INTERVIEW - «Die meisten öffentlich-privaten Partnerschaften sind parasitär»: Die Ökonomin Mariana Mazzucato fordert einen neuen Kapitalismus

Mariana Mazzucato, a highly influential economist from London, has become a prominent voice among global liberals. In conversation, she fiercely defends liberal objections and criticizes the power of Big Tech. This interview explores the common ground among Pope Francis, US Congresswoman Alexandria Ocasio-Cortez, and Foreign Minister Marco Rubio.

All three have engaged with Mazzucato's ideas, which challenge the principles of liberal economic order. She advocates for a more interventionist state, but this notion resonates beyond the political left. On Wednesday, she spoke at the Sustainable Switzerland Forum in Dübendorf.

The key question is whether the state, with its subsidies, loans, and public contracts, is the type of state she desires. Mazzucato emphasizes that it depends on how the state intervenes. She is not in favor of either a large or small state; rather, she advocates for an intelligent state that stimulates economic development. The goal is to foster innovation and share the profits between the state and businesses.

Mazzucato provides examples of successful state-led innovations. Prior to the first manned moon landing in 1969, NASA faced numerous challenges, such as determining what astronauts needed, how they should use the toilet, and what they should eat. The state played a crucial role in guiding companies by setting clear goals. Today, many governments simply hand out money to businesses without expecting anything in return.

Mazzucato uses the example of EasyJet, a British airline, which received a state-guaranteed loan of around £600 million without any significant conditions. In contrast, France provided support to Air France, contingent upon reducing CO2 emissions. The company was left to figure out how to achieve this goal. Mazzucato stresses the importance of including clear conditions in contracts and taking a more active role as an economist, urging governments to stop giving away money and instead set goals and create mutually beneficial collaborations between the state and private sector.

The coronavirus pandemic saw EasyJet receive a state-guaranteed loan without any conditions, raising questions about the connection between saving airlines from bankruptcy and protecting the environment. Mazzucato argues that both goals could be addressed together, using examples from the 2008 financial crisis, where significant sums were allocated to banks.

She suggests that, similarly, the government could have used those funds to change the course of industries, much like how it supported Chrysler by demanding investments in new technologies, such as hybrid drives.