The Rest Is Money 81. Can Starmer’s mission-led government fix the economy?
Aug 4, 2024
Mariana Mazzucato, an expert renowned for her concept of 'mission-led government', joins Robert and Steph to dissect Labour’s ambitious five missions. They delve into whether these initiatives can genuinely stimulate economic growth. Mazzucato critiques the current spending audit and highlights the importance of large-scale public investments for societal benefits. The conversation emphasizes collaboration as a driving force for innovation, drawing parallels to successful partnerships like AstraZeneca and Oxford University during the pandemic.
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Set Measurable Targets For Social Missions
- Make missions measurable with firm targets like reducing health inequality by a set percentage.
- Treat institutions (NHS, ARIA) as tools for missions, not missions themselves.
State Backed Tesla As A Public Investment Example
- The US 'entrepreneurial state' backed Tesla and others through public investment.
- Public venture-style funds can capture rewards as well as risks from innovation.
Protect Public Returns From Privatization
- Successful public funds must retain public returns and avoid full privatization after early success.
- Selling off public investment banks can shift long-term benefits to private hands.