The re-valuing of everything

I recently discovered David Harvey’s podcasts. In this one David Harvey’s Anti-Capitalist Chronicles: The Value of Everything (https://www.youtube.com/watch?v=32m7kcv08q8) he uses Mariana Mazzucato’s newest book The value of everything: Making and taking in the global economy as a backdrop.

Professor Mazzucato Youtube presentations are many and I picked this one The Value of Everything | Mariana Mazzucato Aug 22, 2018 (https://www.youtube.com/watch?v=jmRqT0-jB14) to watch. Mariana is an engaging speaker, presenting her argument forcefully and thoroughly. She is addressing “who are the makers and takers in our economy? If we want sustainable and fair economic growth, she argues, we need to question the stories we’ve been told about value creation. Mariana takes us on a tour of economic thinking on value, highlighting how it has changed fundamentally throughout history.

While the question of which activities create value – as opposed to moving, extracting, or even destroying it – used to be debated and contested, current thinking often states that ‘value is in the eye of the beholder.’ Mariana showcases some of the serious implications this thinking has for innovation, equality, and productivity. She argues that in order to steer our economy in the right direction, we need to re-open the debate around value creation, and start to see the public sector as an active player in shaping markets.” She wrote ‘The Entrepreneurial State: debunking public vs. private sector myths’ (Anthem 2013; Public Affairs, 2015) Times and is co-editor of Rethinking Capitalism: Economics and Policy for Sustainable and Inclusive Growth (Wiley Blackwell, July 2016). Her new book ‘The Value of Everything: making and taking in the global economy’ is published by Penguin (Allen Lane, 2018).

Here is Mariana’s written contribution in Rethinking Capitalism – Chapter 1 Introduction pdf (https://www.books-express.ro/uploads/2016/07/rethinking-capitalism.pdf), which is a written essay which supports her audio presentation. In the presentation, she only mentions Karl Polanyi’s name in passing but his The Great Transformation (book) | Wikipedia audio article https://www.youtube.com/watch?v=Rl5BDWITAo8 is at the center of her ideas.

If I were advising any of the Democratic candidates for President, I would suggest Mariana be on their team. Wow! However, the depth of thinking required would be daunting – indeed! It would be interesting to hear Republicans (Trump’s) proposal for ‘rethinking capitalism’ – can they even think this way? I talked to someone yesterday saying that he was interested in Bloomberg’s entry into the race and it was the same sentiment I also just had. Tonight is the first debate I will watch, have to see how they all perform.

Martin Wolf – The Great Transformation  Nov 11, 2019

Finally, Wolf suggests that the world is undergoing five fundamental transformations: “a changing global balance of power; a backlash against globalization; the rise of populism and authoritarianism; a technological transformation; and rising awareness of environmental limits. In his address, Wolf argues that these forces have created a series of interlinked economic and political crises, as shown in the election of Donald Trump, the China-US trade war, Brexit, the backlash against immigration and the weakening of global co-operation. Wolf discusses what role the EU can play in tackling these challenges, and how this transformation might end and predicts the EU will militarily rearm itself. He sees the conditions facing the World in 1935, with the US not willing to intervene in Europe, to be the same as today in Trump’s movement backward to ‘nationalization’, which is isolation.

 

 

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