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The Entrepreneurial State: Debunking Public vs. Private Sector Myths Paperback – October 27, 2015

by Mariana Mazzucato (Author)

786 ratings

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The world's most popular products, from the iPhone to Google Search, were funded not by private companies, but the taxpayer.

In this sharp and controversial international bestseller, an award-winning economist debunks the pervasive myth that the government is sluggish and inept, and at odds with a dynamic private sector. She reveals in detailed case studies that the opposite is true: the state is, and has been, our boldest and most valuable innovator. Denying this history is leading us down the wrong path. A select few get credit for what is an intensely collective effort, and the US government has started disinvesting from innovation. The repercussions could stunt economic growth and increase inequality. Mazzucato teaches us how to reverse this trend before it is too late.

Editorial Reviews

Review

A Financial Times, Forbes, and Huffington Post Best Book of the Year

"[Mazzucato] argues persuasively that a successful, innovative society must draw on symbiotic partnerships between governmental and private entities."
―Richard N. Cooper, Foreign Affairs

"Conventional economics offers abstract models; conventional wisdom insists that the answer lies with private entrepreneurship. In this brilliant book, Mariana Mazzucato argues that the former is useless and the latter incomplete."
―Martin Wolf, Financial Times

"Mazzucato argues that long-term, patient government funding is an absolute prerequisite for breakthrough innovation.Even if you disagree with Mazzucato's argument, you should read her book. It will challenge your thinking."
―Bruce Upbin, Forbes

"It is one of the most incisive economic books in years."
―Jeffery Madrick, New York Review of Books

"Ms. Mazzucato is right to argue that the state has played a central role in producing game-changing breakthroughs, and that its contribution to the success of technology-based businesses should not be underestimated."
―The Economist

"A meticulously argued treatise that shows how unwise our conventional wisdom has become."
―Christopher Dickey, Newsweek

"Provides persuasive evidence that governments deserve more credit than private companies for the development of most important modern technologies."
―Edward Hadas, Reuters

"A skillful combination of the history of technology, empirical evidence, and policy analysis--the book contains a critical reading of data and arguments that run counter to established views while never falling short of offering constructive solutions."
―Davide Consoli, Science

"Makes an engaging, persuasive case in favor of the state, and suggests one recommend it not just as an instrument of market repair but also as a prerequisite for future prosperity."
―J. Bhattacharya, Choice

"In this trailblazing book on the role of government as both a risk-taking funder of innovation and a market creator, Mariana Mazzucato persuasively argues that the government is a key enabler of technological innovations that drive economic growth. This important book should be read by policymakers, opinion leaders, and others with a stake in funding economic growth."
―Arnold T. Davis, CFA Institute

"Provides a refreshing new take on rather stale debates on the economic role of government."
―Globe and Mail (UK)

About the Author

Mariana Mazzucato is professor in the Economics of Innovation and Public Value at University College London (UCL), where she directs the Institute for Innovation and Public Purpose. She is the winner of the 2014 New Statesman SPERI Prize for Political Economy, the 2015 Hans-MatthÃ¶-Preis, and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. She was named as one of the "three most important thinkers about innovation" by the New Republic.

She advises global policy makers on innovation-driven inclusive growth and is Special Advisor to the EU commissioner for research, science and innovation. She is a coeditor of Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth and the author of the award-winning The Entrepreneurial State: Debunking Public vs. Private Sector Myths.

Product details

Publisher ‏ : ‎ PublicAffairs
Publication date ‏ : ‎ October 27, 2015
Edition ‏ : ‎ Revised
Language ‏ : ‎ English
Print length ‏ : ‎ 288 pages
ISBN-10 ‏ : ‎ 1610396138
ISBN-13 ‏ : ‎ 978-1610396134
Item Weight ‏ : ‎ 2.31 pounds
Dimensions ‏ : ‎ 5.45 x 1 x 8.25 inches
Best Sellers Rank: #1,342,467 in Books (See Top 100 in Books)
- #229 in Economic Policy
- #275 in Economic Policy & Development (Books)
- #445 in Government & Business
Customer Reviews:
786 ratings

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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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786 global ratings

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Customers find the book essential reading and extremely well written, rich with case studies and good analysis. They consider it extremely important, with one customer highlighting its critical role of the State. The book receives positive feedback for its innovative approach, with one review noting how it debunks popular myths about innovation. While the writing quality is praised, several customers mention that it gets awfully repetitive.

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Readability Insight Relevance Innovation Writing quality Narrativation Repetitiveness

20 customers mention "Readability"20 positive0 negative

Customers find the book highly readable, describing it as brilliant and essential reading, with one customer noting it's a must-read for those interested in government.

"Excellent book. If you want to understand who and how is advancing inequality, I recommend you tho book." Read more

"Great book. It reinforced my views about the critical role of the State and publi funding with taxpayer money in promoting economic development." Read more

"...It's an enriching read...." Read more

"...A worthy read, but written to debunk the ideology of libertarian Americans...." Read more

18 customers mention "Insight"17 positive1 negative

Customers appreciate the book's insights, which are supported by rich case studies and thorough analysis.

