Author Archive | Mariana Mazzucato, Laurie Macfarlane, Caetano C.R. Penna and Josh Ryan-Collins

To achieve innovation and investment-led growth, the EU requires patient, long-term committed finance. This report, which incorporates two previously published papers supported by the ISIGrowth project, examines the role of state investment banks (SIBs) in providing patient finance. We first review how the mainstream “market failure theory” justifies the existence of SIBs. We then propose […]

This paper focuses on the rise of state investment banks (SIBs) as lead funders of mission-oriented innovation in various countries’ agendas regarding smart (innovation-led) growth, and not just fixers of ‘market failures’. The market failure justification for public finance fails to capture the active mission-oriented role that such banks are playing in shaping and creating […]