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Home News Mission orientated finance for innovation: New ideas for investment-led growth

Mission orientated finance for innovation: New ideas for investment-led growth

13 March 2015
Mission orientated finance for innovation: New ideas for investment-led growth

The role of the state in modern capitalism has gone beyond fixing market failures. Those regions and countries that have succeeded in achieving ‘smart’ innovation-led growth have benefited from long-term visionary ‘mission-oriented’ policies – from putting a man on the moon to tackling societal challenges such as climate change and the wellbeing of an ageing population. As the global debate on deficits and debt levels continues to roar, this book offers a challenge to the conventional narrative – asking what kinds of visionary fiscal policies we need to help promote ‘smart’ innovation-led, inclusive, and sustainable growth.

Contributors to the Policy Network book  'Mission orientated finance for innovation: New ideas for investment-led growth' include the Bank of England's chief economist, Andy Haldane; secretary of state for business, innovation and skills, Vince Cable; Adair Turner from the Institute for New Economic Thinking; and leaders of mission-oriented public institutions from around the world, reflecting on the challenges and opportunities they face. The institutions featured range from ARPA-E in the US and Innovate UK to public banks such as BNDES in Brazil, KfW in Germany and the European Investment Bank. These contributions are complemented by chapters from leading economists which offer a challenge to the prevailing narrative about economic growth. It is an outcome of a project led by Mazzucato exploring the role of the state in driving innovation-led growth and challenging the framework through which such state investments are envisioned, justified and measured.

This has included the final report of the Adonis Growth Review, Mending the Fractured Economy: Smarter State, Better JobsOwning the Future: How Britain Can Make it in a Fast Changing World, edited by shadow business secretary Chuka Umunna; and, most recently, Progressive Capitalism in Britain, edited by Patrick Diamond, Tony Dolphin and Roger Liddle.

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