"Great book! A very good analysis of how the State boosts innovation and take risks when private sector don't want to." Read more

"I enjoyed the examples and laws cited in this book, which argues that the state’s role in economy is not solely as a regulator or remedy for market/..." Read more

"...She highlights many interesting examples (e.g. Apple, computing) and offers actionable directives for green energy...." Read more

"...This book debunks plenty of myths, most notably that keeping government "out" of the economy is the best way to stimulate growth in three key..." Read more

11 customers mention "Relevance"11 positive0 negative

Customers find the book relevant and important, with one customer specifically highlighting the critical role of the State in economic development.

"Important, sensible case for govt. action...." Read more

"...In a brilliant book, the author has made the case for the public sector role persuasively...." Read more

"The book has an important message - that being the necessity of government participation in long-term R&D. And for that well told and very well..." Read more

"Rich with case studies and relevant literature...clear and explicative style...." Read more

5 customers mention "Innovation"5 positive0 negative

Customers appreciate the book's focus on innovation, with one customer highlighting its debunking of popular myths and another noting its emphasis on creating new jobs.

"...with some good counter-examples and examples that debunk popular myths about innovation...." Read more

"...include building new Public-Private partnerships, and innovation that will create new jobs, new security and repair infrastructure...." Read more

"...The clear message of this book is that a true innovation system that is sustainable and that will create transformational change requires the full..." Read more

"...It really opened my eyes to the innovative aspects of government institutions, and the extent to which they are not only entrepreneurial themselves,..." Read more

5 customers mention "Writing quality"5 positive0 negative

Customers praise the writing quality of the book.

"Well written and I learned quite a few things...." Read more

"...Mazzucato is a clear writer and the book is exceptionally accessible, even though Mazzucato is an academic...." Read more

"Mazzucato's analysis is absolutely brilliant and this is extremely well written...." Read more

"Brilliant, articulate, cogent, detailed and profoundly relevant. Harrison Kline Aguado, Ph.D." Read more

4 customers mention "Narrativation"4 positive0 negative

Customers appreciate the narrative style of the book, with one noting its well-documented thesis and another describing it as detailed.

"...necessity of government participation in long-term R&D. And for that well told and very well supported insight… 5-stars...." Read more

"...of acronyms that facilitates use of, and understanding, this well documented thesis." Read more

"Excellent commentary at a time when all things related to government are considered bad." Read more

"Brilliant, articulate, cogent, detailed and profoundly relevant. Harrison Kline Aguado, Ph.D." Read more

5 customers mention "Repetitiveness"0 positive5 negative

Customers find the book repetitive.

"...What irked me though is that she is at times repetitive...." Read more

"...Largely, I enjoyed this book, but it's too long. It gets awfully repetitive...." Read more

"Too repetitive" Read more

"Important arguments, but repetitive. Would have been better shorter." Read more

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E D
Insightful and important
Reviewed in the United States on April 27, 2016
Verified Purchase

Mazzucato sheds light on the little talked about and often underestimated role that governments play in innovation. Her overall messages - that the state makes keystone contributions to the innovation process across industries and that the rewards of this innovation accrue largely to the private sector - add a new perspective on a number of public debates. It's an enriching read.

But do not expect a comprehensive treatise on the balance between public and private sector participation in innovation. Mazzucato focuses largely on how the state drives innovation. She is careful not to dismiss the importance of businesses, and in the case of Apple she concedes the company deserves credit for the innovative way it integrated various technologies in a well designed and marketed product. But what I missed in this book is a model of how innovation occurs that could help us understand more precisely the interplay between the actors and their relative contributions. This is not to say the book is unfair or imbalanced. I simply see it as the first volume in a new, more nuanced public discussion on innovation that Mazzucato aims to launch with her book.

Mazzucato is a clear writer and the book is exceptionally accessible, even though Mazzucato is an academic. What irked me though is that she is at times repetitive. Perhaps you couldn't blame her for trying to drive home her message given how underrepresented it is in public discourse.

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kurimi
Rich in case studies but reads as US-centric
Reviewed in the United States on August 22, 2020
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I enjoyed the examples and laws cited in this book, which argues that the state’s role in economy is not solely as a regulator or remedy for market/allocation failures. It provides justification for why more states should sink their teeth deeper into the economy, with some good counter-examples and examples that debunk popular myths about innovation. I particularly enjoyed the the elaboration of why and how Apple was able to revolutionise mobile consumer electronics.

However, I did find some rebuttals lean (if not weak) as a reader with basic economics knowledge and would have appreciated footnotes or references at those points. I also would have appreciated a more meaty the “solutions” segment including examples from state investment in countries like Japan (mentioned elsewhere but not in this section), China, and Singapore.

A worthy read, but written to debunk the ideology of libertarian Americans. In my part of the world (East and Southeast Asia), where the appetite and political will for state capitalism is greater, encouraging innovation may require a markedly different approach than the policies recommended.

