Past Event

INET Seminar Series: The Entrepreneurial State and the Risk-Reward Relationship

Professor Mariana Mazzucato, 

Reginald M. Phillips Professor in the Economics of Innovation

SPRU, University of Sussex


The talk will focus on the relationship between the State and the Market. I will argue that the State not only ‘fixes’ different problem/failures in the market (of which there are many) but also actively shapes and creates markets. It does so in the face of extreme risk and uncertainty. I will consider different implications (theoretical, empirical, and ‘political’) of the blindness of economics (as a discipline) to understanding the State as market maker and lead risk-taker in capitalist economies—beyond the traditional ‘market failure’ framework. A key implication concerns the way in which risks have been socialised, while rewards privatised.  The talk will consider concrete mechanisms to reform this dysfunctional relationship,  building more ‘symbiotic’ eco-systems between the public and private sector, and achieving growth that is not only ‘smart’ but also ‘inclusive’. 


The talk will build on my recent book 'The Entrepreneurial State: debunking private vs. public sector myths' as well as related papers.


07 March 2014 15:30 -

Further Information


Oxford Martin School

Old Indian Institute
34 Broad Street (corner of Holywell and Catte Streets)

Complexity Economics