The Entrepreneurial State
▻http://evonomics.com/economist-debunks-one-of-the-biggest-myths-about-governments #risk #Mazzucato
It is important to understand the fundamental role of the State in taking on the risks present in modern capitalism...
"The history of new sectors teaches us that private #investments tend to wait for the early high-risk investments to be made first by the #State. Indeed, it has often been State spending that has absorbed most of the real risk and uncertainty in the emergence of new sectors, as well as in particular areas of old sectors (e.g. radical new medicines today). Yet the returns from these ‘revolutionary’ State investments have been almost totally privatized"