Mariana Mazzucato — a moonshot guide to changing capitalism
Apr 29, 2024
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Influential economist Mariana Mazzucato discusses changing capitalism through collective intelligence and collaboration, addressing global challenges like climate change and government spending inefficiencies. The podcast explores redefining wealth creation, empowering communities for a common good economy, and fostering innovation through targeted moonshot missions. It emphasizes the importance of participation and capacity building in governance for effective societal progress.
Strategic investments in human and physical capital are crucial for shaping the direction and purpose of economic growth.
Global challenges like climate change require collaborative global solutions, emphasizing the need for collective action over nationalistic approaches.
Transformation towards sustainable economies involves holistic integration of sustainability in all economic aspects, with a focus on strategic missions akin to moonshots.
Deep dives
Reorienting Economies Towards Growth Direction
The importance of reorienting economies towards a growth direction instead of solely focusing on growth for its own sake is emphasized. Mariana Matsukato argues that growth should have a clear direction and purpose, shaped by strategic investments in human and physical capital, fostering collective intelligence to tackle global challenges.
Global Challenges and Lack of Collective Action
Major global challenges like climate change, water scarcity, and vaccine distribution highlight the lack of global and collective action. Matsukato criticizes current nationalistic approaches, pointing out the need for collaborative solutions to address these pressing issues that require global cooperation.
Lessons from COVID-19 and Inadequate Global Health Investment
The COVID-19 pandemic exposed weaknesses in global health systems, including under-resourcing and lack of investments. Despite the lessons learned, there has been insufficient investment in strengthening health systems globally, with a focus on the digital divide rather than essential health infrastructure.
Transforming Economies for Sustainability and Inclusivity
The imperative to transform economies sustainably goes beyond renewable energy to encompass broader changes in consumption, transportation, and construction. Matsukato advocates for a holistic approach integrating sustainability into all economic aspects, including housing strategies and adherence to the Sustainable Development Goals.
Mission-Oriented Approach to Economic Transformation
Emphasizing a mission-oriented approach to economic transformation, Matsukato underscores the need for strategic missions akin to moonshots that address complex societal challenges. By fostering public-private collaborations, tackling sectoral silos, and redesigning policy instruments, countries can drive innovation, productivity, and societal progress.
Capacity Building and Reimagining Governance Principles
Addressing the importance of capacity building within governments, Matsukato advocates for an outcomes-oriented and participatory governance model. She stresses the significance of reshaping procurement policies, encouraging public-private partnerships with clear conditions, and investing in internal government capabilities to drive effective and goal-oriented growth strategies.
It took 400,000 people to land man to the moon. And it's using that example as inspiration that the influential Italian American economist Mariana Mazzucato argues we can change capitalism.
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