FREE DOWNLOAD The Entrepreneurial State ´ E-book or Kindle E-pub

CHARACTERS æ E-book, or Kindle E-pub ↠ Mariana Mazzucato

CHARACTERS æ E-book, or Kindle E-pub ↠ Mariana Mazzucato Conventional wisdom holds that innovation is the preserve of the private sector best left in the hands of that modern day folk hero the The Entrepreneurial eBook #214 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 b. If we believe much of what passes for the political narrative of the last 40 years it would be easy to imagine that it is the state that stifles innovation restricts enterprise and burdens citizens and businesses with unnecessary regulation wasteful expenditure and life sapping tax policies As with every argument there may be some truth there lurking in the intellectual undergrowth but how much of it is a shaky justification for perpetuating the currently socially injurious power relationsWhat the Left and indeed the Centre Right in British politics has needed a core of ideas and beliefs as well as credible historical examples policy ideasthat can justify the idea that the role of the state in the politico eco system is vital to the future growth and prosperity of the economy This rigorously researched tightly argued accessible book is indeed a sturdy intellectual platform for those readers who feel that free markets are only part of the story in the way that the modern economy functions Readers of a Libertarian hue will also have much to ponder here Understanding the role of state and its promotion of enterprise and innovation will undoubtedly turn than a few headsHere are some of the core ideasIndustry – farming consumer electronics construction aviation banking to name but a few has always relied upon sought state intervention in one form or another subsidy protectionist policies ‘bailing out’ tax breaks incentives regulatory frame works and so on The corporate world likes government when it is acting in the interests of business but the tone changes when some degree of reciprocity or responsibility is reuiredEngineering firms chemical producers capital goods producers defence contractors have regularly get to taste the honey of public largesse sometimes just to keep capacity or expertise see shipyards available The drug industry of course has a major customer in the form of the NHSBusiness needs government in times of recession to exercise its influence in the economy via expansionary fiscal and monetary policies The only problem is of course corporations are notoriously adept at managing their revenue flows to reduce their tax liabilities to negligible proportions whilst taking full advantage of all the opportunities that operating in an advanced economy such as the UK offersPrimary research is essentially a public good Mazzucato suggests that companies such as Apple benefit from research undertaken elsewhere The genius of Steve Jobs was to harness ideas such as touchscreen technology and incorporate them into a pleasing consumer products This is product development rather than the sort of research that can lead to fundamental shifts in technology or scientific understanding such as provided by nuclear research or the development of the internet Research has become increasingly from state sponsorship and the activities of universities not corporations The private sector takes advantage of such research without paying their dueThe state fosters enterprise it creates opportunities for business it educates citizens and it can create new markets green power The state can do so much then be a market gatekeeper and corrector of market failures In short markets need government What government has to do is gain expertise be prepared to ‘fail’ sometimes and become confident in the way that it can motivate markets to think long term and be socially responsible Theresa May is already thinking along these lines her ideas on a UK industrial strategyWhat I have described above is but a few of the ideas that Mariana Mazzucato outlines in this invigorating book Read it and see what of interest there is to gleanHighly recommended

FREE DOWNLOAD The Entrepreneurial State

FREE DOWNLOAD The Entrepreneurial State ´ E-book, or Kindle E-pub ✓ ❮Download❯ ➶ The Entrepreneurial State Author Mariana Mazzucato – Conventional wisdom holds that innovation is the preserve of the private sector best left in the hands of that modern day folk hero the lon 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 investment. This is much ideological than objective research with a conclusion The main message is hammered home from the start and relatively thin factual support given Big sweeping statements and endless repeats and oversimplified conclusions as well as factual errors around Tech innovations and State involvement Google did not receive a grant to develop its Algo Apple's R&D is partly outsourced and therefore understated in its filings etc to hammer home the private enterprise bad all seeing State good narrative The author also too freuently references her own prior work for my personal taste She does however have a point with regards to tax avoidance of large companies but that is by no means an original finding Disappointing I was hoping for something better researched and argued

Mariana Mazzucato ↠ 9 FREE DOWNLOAD

The Entrepreneurial StateOld risk taking endeavours But what if this powerful contemporary myth is wrongIn 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. This is an important bookMariana 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 adeuately recognized and cannot be contestedConventional 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 innovateBut 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 contractsBut 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 conseuences of modern day capitalism is that risks are socialized and rewards are privatizedOne 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 euity stakes in companies they helpThe 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 euity sharesChina and Japan have been much systematic in sector selection Their form of capitalism provides for the state sharing the rewardsThere 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 industriesThe 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 rewardsMariana’s answer to this is the state should accept that risk but ensure that the existing system of socializing risk ie 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 politicallyI 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 argumentYou can see I found the book immensely stimulating