THE ENTREPRENEURIAL STATE
Copyright 2015 Mariana Mazzucato.
Published in the United States by PublicAffairs, a Member of the Perseus Books Group
First published in UK and USA 2013 and revised edition 2014, by ANTHEM PRESS
All rights reserved.
Printed in the United States of America.
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Set in 9.5 point Baskerville BT
The Library of Congress has catalogued the printed edition as follows:
Mazzucato, Mariana, 1968
The entrepreneurial state: debunking public vs. private sector myths / Mariana Mazzucato.
pages cm
Includes bibliographical references and index.
ISBN 978-1-61039-614-1 (e-book)
1. EntrepreneurshipGovernment policy. 2. Technological innovationsGovernment policy. 3. Research, Industrial. 4. Diffusion of innovations. I. Title.
HB615.M372797 2013
338'.04dc23
2013017536
10 9 8 7 6 5 4 3 2 1
This book is dedicated to my mother Alessandra, whose spirit continues to influence all those who met heraffecting our willingness and ability to understand and transform the world with firmness, generosity and grace. And to my father Ernesto, whose battle to survive without her has not diminished his nearly lifelong pursuit for a truly renewable source of energynuclear fusion.
CONTENTS
Guide
TABLES
FIGURES
AEIC | American Energy Innovation Council |
ARPA-E | Advanced Research Projects AgencyEnergy (US Department of Energy) |
ARRA | American Recovery and Reinvestment Act |
ATP | Advanced Technology Program |
BIS | Department of Business, Innovation and Skills (UK) |
BNDES | Banco Nacional de Desenvolvimento Econmicoe Social (Brazilian Development Bank) |
CBI | Confederation of British Industries |
CBO | Congressional Budget Office (UK) |
CERN | European Organization for Nuclear Research, Geneva |
DARPA | Defense Advanced Research Projects Agency (US) |
DECC | Department of Energy and Climate Change (UK) |
DEMOS | UK think tank |
DoD | Department of Defense (US) |
DoE | Department of Energy (US) |
EC | European Commission, Brussels |
EPA | Environmental Protection Agency (US) |
EPRI | Electric Power Research Institute |
FDA | Food and Drug Administration (US) |
FIT | feed-in tariff |
GDP | gross domestic product |
GE | General Electric |
GHG | greenhouse gas |
GMR | giant magnetoresistance |
GPS | Global Positioning System |
GPT | general purpose technology |
GW | gigawatt |
GWEC | Global Wind Energy Council |
HM Treasury | Her Majestys Treasury (UK) |
IP | intellectual property |
IPO | initial public offering |
IT | information technology |
KW | kilowatt |
KWh | kilowatt hour |
MIT | Massachusetts Institute of Technology |
MITI | Ministry of International Trade and Industry (Japan) |
MRC | Medical Research Council (UK) |
MW | megawatt |
NAS | National Academy of Sciences (US) |
NBER | National Bureau of Economic Research (US, non-profit) |
NESTA | National Endowment for Science, Technology and the Arts (UK) |
NIH | National Institutes of Health (US) |
NIST | National Institute of Standards and Technology (US) |
NME | new molecular entity |
NNI | National Nanotechnology Initiative (US) |
NSF | National Science Foundation (US) |
OECD | Organisation for Economic Co-operation and Development |
OSTP | Office of Science and Technology Policy (US) |
OTA | Office of Technology Assessment (US) |
OTP | Office of Tax Policy (US) |
PhRMA | Pharmaceutical Research and Manufacturers of America (trade association) |
PIRC | Public Interest Research Centre (US, non-profit) |
PV | photovoltaic |
R&D | research and development |
S&P 500 | Standard & Poors (S&P) stock market index, based on the market capitalizations of 500 leading companies publicly traded in the US |
SBIC | Small Business Investment Company (US) |
SBIR | Small Business Innovation Research (US) |
SITRA | Suomen itsenisyyden juhlarahasto (Finnish Innovation Fund) |
SMEs | small and medium enterprises |
SRI | Stanford Research Institute (US, non-profit) |
SST | (American) Supersonic Transport project |
TFT | Thin-film transistor |
TFP | total factor productivity |
TW | terawatt |
VC | venture capital, venture capitalist |
WIPO | World Intellectual Property Organization |
The book could not have been written without the intellectual stimulus and hard work of many colleagues and friends.
First and foremost were inspirational exchanges with two of the worlds best economic historians: Carlota Perez and Bill Lazonick. Carlotas work, and our constant discussions, on the role of the State in different phases of technological revolutions has challenged me to think hard about the changing role of different types of capitalfinance and productionover time. And the role of the State in guiding both for
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