Mariana Mazzucato, professor at University College London and a bestselling author, explains how the current systems are geared towards the pursuit of dysfunctional – i.e., financialised, consumption-led, climate-damaging – growth. They are also designed to fail, operating in a fixing and reactive rather than proactive mode. The present crises are clear lessons for all.  The direction has to change and the systems require re-shaping to fit that purpose. Mazzucato does not stop at diagnosing problems. She explains that there are concrete levers to be employed in this shift. First, public procurement is a powerful instrument at the disposal of governments – big and small – that needs to become outcome-oriented to deliver against common needs, such as the green transition or zeroing the digital divide. Second, investments have to be structured around real collective intelligence and reward sharing, rather than extractive relationships between the parties that have been witnessed throughout the COVID-19 crisis and beyond. Third, a common good and portfolio mindset is required on the public investment side so that access and rewards are shared as equitably as the risks have been taken. Listen to Mazzucato as she addresses the UNESCO MOST Forum and details these solutions.

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