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Forum XIX (Summer 2021)

Public Purpose

Public Purpose makes a compelling case for industrial policy—what it is, and why we need it now. Addressing investment, innovation, supply chains, and growth, it provides a robust vision of a renewed industrial policy, and what it can offer the US economy in the face of climate change and a global pandemic.

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Public Purpose

Known around the world for challenging mainstream economics, economist Mariana Mazzucato believes, as the Financial Times writes, that “the public sector can and should be a cocreator of wealth that actively steers growth to meet its goals.” In Public Purpose: Industrial Policy’s Comeback and Government’s Role in Shared Prosperity, she calls on governments to create the economies we need today.

Mazzucato’s challenge leads off a debate on the revival of industrial policy—roughly defined as deliberate government action to shape the economy. Industrial policy has fallen out of favor in recent decades as economists defer to free markets to produce innovation and growth. Yet today, thinkers across the political spectrum have begun expressing new interest in industrial policy as a way to address the most serious problems of our times: from national security and climate change, to the market’s underfunding of public goods, to sluggish economic growth and labor market dysfunction.

Public Purpose makes a compelling case for industrial policy—what it is, and why we need it now. Addressing investment, innovation, supply chains, and growth, it provides a robust vision of a renewed industrial policy, and what it can offer the US economy in the face of climate change and a global pandemic.


CONTENTS

Editors’ Note
Deborah Chasman & Joshua Cohen

FORUM I

 

Economic Policy with a Mission
Mariana Mazzucato, Rainer Kattel, & Josh Ryan-Collins
Hard Choices
Joan Fitzgerald & Robert Kuttner
Think Institutionally
Erica R. H. Fuchs
State of Emergency
Ann Pettifor
Experimentation Is Key
Gregory F. Nemet
Steering Finance
Julius Krein
Politics Matters
Suzanne Berger
Follow the Market Failures
Nathan Lane
What About Workers?
Teresa Ghilarducci & Rick McGahey
Against Economic Nationalism
Jake Werner
Final Response
Mariana Mazzucato, Rainer Kattel, & Josh Ryan-Collins

FORUM II

 

Making Prosperity Local
Dan Breznitz
Beyond Elite Innovation
Yuen Yuen Ang
Why Innovation Hubs Fail
Ben Armstrong
Democratize the Digital Revolution
Ro Khanna
Detroit Points the Way
Reynolds Farley
The Innovation Fantasy
Andrew L. Russell
Empty Promises
Josh Whitford
Decolonizing Innovation
Andrea Jimenez Cisneros & Tony Roberts
Final Response
Dan Breznitz

ESSAYS

Portrait of the United States as a Developing Country
Justin H. Vassallo
Alexander Hamilton’s State-Focused Economy
Christian Parenti interviewed by Michael Busch

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