The Value of Everything: Making and Taking in the Global Economy
About this ebook
SHORTLISTED FOR THE FT & MCKINSEY BUSINESS BOOK OF THE YEAR 2018
Who really creates wealth in our world? And how do we decide the value of what they do? At the heart of today's financial and economic crisis is a problem hiding in plain sight.
In modern capitalism, value-extraction is rewarded more highly than value-creation: the productive process that drives a healthy economy and society. From companies driven solely to maximize shareholder value to astronomically high prices of medicines justified through big pharma's 'value pricing', we misidentify taking with making, and have lost sight of what value really means. Once a central plank of economic thought, this concept of value - what it is, why it matters to us - is simply no longer discussed.
Yet, argues Mariana Mazzucato in this penetrating and passionate new book, if we are to reform capitalism - radically to transform an increasingly sick system rather than continue feeding it - we urgently need to rethink where wealth comes from. Which activities create it, which extract it, which destroy it? Answers to these questions are key if we want to replace the current parasitic system with a type of capitalism that is more sustainable, more symbiotic - that works for us all. The Value of Everything reigniteS a long-needed debate about the kind of world we really want to live in.
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About the author
Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London, where she is Founding Director of the UCL Institute for Innovation & Public Purpose. Her previous posts include the RM Phillips Professorial Chair at the Science Policy Research Unit at Sussex University.
She is the winner of international prizes including the Grande Ufficiale Ordine al Merito della Repubblica Italiana in 2021, Italy's highest civilian honour, the 2020 John von Neumann Award, the 2019 All European Academies Madame de Staël Prize for Cultural Values, and the 2018 Leontief Prize for Advancing the Frontiers of Economic Thought. Most recently, Pope Francis appointed her to the Pontifical Academy for Life for bringing 'more humanity' to the world.
As well as The Entrepreneurial State, she is the author of The Value of Everything: Making and Taking in the Global Economy (2018), Mission Economy: A Moonshot Guide to Changing Capitalism (2021), and The Big Con: How the Consulting Industry Weakens our Businesses, Infantilizes our Governments and Warps our Economies (2023).
She advises policy makers around the world on innovation-led, inclusive and sustainable growth. Her current roles have included for example Chair of the World Health Organization's Council on the Economics of Health for All, Co-Chair of the Global Commission on the Economics of Water, Co-Chair of the Council on Urban Initiatives, and member of the South African President's Economic Advisory Council. Previously, through her role as Special Advisor for the EC Commissioner for Research, Science and Innovation (2017-2019), she authored the high-impact report on Mission-Oriented Research and Innovation in the European Union, turning 'missions' into a crucial new instrument in the European Commission's Horizon innovation programme, and more recently, authored a report with the UN's Economic Commission for Latin America and the Caribbean (ECLAC) on Transformational Change in Latin America and the Caribbean: A mission-oriented approach.
