Mazzucato, Mariana; Laplane, Andrea; (2019) Socialising the risks and rewards of public investments: Economic, policy and legal issues. (Working Paper Series: IIPP WP 2019-09). UCL Institute for Innovation and Public Purpose: London, UK.

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Abstract

This paper develops a framework for analysing the role of public agencies in making high- risk investments along the innovation chain, and asks how both the risks of innovation and the rewards can be shared between public and private actors. We build on a new approach to innovation policy, which we call market co-creating and shaping, in which the state is not only fixing markets but actively co-creating them. We also look at the legal institutions that determine (and are determined by) the relationship between public and private actors. Policy measures to institutionalise rewards in a way that promotes more equitable public-private partnerships can be understood as attempts to mediate asymmetric power relations, tensions and conflicting views among multiple stakeholders, as well as building a shared notion of the value and legitimacy of the role of the state. We conclude by outlining analytical and policy implications and identifying avenues for future research.

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