she authored the high impact report on Mission-Oriented Research & Innovation in the European Union, turning “missions” into a crucial new instrument in the European Commission’s Horizon innovation programme.

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Provides a stinging critique for socialising risk while privatising gains
4 Stars
Provides a stinging critique for socialising risk while privatising gains
This book delineates an inspiring role for government in risky innovation, and challenges prevailing narratives/prejudices (that argue for smaller government and only champion the value that private sector innovation has delivered). There is heavy questioning for how we got to the common occurrence of socialising losses/risks while privatising gains/rewards, which Mazzucato has observed in finance, pharma, manufacturing, and technology sectors...“The role of the State has been more about taking on risk with courage and vision - not simply taking it away from someone else who then captures the returns.”Mazzucato cites the crucial publicly funded research and development for technologies such as the Internet and smartphone. Between 1971 and 2006 for the most important innovations rated by R&D Magazine 88% have been fully dependent on federal government research support.“It is the ‘revolutionary’ spirit of the State labs, producing 75 per cent of the radical new drugs, that is allowing Witty and his fellow CEOs to spend most of their time focusing on how to boost their stock prices (e.g. through stock repurchase programmes).”Mazzucato calls out the self interest and short-termism of private sector businesses, executives, and investors. She sees them as having cherry-picked the safer applied research (instead of early-stage R&D), easier commercialisation projects, and seeking rents from government at every stage of R&D."the State should earn back a direct return on its risky investments... (to) cover the inevitable losses that arise when investing in high-risk areas"Refreshingly she has provided a critique that is free from corporate spin or the self-interest of individual executives/investors. I have found her writing to be enlightening, well thought-through, and much-needed in debates about politics/business/policy/governance.
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Top reviews from Australia

dwayne crombie
5.0 out of 5 stars the real risk takers
Reviewed in Australia on 4 October 2023
Verified Purchase
Thoughtful, readable book that well and truly debunks the myth about private business and venture capitalists being the innovation and growth engine on our economies. So much of the heavy lifting for term innovation is left to the public sector because it is considered too risky by the. The rewards definitely should be shared by governments (on behalf of the people) so that there is a clear risk-reward relationship between public and private. Mazzucato is crystal clear in her arguments, and as her Apple shows deftly shows, so much of the propaganda we are fed, including by an unquestioning media is full of half truths. Well done
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David Maywald
4.0 out of 5 stars Provides a stinging critique for socialising risk while privatising gains
Reviewed in Australia on 28 March 2023
This book delineates an inspiring role for government in risky innovation, and challenges prevailing narratives/prejudices (that argue for smaller government and only champion the value that private sector innovation has delivered). There is heavy questioning for how we got to the common occurrence of socialising losses/risks while privatising gains/rewards, which Mazzucato has observed in finance, pharma, manufacturing, and technology sectors...

“The role of the State has been more about taking on risk with courage and vision - not simply taking it away from someone else who then captures the returns.”

Mazzucato cites the crucial publicly funded research and development for technologies such as the Internet and smartphone. Between 1971 and 2006 for the most important innovations rated by R&D Magazine 88% have been fully dependent on federal government research support.

“It is the ‘revolutionary’ spirit of the State labs, producing 75 per cent of the radical new drugs, that is allowing Witty and his fellow CEOs to spend most of their time focusing on how to boost their stock prices (e.g. through stock repurchase programmes).”

Mazzucato calls out the self interest and short-termism of private sector businesses, executives, and investors. She sees them as having cherry-picked the safer applied research (instead of early-stage R&D), easier commercialisation projects, and seeking rents from government at every stage of R&D.

"the State should earn back a direct return on its risky investments... (to) cover the inevitable losses that arise when investing in high-risk areas"

Refreshingly she has provided a critique that is free from corporate spin or the self-interest of individual executives/investors. I have found her writing to be enlightening, well thought-through, and much-needed in debates about politics/business/policy/governance.
Customer image
David Maywald
4.0 out of 5 stars Provides a stinging critique for socialising risk while privatising gains
Reviewed in Australia on 28 March 2023
This book delineates an inspiring role for government in risky innovation, and challenges prevailing narratives/prejudices (that argue for smaller government and only champion the value that private sector innovation has delivered). There is heavy questioning for how we got to the common occurrence of socialising losses/risks while privatising gains/rewards, which Mazzucato has observed in finance, pharma, manufacturing, and technology sectors...

“The role of the State has been more about taking on risk with courage and vision - not simply taking it away from someone else who then captures the returns.”

Mazzucato cites the crucial publicly funded research and development for technologies such as the Internet and smartphone. Between 1971 and 2006 for the most important innovations rated by R&D Magazine 88% have been fully dependent on federal government research support.

“It is the ‘revolutionary’ spirit of the State labs, producing 75 per cent of the radical new drugs, that is allowing Witty and his fellow CEOs to spend most of their time focusing on how to boost their stock prices (e.g. through stock repurchase programmes).”

Mazzucato calls out the self interest and short-termism of private sector businesses, executives, and investors. She sees them as having cherry-picked the safer applied research (instead of early-stage R&D), easier commercialisation projects, and seeking rents from government at every stage of R&D.

