What State Can Do
by Mariana Mazzucato and Karl Gaulhofer
The power of ideology is so great it easily creates a distorted perception of facts. In 2007, many people convinced themselves that the main cause of the financial crisis was the indebtedness of public budgets. Where money is spent is crucial, not the size of the public sector. How many people know the algorithms to which Google owes its business success were developed with the funds of the National Science Foundation?
The Internet, the touch screen, semi-conductors and the GPS were all developed with state risk capital. Apple, Google, Amazon, Facebook and others cause painful revenue shortfalls when they shift their profits to tax havens or miniature state like the Cayman Islands, the Bermudas, Lichtenstein, Switzerland or Delaware.
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