The paper argues that building dynamic public-private partnerships that confront the innovation challenges of the future requires rethinking the ‘public’ part of the partnership away from a pure ‘market failure’ framework. This involves (1) justifying public policy in terms of market shaping and making (not only ‘fixing’); (2) admitting the risks involved in policies that are aimed at affecting not only the rate of growth but also its strategic ‘direction’ (often providing the investor of first resort) function; (3) socialising both the risks and rewards of the collective value creation process.
Wealth Creation and the Entrepreneurial State
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