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Mariana Mazzucato – Financial Governance for Innovation and Social Inclusion financial governance



Mariana Mazzucato (SPRU, University of Sussex) asked: if rebalancing the economy is needed to promote growth that is both ‘smart’ (innovation-led) and inclusive, then what is this rebalancing about? She argued, firstly, that it means promoting changes not only in the financial sector, but also in the financialized real sector. Furthermore, it entails a qualitative change in finance: while large amounts of finance are already available, they are of a ‘wrong’ (speculative) type. Therefore, what is needed is not more quantity of finance, but finance of a better quality.

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The workshop on Financial Governance for Innovation and Social Inclusion brought together international economists working on issues related to “Reorienting Financial Reform” and “Re-shaping Financial Institutions for Innovation and Development” – under the Reforming Global Financial Governance initiative of the Ford Foundation.

On Day 1, the workshop kicked off with a policy dialogue in UK House of Commons (Parliament), hosted by Shadow Business Minister Chi Onwurah MP and attended by parliamentarians, policy-makers, civil society organisations and the media. The discussion considered how financial governance for innovation and social inclusion is a key policy priority in order to make sure that innovation is not only smart, but also inclusive and sustainable.

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