When Keir Starmer won a landslide Labour majority promising to pursue five governing “missions”, the high-profile leftwing economist Mariana Mazzucato was credited as an inspiration. Two years on, her bracing new book helps shed light on why Labour in power has struggled to project the sense of direction that “mission-led government”, as Mazzucato calls it, requires. Synthesising and extending her earlier work, here she proposes “a new economics of collective action around the common good”.
From this perspective, the economy is not a concatenation of rapacious independent forces, to be contained and offset by public policy, but a project – or rather a series of projects – with direction and purpose. Finance should be turned to the benefit of these collective goals instead of chasing short-term returns, she argues, and the creativity of corporations channelled to the public good.
