economy
The Common Good Economy by Mariana Mazzucato review
It’s not enough to wish for growth; economic success requires a sense of purpose, according to this academic
TL;DR
- Mazzucato proposes a "mission-led government" and a "new economics of collective action" focused on the common good.
- The economy is viewed as a purposeful project, not just a set of independent forces.
- Finance should serve collective goals, and corporate creativity should be channeled towards public good.
- Key principles for a common good economy include purpose, co-creation, collective learning, reward sharing, and accountability.
- The book critiques the "gap filling mode of thinking" and the idea that economic growth is antithetical to tackling the climate crisis.
- Mazzucato advocates for "predistribution" through radical tax reform and conditions on public contracts to ensure fair sharing of value.
- The analysis suggests Labour's current mission-led government approach lacks the necessary purpose.
- The book provides practical examples and critiques mainstream economic theory.
- Economies should pursue grand collective goals, and the direction of the economy should be intentionally chosen.