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Karthik Sekar
Interesting and well-argued points. Too long
Reviewed in the United States on May 12, 2019
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Mariana casts the government as an important actor in technological innovation. She argues strongly and clearly that the government should not just be a mediator who corrects market failures; instead, the government does and should invest directly into technologies that take a while to bear fruit (>5 years). She highlights many interesting examples (e.g. Apple, computing) and offers actionable directives for green energy.

Largely, I enjoyed this book, but it's too long. It gets awfully repetitive. It could have easily been 1/3 to 1/2 the length while making the same strong points. That said, I still recommend it to anyone interested in the topic.

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Michael A. Kalm
One of the most important books ever - Especially now!
Reviewed in the United States on February 24, 2019
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I first learned about this book when I heard an hourlong podcast where Mariana Mazzucato, the author, is interviewed by Stella Creasy who is a London School of Economics trained Labour Party member of parliament, about Mazzucato's research findings and policy proposals.
Lately, we have been hearing some bold proposals about a Green New Deal. Many have dismissed this idea as pie in the sky. Some have supported it as crucially necessary to the survival of the planet, but have been vague as to how to actually bring this about. Well, Mariana Mazzucato, Chair in the Economics of Innovation and Public Value, and Director of the Institute for Innovation and Public Purpose at University College, London, addressed this very issue in her 2015 book, "The Entrepreneurial State." She points out that our current economy is built around fossil fuels, and that to address climate change will require a large restructuring of our basic economy. This will include building new Public-Private partnerships, and innovation that will create new jobs, new security and repair infrastructure. To accomplish this, we first have to let go of false myths we hold about the responsibility as well as the competence of the state. Mazzucato does a superb job of debunking those myths in this book. While parts of the book are fairly dense, even a non-economist like me can understand most of her points. This is a must read by anyone interested in saving the planet and by all policy makers.

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Three Stars
Reviewed in the United States on March 7, 2016
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Too repetitive

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Kindle Customer
Good read
Reviewed in Canada on November 26, 2023
Format: PaperbackVerified 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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TS
これからのイノベーションをどうするのか？
Reviewed in Japan on December 21, 2020
Verified Purchase
このイノベーションに関係する著名な学者は，ナイトのリスク。シュンペーターの企業家精神、ケインズの自由放任の終焉である。事例としてアップルの成功、コンコルドの失敗、その中で、国家がいかに基礎研究に関わり、民間企業がそれを土台にしinnovationを発展させたが、そのリターンを国家に戻さず、低税の恩恵をほしいままにして役員の報酬としている実体を描く。高額所得者の１％が、他の９９％の人々所得に比肩することは周知であるが、国家と民間企業の役割はどうあるべきか、詳細に検討されている。　残念ながらニッポンのinnovationをどうしていくか、という学者の本を見たこともなく、企業も目の覚めるような革新を超さず　、きっかけもない事が経済が次第にデフレに向かって進んでいき、次第に世界水準から取り残されていくこいとで、あろう。
ただ第２章でアダム・シミスが政府は学校と自動車道路をつくれば良い、と書いているのは著者の間違いである。スミスの時代に自動車はまだ一般に普及していない。思い込みで書いたのであろう。

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Political biased book, badly written
Reviewed in India on May 11, 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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dwayne crombie
the real risk takers
Reviewed in Australia on October 4, 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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os
Superb...
Reviewed in the United Kingdom on November 6, 2017
Format: PaperbackVerified Purchase
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 relations?

What 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 ideas)that 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 more Libertarian hue, will also have much to ponder here. Understanding the role of state and its promotion of enterprise and innovation will undoubtedly turn more than a few heads!

Here are some of the core ideas:

Industry – 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 required.

Engineering 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 NHS.

Business 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 offers.

Primary 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 due.

The 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 more 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 more confident in the way that it can motivate markets to think more long term and be more socially responsible. Theresa May is already thinking along these lines her ideas on a UK industrial strategy.

What I have described above is but a few of the ideas that Mariana Mazzucato outlines in this invigorating book. Read it and see what more of interest there is to glean.

Highly recommended.

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5.0 out of 5 stars Insightful and important

5.0 out of 5 stars Rich in case studies but reads as US-centric

4.0 out of 5 stars Interesting and well-argued points. Too long

5.0 out of 5 stars One of the most important books ever - Especially now!

3.0 out of 5 stars Three Stars

Top reviews from other countries

5.0 out of 5 stars Good read

5.0 out of 5 stars これからのイノベーションをどうするのか？

2.0 out of 5 stars Political biased book, badly written

5.0 out of 5 stars the real risk takers

5.0 out of 5 stars Superb...

Insightful and important

Rich in case studies but reads as US-centric

Interesting and well-argued points. Too long

One of the most important books ever - Especially now!

Three Stars

Good read

これからのイノベーションをどうするのか？

Political biased book, badly written

the real risk takers

Superb...