The Entrepreneurial State Debunking Public vs. Private Sector Myths

Mariana Mazzucato

CONTENTS

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List of Tables and Figures

List of Acronyms

Acknowledgements

Foreword by Carlota Perez

Introduction: Do Something Different

A Discursive Battle

Beyond Fixing Failures

From ‘Crowding In’ to ‘Dynamizing In’

Images Matter

Structure of the Book

Chapter 1: From Crisis Ideology to the Division of Innovative Labour

And in the Eurozone

State Picking Winners vs. Losers Picking the State

Beyond Market Failures and System Failures

The Bumpy Risk Landscape

Symbiotic vs. Parasitic Innovation ‘Ecosystems’

Financialization

Chapter 2: Technology, Innovation and Growth

Technology and Growth

From Market Failures to System Failures

Myths about Drivers of Innovation and Ineffective Innovation Policy

Myth 1: Innovation is about R&D

Myth 2: Small is Beautiful

Myth 3: Venture Capital is Risk Loving

Myth 4: We Live in a Knowledge Economy – Just Look at all the Patents!

Myth 5: Europe’s Problem is all about Commercialization

Myth 6: Business Investment Requires ‘Less Tax and Red Tape’

Chapter 3: Risk-Taking State: From ‘De-risking’ to ‘Bring It On!’

What Type of Risk?

State Leading in Radical (Risky) Innovation

Pharmaceuticals: Radical vs. ‘Me Too’ Drugs

Biotechnology: Public Leader, Private Laggard

The National Institutes of Health: Creating the Wave vs. Surfing It

Chapter 4: The Us Entrepreneurial State

The Defense Advanced Research Projects Agency (DARPA)

The Small Business Innovation Research (SBIR) Programme

Orphan Drugs

The National Nanotechnology Initiative

Chapter 5: The State behind the iPhone

The ‘State’ of Apple Innovation

Surfing through the Waves of Technological Advancements

From Apple I to the iPad: The State’s very visible hand

How State-funded research made possible Apple’s ‘invention’ of the iPod

Giant magnetoresistance (GMR), SPINTRONICS programme and hard disk drives

Solid-state chemistry and silicon-based semiconductor devices

From capacitive sensing to click-wheels

The Birth of the iPod’s Siblings: The iPhone and iPad

From click-wheels to multi-touch screens

Internet and HTTP/HTML

GPS and SIRI

Battery, display and other technologies

Did the US Government ‘Pick’ the iPod?

Fostering an Indigenous Sector

Chapter 6: Pushing vs. Nudging the Green Industrial Revolution

Funding a Green Industrial Revolution

National Approaches to Green Economic Development

China’s ‘green’ 5-year plan

UK’s start–stop approach to green initiatives

United States: An ambiguous approach to green technologies

Pros and cons of the US model

Pushing – Not Stalling – Green Development

The Importance of Patient Capital: Public Finance and State Development Banks

Chapter 7: Wind and Solar Power: Government Success Stories and Technology

in Crisis

Wind and Solar Power: Growth Powered by Crisis

From the First ‘Wind Rush’ to the Rise of China’s Wind Power Sector

Solar Power Companies and the Origin of Their Technologies

Solar Bankruptcies: Where There’s a Will There’s a Way

Competition, Innovation and Market Size (Who’s Complaining?)

Conclusion: Clean Technology in Crisis

Myth 1: It’s all about R&D

Myth 2: Small is beautiful

Myth 3: Venture capital is risk loving

Building a green innovation ecosystem (symbiotic not parasitic)

Chapter 8: Risks and Rewards: From Rotten Apples to Symbiotic Ecosystems

Back to Apple: What Did the US Government Get Back for Its Investments?

Apple’s job-creation myth: Not all jobs are created equally

Apple’s love–hate relationship with US tax policies

The paradox of miracles in the digital economy: Why does corporate success

result in regional economic misery?

Where Are Today’s Bell Labs?

Chapter 9: Socialization of Risk and Privatization of Rewards: Can the

Entrepreneurial State Eat Its Cake Too?

The Skewed Reality of Risk and Reward

A New Framework

Direct or Indirect Returns

Chapter 10: Conclusion

Appendix

Bibliography

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