"the State should earn back a direct return on its risky investments... (to) cover the inevitable losses that arise when investing in high-risk areas"

Refreshingly she has provided a critique that is free from corporate spin or the self-interest of individual executives/investors. I have found her writing to be enlightening, well thought-through, and much-needed in debates about politics/business/policy/governance.
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Top reviews from other countries

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Kindle Customer
5.0 out of 5 stars Good read
Reviewed in Canada on 26 November 2023
Verified Purchase
I bought this book for a class and I thought it would be boring, I was pleasantly surprised that is not the case, is very engaging and critical about the topic.
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Ciro Linhares
5.0 out of 5 stars Um novo paradigma
Reviewed in Brazil on 10 May 2023
Verified Purchase
Este livro foi responsável por modificar - lê-se melhorar - a forma pela qual enxergo a relação do Estado e o mercado.
Quem diria, o mercado e seus atores andam vendendo uma imagem de autonomia e até superioriedade para com o Estado, mas, ao observar os fatos recentes e históricos, não é isso que se evidencia. Na verdade, o mercado é mais um fenômeno jurídico e, por conseguinte, gestado pelo Estado, do que um fenômeno autônomo.
Isso tudo é escancarado com maestria pela Autora Mazzucato! ÓTIMA LEITURA!!
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Amazon Customer
2.0 out of 5 stars Political biased book, badly written
Reviewed in India on 11 May 2024
Verified Purchase
It almost felt the conclusions were predrawn, there is no presentation of research ( citations dominated by their own papers)

There is cherry picking it examples, stories get dropped where the continuation of story doesn't suit the author.

I agree that there is a scope for debating the role of government in research, but this book is a political manifesto and not a work of quality academia!
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Ramón P.
5.0 out of 5 stars Libro indispensable para todo economista del siglo XXI
Reviewed in Spain on 4 August 2020
Verified Purchase
El libro está muy bien estructurado. La autora defiende el aspecto teórico de su teoría a través de ejemplos y todo queda muy claro. Te da una visión totalmente distinta sobre el rol que puede tomar el estado en la economía.

La letra es un poco pequeña para mi gusto pero nada exagerado, se puede leer perfectamente.
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M. Hillmann
5.0 out of 5 stars Important and Refreshing new approach
Reviewed in the United Kingdom on 31 December 2018
Verified Purchase
This is an important book.

Mariana Mazzucato persuasively argues that the state has a key entrepreneurial role in technical development and innovation and development. She contends that the central role that the State has played in kick starting the IT and pharmaceutical sectors in the US and the green technologies in Germany and China and the auto industry in Japan has not been adequately recognized and cannot be contested.

Conventional theory is that the State 's role is to establish and enforce the rules of the game, to keep a level playing field, to build public goods such as infrastructure, defence, and basic research and to devise mechanisms to mitigate negative externalities such as pollution. If the state intervenes beyond that it is accused of picking winners. It should be up to private industry to innovate.

But Mazzucato believes that the history of technological change teaches us that choosing particular sectors by the State is absolutely crucial. She contends that in practice the State in the US, and especially in China and Japan, has invested heavily in going way beyond basic research in providing for the explosion of innovation in certain sectors. She examines post-war period two US government agencies. The Defence Advanced Projects Agency (DARPA) was created in 1957 for space research as a panic induced reaction to the Soviets successful launch of Sputnik. But DARPA also included money for "blue sky thinking" which contributed heavily to semiconductor and the internet development. Then through the Small Business Innovation Research Programme heavily funded the development of companies like Apple and Google. Similarly, the US National Institute of Health invested heavily in R and D in the pharmaceutical sectors and also provided the ecosystem of innovation including loans, grants and government contracts.

But she identifies a major problem in the West that when the State does invest in basic research and development and creates an ecosystem of innovation in any selected sector, one of the unfortunate consequences of modern-day capitalism is that risks are socialized and rewards are privatized.

One of the refreshing aspects of the book are the practical policy recommendations that emanate. For example, to address her perceived issue of socialized risk and private reward, any loans or grants to private companies from the state should be repayable in the event of success, or States should take equity stakes in companies they help.
The argument that tax recompenses States in returning them reward for their investment is undermined by the footloose nature of the Apples, Google's and pharmaceutical companies that allows them to play off one country against another. Mariana does not have an answer to this and prefers direct recompense through loan repayment or equity shares.

China and Japan have been much more systematic in "sector selection". Their form of capitalism provides for the state sharing the rewards.

There is no doubt that the State's role in technological development is underrated and subject to prejudice. My problem with Mariana's forceful advocacy of the role of the state - her belief that the state's responsibility goes beyond planting seeds via R and D at public institutions and must support technologies until they can be mass produced - is highlighted by her account of the experience of solar and wind industries where China outcompeted the US, Japan and European rivals. Heavy investment by these governments was not rewarded by thriving industries.
The clear and proven historical risk is that sectors are picked for political reasons or for fashionable reasons, like wind and solar, and taxpayers shoulder risk but do not share rewards.

Mariana’s answer to this is the state should accept that risk but ensure that the existing system of socializing risk (i.e. born by the state) but privatizing rewards is overturned. It is the only way the innovation cycle will be sustainable over time both economically and politically.

I would applaud such an action. But since the stock market crash in 2008 is there any evidence that the UK State can effectively retain access to reward having shouldered the burden of the risk incurred by RBS and others? If we can address this then I would wholeheartedly support Mariana’s argument.

You can see I found the book immensely stimulating!
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