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Mission-Oriented Finance for Innovation

Mission-Oriented Finance for Innovation

Mariana Mazzucato & Caetano C. R. Penna

09 March 2015

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New Ideas for Investment-Led Growth

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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. This book collects the experience of different types of mission-oriented public institutions around the world, together with thought-provoking chapters from leading economists. As the global debate on deficits and debt levels continues to roar, the 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.


Mariana Mazzucato
is R. M. Phillips Professor in the Economics of Innovation at the Science Policy Research Unit (SPRU) of the University of Sussex

Caetano C. R. Penna
is a research fellow at the Institute of Economics of the Federal University of Rio de Janeiro


To launch the pamphlet, Policy Network hosted a debate in the House of Lords, which is available to listen back to below.

Panelists included:
  • Mariana Mazzucato, RM Phillips professor in the economics of innovation, SPRU, University of Sussex
  • Carlota Perez, centennial professor of international development, London School of Economics
  • Dan Hill, executive director, futures and best practice, Future Cities Catapult
  • David Willetts, former minister for universities and science
  • Chair: Stewart Wood, Labour peer, shadow minister without portfolio and adviser to the leader of the UK Labour party

Mission-Oriented Finance for Innovation is now available to purchase from Rowman & Littlefield International

This book is published by Policy Network and Rowman & Littlefield International
ISBN 9781783484959
March 2015

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