A call to arms to change capitalism

Mazzucato cites the role of the South Korean Government in developing high-definition technology, and the UK Government's role in that country's position in the aerospace industry. From Alice Amsden's early work on South Korea and Robert Wade's on Taiwan, to the World Bank's...

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Bibliographic Details
Published in:The Lancet (British edition) 2021-05, Vol.397 (10287), p.1797-1799
Main Author: Stiglitz, Joseph
Format: Article
Language:English
Subjects:
Aerospace industry
Budgets
Capitalism
Climate change
Consumption
Coronaviruses
COVID-19 vaccines
Economics
GDP
Gross Domestic Product
High definition
Infrastructure
Innovations
Medical research
Pandemics
Private sector
Public sector
R&D
Research & development
Severe acute respiratory syndrome coronavirus 2
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Summary:Mazzucato cites the role of the South Korean Government in developing high-definition technology, and the UK Government's role in that country's position in the aerospace industry. From Alice Amsden's early work on South Korea and Robert Wade's on Taiwan, to the World Bank's study on the East Asian Miracle, scholars have focused their attention on the central role of government in development—the developmental state. If we could think and act in this way, we could realize a new vision for sustainable cities or inspire business investment in the social infrastructure and health-care innovations required for a new understanding of well-being, or tackle the greatest challenges of our time such as climate change and health pandemics.” [...]as the great economist Kenneth Arrow showed almost 60 years ago, markets are not efficient in either the production or use of knowledge.
ISSN:0140-6736
1474-547X
DOI:10.1016/S0140-6736(21)01004-7