The Big Ring State: A Better Control of Private Investment

The state absorbs some risks from private investments in order to make certain public policy priorities investable. There is a very broad range of de-risking measures and they can be regulatory, you can have all sorts of forms. But because the logic is of partnerships for investability, there is no space for the state to introduce measures to discipline private capital into strategic priorities when market conditions change or when profitability conditions change. And that to me is something that the big ring state can do is to move away from the logic of the market signal.