Mariana Mazzucato - A new story about capitalism

The coronavirus crisis triggers a recession of seismic proportions, leaving countries in massive public debt and causing millions of people to become unemployed. Together with one of the world’s most influential and creative economists Mariana Mazzucato, we will look at how the current crisis could serve as an opportunity to implement structural economic reforms. Which political decisions should leaders around the globe make to achieve this?
Mariana Mazzucato is one of the world’s most influential and creative economists. She is professor of economics at UCL, director of the Institute for Innovation and Public Purpose (IIPP), and author of two highly acclaimed books: The Entrepreneurial State (2013) and The Value of Everything (2018). She advises policy makers around the world on innovation-led inclusive and sustainable growth. In a recent op-ed in the Guardian, she wrote that the Covid 19 crisis is a chance to do capitalism differently. We will speak about this question with her during a live - zoom interview.

[@flaviot5226]

When centralized planning, typically led by individuals with advanced degrees from prestigious institutions, relies on extensive statistics and a cadre of experts, the outcome often contrasts with market-driven approaches. Returning power to the market tends to result in higher rates of growth and a more rapid decline in poverty. The inherent nature of consequential knowledge, being diffused widely, benefits the masses who lack access to specialized expertise. This shift enables broader participation, fostering a dynamic environment where the cumulative knowledge of millions can drive progress and alleviate poverty at a swifter pace.

[@jethrodykes4853]

It's not capitalism that is the problem - it is the Conservative party!

[@JanAndhisfiets]

3:17 - So it were the capatslist who bailed out the banks? No its state intervention that keep bad business a life. It has nothing to do with capatalism. Capatalism needs failure to grow healhty.

[@nikitag1376]

in the economy with large monopolization failure of these monopolists brings economic disaster so the state who is by the way talking about the political system is controlled by big business itself or more accurately protects economic interests of big business uses taxpayers money to save the economy.

[@juhanleemet]

It has ben pointed out that the banks HAD to be bailed out, because the banks control the payment systems. Capitalism cannot work without payment systems. However, many have pointed out that while the banks had to be saved, the bankers should NOT have been saved. Some countries (but very few) did hold their bankers accountable. If the bankers get off scott free (even keeping their huge bonuses, obtained by causing the debacle), they will likely be encouraged to do it (or similar) again! :O

[@remindachendirapati5105]

@@juhanleemet Banks do not control the payment systems. E.g. VISA and MASTERCARD are not banks. They are called payment "factors". Although, they do need currency accounts to interface with. But yes, personal accountability for corporate directors is sorely missing.