Introduction
Economist Prof. Mariana Mazzucato says governments must 'get back their mojo' and believe they can change the world. In a recent interview, Mazzucato highlighted the importance of governments having a clear vision and working towards the common good.
According to Mazzucato, good governments have a clear vision of what they want to achieve, can articulate why, and work out in public how to get there. They don't just spout slogans about economic growth – because growth is meaningless unless we know what it is for. They understand that there is no trade-off between solving social problems and boosting the economy, and aim to do both, while avoiding rigid fiscal rules that defeat their own purpose by strangling public investment.
The Role of Governments
Mazzucato criticizes the approach of governments that simply follow rigid fiscal rules, without considering the real needs of the population. She argues that governments must have the courage to dream and work towards building an economy that serves the common good.
This approach is not just a critique of what went wrong with Keir Starmer's government, but a deeper reflection on the role of governments in building a just and sustainable economy. Mazzucato inspired Starmer to create a political project based on five key 'missions', which are now being forgotten in the midst of scandals, U-turns, and infighting.
Challenges and Opportunities
The challenge of building an economy for the common good is complex and requires a holistic approach. It is necessary to consider social, environmental, and economic needs, and work towards finding solutions that benefit everyone.
This approach is not easy, but it is necessary. The climate crisis, social inequality, and economic instability are just a few of the challenges we face. However, there are also opportunities to create a more just and sustainable economy.
Conclusion
In summary, building an economy for the common good is a complex but necessary challenge. Governments must have the courage to dream and work towards creating an economy that serves the common good. It is necessary to consider social, environmental, and economic needs, and work towards finding solutions that benefit everyone.
Source / Reference: The Guardian Environment